Bybit Copy Trading Tutorial (Step-by-Step Guide)

in this video we'll look at by bit copy trading copy trading is like a community platform where Traders can actually come and show their trades to everyone and then other Traders can copy those trades automatically through the system I'm going to go through what exactly this is some of the things that you should be thinking about before copy trading in terms of the risks and everything like that and then we'll go through how to navigate the system and potentially go through and find profitable traders to copy so I'll leave the timestamps for all of that down in the description firstly what we want to do is come to buy a bit I'll leave a link to them in the description if you want a deposit bonus they give deposit bonuses if you're new so check that link out what you really want to do though is go right to Traders with highest profit for followers right now after that what you want to do is look at the assets under management that's the main thing so you well I would want anyway a Trader that's been around for a while that has a decent uh profit obviously and then a decent amount of assets under management a lot of the short-term Traders can have very good profits but they might do that for a very short amount of time and they might have a very small amount of assets under management and so you know they're not bedded in you need a bit of History here so I'll show you how to kind of navigate this but there's different types of Trades that you can copy so for example Traders with highest profit what you can do is actually go view more and then you can see them all here what I would do when discovering top Traders is really look around for a lot of them and what I would do is go to over here and just go to 90 days that gives you a little bit more history in terms of what the Traders are doing you definitely want a bit of History here because anyone can get lucky over seven days you know the longer the history is the more likely it is that they're actually a pretty good Trader so that's the first thing I would do secondly who are these people like who are these Traders what history do they have well the way that buy bit actually goes about this is they're just setting up a community platform so they don't actively manage the Traders on the platform but as you can see here what are the requirements to be a master Trader you must complete at least seven trades in the last 30 days and you must have a win rate of more than 60 so all of the people that are available to copy known as Master Traders here at least have that history you can see the experienced Traders from other platforms can upload proof of them as well so you can see how a master trade is selected by by bit they do not individually select the master Traders but they do need that history at least to show that they you know aren't just mucking around and they can actually get at least a 60 win rate before they actually get let onto the system what are some of the things that I would look for before choosing a Trader definitely their history over a longer period of time so if you come to top Traders bar by Roi you can see that this guy's actually pretty much doubled his money in the last seven days but the amount of assets under management is very very low and so like I said that can kind of happen to anyone you know just getting lucky or putting a trade-in that goes really well with a bit of Leverage so what I would want to do is look at assets under management and then the history this Trader has more assets under management you can see twenty thousand dollars if we come down to highest profit that's really where the biggest Traders are you can see they're much more bedded in SO hmb trading actually has you know three million uh under management now that's much higher it's much bigger amount and so that indicate hates that there are pretty much a way much more mature Trader on the system and that's something that I would want to follow way more than people that have not been here too long because you need a bit of History here so what you can do is look for these and then we'll just go on hmb trading so we'll have a look at this Trader and what they do so this can be one person it can be a group of people and obviously you want to see how are they trading so seven day Roi rank is number three four two that's not necessarily a bad thing for me what we want to see is their performance over the longer term of course it depends how long you want to be in here but I would suggest if you're copy trading is probably more of a passive investment where you put a small amount of kind of speculative money into this and you would want someone that's going to be around for a while and is actually taking this in a professional way so as you can come down their performance I would love to see by a bit to put maybe like a 90 day or you know a full from from Genesis profit and loss there as well but it's not there cumulative profit is pretty decent um and then the amount of profit that followers have made is very good as well um now that can change because it depends how much followers uh leverage up this Trader in particular may not use a lot of Leverage but I'll show you in a second how to copy um and you can use as much leverage as you want which obviously increases or decreases your profits um differently to how this cut this Trader is doing it so you can copy their trades but you can use more or less Leverage The cumulative number of followers 1600 which is pretty good over time you can see the total transactions here are 414 more isn't better here you know better is better when it comes to trading you can make three trades a year and make a really great profit or you can do you know thousands it really is up to the trader and so I wouldn't suggest that more is better what you really want to be looking at is the win rate so the winning trades is 338 losing trades 41 that's a very very good win rate so you know whatever their strategy is it seems to be pretty decent over the time that they've done this average holding time this is something to look for this is what they are as a Trader so their average time is let's call it two days definitely a day trader and a short-term Trader probably trading you know a lot of events and technicals rather than taking you know position bets um so that is what it is you may want to actually create a portfolio of copy Traders where you have you know copies of five to ten different Traders using different strategies that's something you could do because I think copy trading is more of a passive investment where you might have a portfolio of five to ten different copy traders that you're actually copying and that kind of spreads risk as well now you can actually look at what they're trading as well in terms of the assets that they're trading I think by a bit actually lets them choose pretty much a decent selection of the top coins and you can see all this down here so this is the trading history and you can see what they're doing I'd click this over to 90 or 180 days just to get a better overview of what they're trading right because over the short term there might be an opportunity something might be popping off or something like that over 180 days it gives you a better overview of what they trade which in this case is mostly Bitcoin but some other uh all coins as well he's obviously been trading eth and eth classic during the merge so there's probably a lot of opportunity there that they were taking advantage of that may go down after the merge and and as that kind of dies down a little bit they might go back to bitcoin so as you can see here as well really important is what what kind of Trader are they so I can see some short positions here so this Trader is definitely taking short positions as well as long positions as you can see here so look at their trades these are the current trades so these are actually the trades that are open and what they have but then you can see past trades down here that have actually been closed as well so this Trader definitely goes long a lot he was going long Etc you can see that opened on around the 30th of September here let's go back