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 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!

How to Get Started with Copy Trading as a Follower

Top Up Your Bybit Account

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

Step 2: Once your account has been set up, you would need to fund your account 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 will 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: Now that you have successfully funded your Spot Account, navigate to the Copy Trading page under Tools. This is where you can browse the top traders based on their ROI in the last seven days.

Step 2: To enter the Copy Trading settings page, you must first choose a Master Trader that you would like to follow. Then, click on the corresponding Copy button. 

Step 3: Input the amount you would like to invest in this Master Trader under the Funds to Copy box and choose the account you would like to invest from. Thereafter, the investment will transfer automatically.

Step 4: You can also input Copy Stop Loss (CSL) if you’d like to limit the risk of your copy positions in the event that your accumulated losses with a Master Trader reach a predetermined amount. Be sure to check the Bybit CopyGuard option — a new feature from Bybit that ensures Followers will copy a position at the most optimal timing, as compared to when the Master Trader opens their position.

Viewing the Master Traders You Follow

With the new and improved Bybit Copy Trading platform, you are now able to follow up to 10 Master Traders at one time, allowing you to diversify your risk and expand your portfolio. You can also configure the amount of funds you would like to invest for each Master Trader you copy, which enables you to invest more for the Master Traders who bring you more profits. 

Step 1: To manage your followed Master Traders, navigate to the new Master Trader Overview page. Here, you can view all the Master Traders that you currently follow, along with their ROI and P&L statistics. 

Step 2: To view the Master Traders you previously followed, click on the Follow History tab.

Step 3: To view more details of each Master Trader such as the contract orders followed, quantity, position margin and P&L, click on their individual profiles. 

Step 4: If you would like to view the in-depth details of each contract, you can click on Detail.

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!