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The copy trading is a method by which a trader The professional trader makes his trades public. You read that correctly: this form of social trading involves copying the trades of experts in order to make a profit. Put like that, it would seem that one would have to manually reproduce all the actions of a trader. This is not the case because Bybit provides a platform that automates the process and you do not need to know how to trade. trade to make copy trading futures trading.

Not all classes of traders can offer their trades to be copied. Bybit evaluates candidates’ resumes for merchants with metrics that provide indications of the approximate quality of their operations. This implies that any trader you chose was first filtered by Bybit.

If you want to learn how to make copy trading in Bybitfollow the step-by-step guide below.

Create your account on Bybit

First you need to create your Bybit account. If you already have one, go directly to the next section of this guide. If you do not, pay attention:

Bybit Homepage. Step zero is registration on the platform. The KYC process is optional. Source: Bybit

Go to Bybit. Your homepage may be in English by default. Look in the upper right corner. Press the white globe button and select the language “English (International).” Then click on click on the yellow button Register.”. Run the capcha, validate the confirmation e-mail and log in to the new account.

Create your account with an e-mail address or phone number. Use the option that best suits you. Source: Bybit

Transfer of funds to Copy trading account

Normally, a KYC (“Know Your Customer”) process must be completed to use any Bybit service. However, this is not the case: this exchange allows you to deposit a maximum of 2 BTC without providing any personal information.

You have created your account. The next step is to fund the account. This tutorial from CryptoNews on how to deposit cryptocurrencies on Bybit can help you with the deposit process. Bybit allows you to deposit directly into your derivatives account. Do this.

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Once the funds have been deposited, go to the top multifunction bar, Derivatives.” and do click a Copy trading.

Copy trading is a service for derivatives of USDT pairs with other cryptocurrencies. Source: Bybit

Here you will need to perform a simple action with your funds. Click on the box in the upper right-hand corner that says. My Copy Trading.”.

The “My Copy Trading” box shows the account balances and Trading Centre of the tracker. Source: Bybit

Once there, in the so-called User Center, click in the upper right corner on the word ‘Transfer’. Which is in yellow.

From the User Center you can manage your copy trading portfolio. Source: Bybit

A box will open that will allow you to move funds from your general derivatives account to your copy trading and vice versa. Simply enter the amount you wish to transfer from one account to the other and press ‘confirm’..

Analysis of traders’ metrics to follow.

Currently, only the copy trading futures trading is available a Bybit. The version spot of this service will be enabled in the future.

Returns to the other main screen ofcopy trading on Bybit. You will probably find yourself in the “Best of” section. traders major traders.” This interface classifies the traders Based on different performance variables: based on ROI, drawdown, etc.

Main page of the copy trading section. Pay attention to each trader’s metrics. Source: Bybit

Some of the most important metrics are:

  • ROI (return on investment) at 30 and 90 days. This metric indicates the realized and unrealized profits and losses in these time intervals. In other words, this will tell you whether the trader is making more than he or she is losing.
  • Withdrawal Refers to the percentage decline in trading funds. It is used to measure the reduction in profits after reaching an all-time high.
  • AUM: total funds invested per follower in the trader in question.

These terms and metrics that appear on this screen are, in briefthe way in which you can measure the performance of the person who will manage your funds. If you do this click on someone’s business card merchant you will have access to more advanced metrics, such as profit/loss ratio, winning and losing trades, trader position history, etc.

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It is clear that a trader The right trader will not necessarily have a large number of followers, but will have a good return on investment. A drawdown close to 0 indicates that the merchant has good management and knows how to close his trades on time (according to a given time frame). Finally, a high AUM would indicate that the trader’s activity copy traders are willing to put their money in the hands of a merchant.

Once you have gained some knowledge of these statistics, it is time to choose a trader Of your liking. Analyze and compare each one against the best metrics and make sure it has not filled its capacity.

For a merchant is selectable, the button should read. ‘copy’. instead of ‘full’. Go to click a ‘copy’.

Configuring futures trading copy orders.

A window will open in which you can configure the details of the copy trading. To make these adjustments, it is advisable to familiarize yourself with futures trading. Bybit offers a article on the subject. Learn something about technical analysis would not hurt you, although the copy trading relieves you from having to know.

In any case, the first thing to do is to enter the fixed marginthat is, the amount of your money that your merchant will be traded for each copy order. The range for each of these orders is from 10 USD to 2000 USD. Enter the desired amount.

Copy the trading setup screen. Source: Bybit

Second, configure the option lever. Leverage is the amount of borrowed capital used to multiply your profit by X number. Leverage involves risk: in addition to maximizing your profit, it does the same with your losses. Be very careful, remember that you are putting your funds in someone else’s hands. Example: if you use 5X leverage with $100, a profit of 1% ($1) will be multiplied by 5, making the final profit $5.

In Bybit the leverage is mandatory when doing copy trading Futuresbut the extent to which it can be done varies from 1X to 25X. The level of leverage chosen by the user is independent of that chosen by the company. trader. Use this to your advantage.

After understanding how leverage works, choose an X number from the sidebar that is most congenial to you. