Copy trading is a process where users sit back and relax while the expert traders from a platform trade with their funds and help them to earn money. Of course, all investments come with risks and there are different risk levels in each copy trader.
As one of the main features of social trading, copy trading is something you cannot miss exploring at MoonXBT. And here are the basics you need to know to get started.
Compared to the usual trading which includes deposit – trade – withdraw, copy trading just needs to add two more steps:
- Deposit
- Choose the trader to follow
- Adjust copy trading settings and start copy trading
- Withdraw
Let’s break down:
1. How To Deposit?
Go to “Assets” at the top banner of the website and click funding in the drop down. Then, you will be directed to the funding page where you will see the function of deposit, withdraw and transfer.
You have the choice of depositing USDT, ETH and BTC. Both ETH and BTC will be converted into USDT of the equal amount after being deposited. Choose what crypto you would like to deposit and click at the deposit in the line of the coin.
GO TO THE WITHDRAW PAGE OF YOUR OWN WALLET, scan the QR code with your wallet, or paste the wallet address shown in the deposit page as the withdraw address of your withdrawal from your own wallet in order to deposit from your wallet to MoonXBT.
2. How To Withdraw
In the same funding page as making a deposit, this time click on withdraw.
You can withdraw USDT, ETH and BTC. Just choose the coin you want to withdraw.
Enter your own wallet address according to the coin you chose to withdraw and the amount, then submit your withdrawal request.
3. How To Choose The Traders You Want To Copy
Go to “explore” at the top banner of the homepage, and click on copy trading and you will be firstly directed to the page where you can choose the traders you want to copy.
You can start your initial filtering according to three dimensions that the platform offers: trading style, trading ROR (profit & loss of all the orders / max margin), and trading days.
After initial filtering, you can set your eyes on specific traders and look their numbers in how many copy traders they have (the number at the bottom, xxx/200, the maximum number copiers of each trader is 200), and the 30 ROR and total ROR, win rate (number of profitable orders/ total number of orders), and their total transaction numbers to form your judgement on the reliability and profitability of the traders.
After you have selected the traders that suit you, you can click on the copy button.
4. Set The Copy Trading Setting & Start Copying Trading
After you enter the copy trading setting page, you can choose the trading pair to follow and set the amount you want to copy for each trading pair.
After the setting is complete, click “Confirm” to confirm the copy amount and click “OK” to follow successfully.
After the follow is successful, the trader you follow will trade, and you will automatically follow the strategy. Please set the copy amount reasonably! A smaller margin is preferred as a trader could open up to 30 positions at one time.
During the copy trading process, you can also change the copy trading settings. Click “My trader”to find the trader whose settings you need to modify and click “Edit” to enter the settings page.
After the adjustment is complete, click “Change settings” and click OK to complete the adjustment!
On the settings page, you can also click [Cancel copy trade] in the upper right corner to cancel following
And now, it comes to the question we care the most about: how do we make money with copy trading?
Technically speaking, how much you can earn from copy trading is decided by the strategy and leverage of the trader you chose, and the margin you put in.
You need to be aware that in the positions you follow, margin cannot be adjusted. Stop-loss and take profit functions are not supported, leverage is copied by default. Your closing price would follow that of the trader you chose.
So you need to set a reasonable margin to control risks. Also, traders’ past performance does not represent their future performance. So you need to carefully evaluate the risks before using the copy-trading service.
That said, once you start copy trading, “how much you can earn” will be mostly relevant with the traders you choose to follow. You need to choose a good trader and control your margin position.
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