Categories: EducationFAQ

What Is CopyMe?

Trading cryptocurrencies has always been a rather complicated matter. For those people who don’t care much for technical analysis, it’s an even steeper uphill climb. Additionally, some individuals prefer to copy other traders’ strategies and hope for the best. With CopyMe, emulating such strategies in real time should become a lot easier. Now is a good time to see what this platform has to offer.

Can CopyMe Work for Novice Traders?

In the world of cryptocurrency, there are a few unwritten rules people should take into account. The first rule is that everyone should do their own research and not rely on others to do so. Rule number two is that blindly following signals or technical analysis will get you “rekt” at some point. Unfortunately, it seems the number of people interested in copying other traders’ strategies is only growing as time progresses.

This is where services such as CopyMe come into the picture. It is designed for people who want to get their feet wet when it comes to cryptocurrency trading rather than put in the necessary effort to learn everything right away. Instead, they can copy others’ trading strategies in real time and – hopefully – make a profit from doing so. It is evident that copying a strategy without fully understanding it will always remain a risk.

No one can deny being able to copy someone’s trading strategy is not easy these days. Even the people who provide daily trading updates through social media or YouTube can’t necessarily be copied right away. Moreover, the cryptocurrency industry is subject to so many external factors that one must adapt their strategy on a regular basis. Failing to do so will eventually lead to major financial losses. These markets are inherently unstable and should always be treated as such.

With CopyMe, expert traders can share their existing strategies with other investors. It is an interesting concept, although it will probably only lead to more speculation in the cryptocurrency world. Whether or not that is a good thing remains to be determined. This platform certainly has a lot of appeal for people attempting to score a quick buck, and investors are always looking for new trading strategies to maximize their earnings.

Having launched on January 1, CopyMe still has everything to prove. It certainly provides a service people are looking for, although the mileage of individual investors will always vary. Bringing expert and novice traders together is always an interesting approach. The world of cryptocurrency has welcomed a lot of new people in 2017, and there’s no reason to think 2018 will be any different. 

Until expert traders start sharing their strategies, however, this new service won’t get much traction. People who are genuinely successful when it comes to trading cryptocurrencies may be less than eager to share their secrets. Then again, expert traders can set their own price for services rendered, which opens up some interesting business opportunities. It will be interesting to see if this service gains any traction before the year is over. Always do your own research before relying on someone else’s trading signals, though.

JP Buntinx

JP Buntinx is a FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he aims to achieve the same level of respect in the FinTech sector.

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JP Buntinx
Tags: CopyMecryptocurrencyTrading Strategies

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