and and see what they were doing here so they mostly go long right so they're mostly a long Trader that's absolutely fine um you know you may not even care about this because what you really want is just to see their p l over time but they're definitely a long Trader and they were longing the market probably down at the lows a lot of those have been closed so they took those profits now if you're looking at current trades again what you're seeing is he's taking a lot of long positions in ada.avac so he's pretty much just longing pretty much the the top coins here and that's his position in the market so again this may not be like massively important for you because you know you're just looking at the overall trades and as long as the profit and loss is there it doesn't really matter in fact you know day trading as this person is doing pretty much doesn't matter if you're long only or short only or whatever you know everyone can win dependent on when they actually take their position and close it as well now when copying other Traders there's definitely some things to be aware of here because there are some risks that are completely out of your control and so what you can control is your position and the amount that of risk that you're taking here so um to keep that in mind your profit and loss is going to be very different from theirs dependent on how much risk you're taking on top of them as well so I'll kind of go through that now so obviously choose someone that can be copied so or just take this one as an example right here and then we can see the risk that we can take essentially now for right now buy bit only allow you to trade Futures uh in the spot in the copy Market which is a synthetic contract of prices basically now they don't let you trade spot that is coming in the future I believe but for right now it's just Futures it doesn't matter too much here but essentially what you need to do is have enough cash in your copy trading account to fund positions now what you don't know about this Trader is when they're going to trade how much they're going to trade and how often they're going to trade and so all of that risk is essentially on there on their book and you have to make sure that you're managing your risk as well so what I would suggest here is to make a you know an amount of risk that you're happy with so for example if you put 10 right here ten dollars per position what you can see is that will give you um the amount that you're willing to risk per position so as you can see with the description here you may set a fixed margin for each order that's for your orders so they whatever they're trading doesn't actually matter you copy the actual trade the buy and sell but the amount that you're trading is definitely up to you so if you set a fixed margin of a hundred dollars the margin for each copy order is a hundred dollars so when they Place their order you will be opened at a preset multiple if your position multiple is 0.01 your copy order will be one percent the size of the Trader's order so their orders are being copied but not their size right so it's kind of a percentage of how much you want to trade right so you can choose that yourself available balance in copy trading account obviously just get some US dollar tether in your account switch over you can do that right here so really important is you want to look at how many trades they're placing a day on average and understand that um you know if they're placing 10 trades a day and your margin per order is 10 you might want to put you know a hundred dollars total in your account to make sure that you fund it probably a bit more than that just for a balance your available balance is sufficient to support multiple multiple open positions as you can see here assume a Trader opens an average of three positions per day he has a 300 account balance and he has set a fixed margin of thirty dollars per order in this scenario he should be able to support brought up to 10 open positions simultaneously right so check how many positions on average they have per day put a buffer in there if you want to copy every position if the system doesn't have enough cash or margin to open those positions obviously it won't do that and so again if that happens then your p l is going to be different from what the trader is doing so there's many things to consider here also with leverage setting 15 is mad absolutely mad definitely turn this down right so you can turn this down to what you want I would suggest for beginners just you know way down on The Leverage here um almost to 1x which is no leverage so again that's up to you I'm not going to kind of discuss the pros and cons of Leverage Everyone's an adult here you can actually do custom leverage per token as well so if you come down to custom leverage you can see here you might want to go extra leverage on BTC if they're trading something a bit more volatile you know sand or something like that or atom you might want to turn that down you can do that as you want but again every change here will change your p l uh different to what the underlying Trader is actually using because they may be using some different sort of Leverage right so if they're using 5x leverage and you're using 25x leverage if they make a profit you'll actually make more profit conversely if they make a small loss with 2x leverage it's not going to block their account if you if you're using 20x leverage it could blow up yours so I think that's really important here stop loss ratio per order is pretty good as well actually that essentially lets you um get out of an order so if the trader makes a bad trade and they lose you can actually cut your stop loss quicker than them that's pretty good I think it's a a good thing the only downside here is that some Traders go for a trade and yes you might be in a loss for a little while but you know you you run that loss for a bit the trade can recover and actually start making profits if you cut early then again your performance will be different than them so you can copy trades as you can see some of the things that you choose can definitely change um The Profit loss that you have compared to them so there's many many variables here advanced settings I would actually leave um the reason being is that you can see max daily position limit if you really do want to put in a Max margin per contract and a max daily position limit you can put that in here but at this point you're not even copying them and there's so many caveats to what they're doing that um your performance is going to be almost nothing like what they're doing so for me you know I wouldn't use them but you can if you want some you know kind of hard limits on on how much risk that you're taking now you have to agree to the terms and conditions as well which basically says you're at your own risk here right so copying a Trader has many many risks in terms of what they're doing how they're trading you know how active are they and everything like that I'm sure you can work that out yourself so I'm not going to make too many um you know risk assessments on that you know we're all adults and we can do that but you just go ahead and copy now and then that obviously go through and copy all of their trades like I said copy trading does open you to more risks for example what the trader is doing the decisions that they're making is out of your control and so some people would definitely stay away from this you know other people what they like to do is have a copy Trader portfolio of maybe three to seven copy traders who seem to have a decent history and then run them all at the same time I would only use this as a very very small part of my portfolio a kind of speculative portion of the portfolio that's how I would run it other people are different of course and everyone is open to do what they want if you want that bonus on by bit Link in description for that I'm James with money zg cheers for watching and I'll see you in the next one

Channel: MoneyZG

Views: 27,626

Keywords: bybit, bybit copy trading, bybit copy trading tutorial, bybit copy trading review

Id: gJd4ATJlb8I

Length: 14min 19sec (859 seconds)

Published: Thu Oct 06 2022