How to Get Started with Copy Trading (Followers)

Copy trading has long been known to be a simple and effective way for beginners to execute trades and maximize their profits without the time-consuming efforts to learn about the crypto market. Taking advantage of the expertise of Master Traders (MTs) has never been easier. If you’re looking to get started with copy trading as a follower, look no further. Read on for a detailed step-by-step guide on how to do so with Bybit’s Copy Trading platform!

Key Takeaways:

• Copy trading allows beginning traders without extensive market knowledge to take advantage of the expertise of experienced Master Traders.

• Once you copy a trade, you can further customize settings, such as stop loss, take profit and leverage for enhanced risk management.

Top Up Your Bybit Account

Step 1: Before you start copy trading, you’ll first need to sign up for a Bybit account. 

Step 2: Once your account has been set up, you would need to fund your account (Spot, Funding or Derivatives) with assets. To do so, navigate to the Assets page on the top right-hand corner of the Bybit homepage. 

Step 3: Choose the account you would like to top up and click on Deposit. 

Step 4: You’ll be directed to your Bybit deposit address. You can choose to either scan the QR code or copy the deposit address and use it as the destination address to send funds to. Do be sure to choose the right chain types.

Creating a Copy Trade

Step 1: Please click on Tools → Copy Trading in the navigation bar to enter the Copy Trading page. Here, you can filter Master Traders based on ROI (for the past 7 days), Top Intraday Traders, Top Balanced Traders, Top New Talents, Boosted Traders, Highest Follower Profit or Lowest Drawdown. 

Step 2: To follow your preferred Master Trader, click on Copy at the bottom of the Master Trader’s card. By clicking on the card, you can view the individual MT’s portfolio for a more comprehensive understanding of their trading performance data. You can choose to copy up to 10 Master Traders simultaneously. 

Step 3: Create your Copy Trades by setting

a) Investment Amount — Note that the minimum investment amount is automatically set at 50 USDT, though the MT can set a higher minimum amount if they desire.

b) Select Items to Copy — You can choose either USDT Perpetual Trades or Trading Bots. If you select USDT Perpetual Trades, you’ll be copying Perpetual contract trades executed by your Master Trader. If you choose Trading Bots, you’ll be copying the parameters of the Trading Bots created by the MT.

Step 4: Click on More Settings to configure additional trade settings for copying, such as Copy Mode and Parameter Settings. 

Step 5: Once you’ve confirmed the parameter settings, check the Agreement Acknowledgment Box and click on Copy Now to follow the MT.

In this window, you can also see the Master Trader’s performance and the profit-sharing ratio, which varies according to the Master Trader’s level. If the profit sharing ratio is 10%, it means that Followers will need to share 10% of their profits with the MT.

Once you’ve started following a Master Trader, you can head to the User Center (Follower) page and further configure your settings to boost your risk management. Some examples of settings you can edit include stop loss and take profit, switching your leverage settings and increasing or reducing investment. You can also close your positions, stop your copying of the MT or manually terminate your bots via the User Center (Follower) page. 

To explore more about editing your copy trade settings and closing positions, click here.

The Bottom Line

Copy trading can be a great way for traders to maximize their profits, especially since it’s automated. You may even be able to pick up new tips and tricks from following Master Traders. As long as you do your proper research on the Master Traders and you’re well aware of the risks associated with margin trading, you should be on your way to becoming a more successful and profitable trader. Get started with Copy Trading with Bybit today!

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