WunderTrading offers an impressive stock of different trading automation tools allowing users to design unique strategies and maximize the utility provided by online trading platforms like centralized crypto exchanges. Products like crypto copy trading and AI-assisted statistical arbitrage are built to be used by all types of investors, newcomers or veterans.
With the rapid advancement of various technologies, it is hard to keep up with everything. Many retail traders enter the complicated world of cryptocurrencies without any prior exposure to the industry or retail trading in general. It means that thousands of people are starting at a disadvantage. A significant portion of novice investors and even experienced traders do not know how to use the WunderTrading platform properly or what it does.
One of the best products offered by this company is social trading — a powerful tool for those who lack the experience of interacting with the rich variety of crypto tokens. If you feel lost when dealing with the complexities of this novel digital market, turning to professionals for assistance is a good idea. Become a copy trader and follow the best investors in the industry to step in their footprints. On the other hand, experienced managers and financial analysts have a chance at becoming a master trader on the WunderTrading platform and offer their expertise to other investors.
How to get copied on copy trading platforms?
Master trader is someone with a very good intuition, rich experience, ability to control risks, and active in the market. If you want to be followed by other users, it is important to produce good results for them in the long run. It means staying active and making at least a couple of trades per day without exposing your portfolio (and portfolios of those who follow you) to unnecessary risks.
Promoting your skills and profile among other traders is quite important if you are interested in building an audience of loyal customers who will keep following you throughout years to make money with you. However, it is important to remember that the beginning of the journey can be quite rocky and offer nothing but disappointment for people who overestimate their abilities.
Here are some qualities that a good master trader should have to be successful. Consider these tips for aspiring copy traders who want to be followed.
- Understanding the market and its assets. The world of cryptocurrencies is slightly more complicated than most traditional markets. It is not harder to navigate or be successful in, but it is quite diverse and requires a lot of time to learn. With hundreds of DeFi platforms issuing their tokens, picking the right asset to work with can be quite challenging. You should be familiar with all mainstream coins and know why prices fluctuate.
- Having the right mentality. Many veterans say that trading is 90% psychology. Reading the atmosphere in the imaginary room full of traders and whales while controlling your emotions is incredibly hard. Over 75% of all retail traders eventually lose money. Many fall victim to overconfidence, poor emotional condition, stress, fear, greed, and other things that should be under full control of a good master trader.
- Managing risks. All copy trading platforms, including WunderTrading, have a certain way of vetting masters who can provide services to other users. It is necessary to ensure that masters are capable of producing profits and, above all, deliver consistent results across multiple trades. Only people who know how to manage risks and avoid risky trades regularly outperform everyone else.
If you have the skills and want to share your expertise with the larger community of traders, it is a good idea to apply to become a master trader on the WunderTrading platform. Note that you will have to go through a series of tests and showcase your ability to stay consistent over long periods.
How to hone your skills to become a master copy trader
Practice makes perfect. It is, without a doubt, one of the most important aspects of elevating your trading game to the next level. Learning theory and trying to master many aspects of technical analysis should be on your priority list as well, but all your attention must be focused on acquiring the intuition necessary to deliver results during periods of uncertainty.
All experienced traders know about demo accounts and use them regularly to test new ideas or have a first-hand experience with a new trading platform. However, you can also use advanced features offered by WunderTrading. For example, paper trading bots are excellent for testing complex analytical systems and bot settings.
Here are some advantages of using this particular feature:
- Test successful copy trader strategies in real time. Finding a good automated trading system or an analytical approach that works well is not a big deal. However, a strategy that works excellently for some will fail miserably when used by others. It is important to personally test ideas that experts deem great.
- You don’t have to use real funds. All assets are virtual. You can use all sorts of risky approaches without fearing for your capital. It is a good idea if you are planning to run a variety of tests to determine the best approach. Trading several assets at once with real money will quickly deplete your portfolio even if you use small position sizes.
- Use any source of market data. If you want to work solely on a specific trading platform, you can choose it as your main source of market data and test all your investment ideas as though you were trading with real money on said platform. Since different centralized exchanges have varying levels of liquidity and trader activity, it is a good idea to start practicing using data generated by specific CEX platforms.
