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In this video, I'll explain what copy trading is on the Bybit exchange. This will be a step-by-step guide for beginners.
Copy trading is a trading strategy where a user (the copier) copies the trades of a leading trader (the leader-trader).
In simple terms, all the trades opened by the trader we're subscribed to are copied by us, and we open exactly the same trades. Let's go through the process:
Go to the Bybit homepage and select the "Tools" tab at the top, then click on the "Copy Trading" option.
Next, we'll see a list of traders sorted by rating. We can use filters to choose the trader that suits us best.
Each trader has their success rate, how much money they've made for their subscribers, and their own earnings.
When choosing a trader, consider how many trades they've made. If the number is too small but their success rate is high, it's likely not reliable. A higher number of trades indicates more reliable data.
Once we've chosen the trader, we need to copy their trades. The most important thing here is to configure the subscription correctly.
We need to specify the limits for opening orders, set take profit and stop loss, and indicate that we'll only open trades with a certain leverage.
We can also choose which pairs we'll trade and which ones we won't.
Another important setting is to automatically unsubscribe from copying their trades if we start losing a certain amount of USDT.
The most crucial step is to set the slider next to "Perp CopyGuard" to protect against price jumps. This ensures we only enter a trade at or close to the price the trader enters. If that's not possible, we won't enter the trade.
Copy trading allows us to earn without deep knowledge of trading. We trust our assets to experienced traders. However, to make it work correctly, it's important to choose the right trader and configure all the parameters accurately. Only then can we earn through copy trading.
Keywords: Bybit, copy trading, step-by-step guide, beginner-friendly, trader selection, settings configuration, leverage, take profit, stop loss, Perp CopyGuard, earning potential.