bybit How to Get Started with Copy Trading (Followers)

Copy Trading on Bybit: Get Started as a Follower

Venturing into the world of cryptocurrency can be an exhilarating journey, filled with opportunities for high returns. However, the volatile nature of the market, coupled with the complexity of technical analysis, often deters beginners. This is where copy trading comes to the rescue, allowing novices to replicate the trading strategies of expert traders, or Master Traders. One such platform that offers an intuitive copy trading experience is Bybit. This article presents a step-by-step guide on how to start your journey in copy trading as a follower on Bybit.

Start Copying trade with Bybit

Understanding the Basics of Copy Trading

Copy trading is a method of trading where beginners, or followers, can copy the trading strategies and decisions of experienced traders, also known as Master Traders. This approach eliminates the steep learning curve associated with understanding market trends and technical analysis, enabling beginners to execute profitable trades from the get-go. Platforms like Bybit have made this process even more straightforward and accessible.

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Setting Up Your Bybit Account: The First Step to Start Copy Trading

To start your journey into copy trading, you first need to set up an account on Bybit. Once your account has been created, the next step is to fund it. This involves navigating to the Assets page located in the top right-hand corner of the Bybit homepage, selecting the account you want to fund (Spot, Funding, or Derivatives), and clicking on ‘Deposit’. You will then be directed to your Bybit deposit address. Here, you can choose to scan the QR code or copy the deposit address and use it as the destination address for sending your funds. Remember to select the appropriate chain type for your deposit.

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Crafting Your Copy Trade: Choosing Master Traders and Setting Parameters

After funding your Bybit account, the next step is to create a copy trade. Head to the Copy Trading page located under Tools, where you can browse through the top Master Traders based on their ROI in the past seven days.

Choose a Master Trader that aligns with your investment strategy and click on the corresponding ‘Copy’ button. This will redirect you to the Copy Trading settings page. Here, you will input the amount you wish to invest in the chosen Master Trader under the ‘Funds to Copy’ box and select the account from which you wish to invest. After these steps, the investment will be transferred automatically.

Bybit offers features to mitigate your risk in copy trading. One such feature is the ‘Copy Stop Loss’ (CSL), which allows you to limit potential losses if your accumulated losses with a Master Trader reach a certain amount. Another risk management tool is the Bybit CopyGuard, a unique feature ensuring followers copy a position at the most optimal timing, offering a better entry point compared to when the Master Trader opens their position.

Start Copying trade with Bybit

Monitoring Your Investments: Keeping Track of Master Traders

With Bybit’s enhanced Copy Trading platform, you have the opportunity to follow up to 10 Master Traders simultaneously. This feature enables a diversified risk strategy and a broader portfolio.

To manage and track the Master Traders you follow, navigate to the new Master Trader Overview page. This page presents a comprehensive view of all the Master Traders you’re currently following, complete with their ROI and Profit and Loss (P&L) statistics.

For a record of Master Traders you’ve previously followed, click on the ‘Follow History’ tab. To delve deeper into the performance and strategy of each Master Trader, including details like the contract orders followed, quantity, position margin, and P&L, visit their individual profiles. For more granular data on each contract, you can click on ‘Detail’.

Go to Bybit’s Official Website

Empowering Your Trading Journey: Learning from Master Traders

Copy trading is not just a tool for immediate profit but also a learning experience. By observing the strategies and decisions of experienced traders, you can acquire valuable knowledge and insights about the crypto market. This process can help you develop your trading strategy as you gain more experience and confidence.

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Making Informed Decisions: Understanding Risks and Rewards

While copy trading can significantly enhance your profits, it’s important to understand the risks associated with it. Conduct thorough research on the Master Traders you wish to follow, focusing on their past performance, trading strategy, and risk profile. Remember, high returns often come with higher risk.

Copy trading can be an effective way to get started in the crypto world, allowing you to benefit from the expertise of Master Traders. Bybit’s user-friendly Copy Trading platform makes this process even more seamless and accessible. Remember, successful trading requires a blend of strategic investment decisions, risk management, and continuous learning. So, begin your journey in copy trading on Bybit today, and step into the fascinating world of cryptocurrency trading.

How to Get Started with Copy Trading as a Follower

Start Copying trade with Bybit