Perks and risks of being a copy trader
Being a master copy trader seems like a perfect job. You trade daily and allow users to follow your actions in the market. With a large audience, you will have a sizeable chunk of change going your way each month on top of what you will make as an individual retail trader. The biggest advantage of being a master is building an audience and increasing your income generated by trading assets.
Unfortunately, being a master copy trader is not just a pretty picture seen through rose-tinted glasses. Here are some risks that you should be aware of:
- You have to perform consistently. Even a short period of unlucky trades can affect your image that you create by making others richer. Losing an audience due to a series of unfortunate events is much easier than trying to establish yourself as a trustworthy master.
- You may never find your audience. Social trading is all about user interaction. Searching for people interested in following you is not an easy task even if your performance is way above average. Standing out from the crowd full of experienced traders showcasing impressive profits is a tall task.
- Copy trading trader requirements are often too strict. Not a single service provider wants to allow their users to follow masters who do not have the necessary level of skill to navigate their portfolios to consistent profitability. You may not achieve the necessary numbers due to misfortune or other factors outside of your control.
- Competing against other trading automation tools. The industry has been advancing at an incredible pace recently. With modern instruments like a powerful AI trading bot using complex statistical arbitrage methods or finely tuned GRID bots generating profits consistently, attracting investors is a challenge for many masters.
It may seem that becoming a master is not hard. In reality, many applicants fail to deliver acceptable results or do not show the necessary level of consistency to stay among the best for long enough to build an audience.
The best platforms for copy trading
WunderTrading is integrated with many popular centralized crypto exchanges. You can choose any trading platform to work with as a master or an investor. However, some platforms are better than others due to many factors like liquidity, reliability, API connectivity, and more.
Here are some CEX companies that will work excellently as destinations for copy trading masters and investors:
- Binance. This exchange is still the biggest in the world despite some legal setbacks. With an impressive 17% market share and over three hundred active users, Binance outshines its competitions in many areas like liquidity, asset diversity, and API connection quality. If you are interested in building an audience as a master, working on the most crowded platform is a good idea.
- Coinbase. This is one of the most reliable and safe crypto exchanges with a sizeable client base in the US and North America. Many experts believe that this particular platform has a robust architecture and accounting to withstand any issues that the cryptocurrency industry may change in the future. Coinbase is often chosen by many conservative investors who may find copy trading a good way of making money.
- KuCoin. This Hong-Kong-based crypto exchange is known for its low copy trading fees and commissions which are way below industry averages. Many experienced retail traders believe that conditions here are better in comparison to many popular exchanges. Masters working with accounts on KuCoin often find it easier to build a large audience of small-time investors who are not willing to pay large sums of money for copy trading products.
Choosing your cryptocurrency exchange is not and should not be a challenge. All contemporary CEX platforms provide good products and services to their clients. Some may be better at delivering a particular experience, but all of them are relatively safe, reliable, and offer all the necessary features to people who want to become master copy traders.
Rules and regulations for copy trading at WunderTrading
Customers interested in using copy trading as an investment tool can use the service without any limitations at any given moment. Some masters charge just $10 for their services while building an audience or offering expertise for free to showcase their ability to earn money.
On the other hand, retail traders who want to become masters have to reach certain milestones and demonstrate a high level of skill.
Here are some requirements for aspiring master copy traders on the WunderTrading platform:
- New traders must pass a 30-day probation period during which they have to be active and complete (create and close a market position) at least 20 trades.
- It is necessary to be an active user of the WunderTrading platform and have an active USDT address to receive rewards.
Note that even if you did not show profitability within the last month, it is possible to set the price for your services and still be shown in the marketplace. However, competing against masters who have impressive profitability numbers will be a challenge.
A master can trade manually or set up a crypto bot to trade automatically according to their strategy. All investors who want to follow a master will be copying actions made on the master account.
Should you become a master copy trader?
The responsibility for all financial decisions ultimately falls on the shoulders of investors. Masters do not carry the risk. Many active retail traders who regularly achieve good levels of profitability should consider the opportunity of becoming a master copy trader on the WunderTrading platform.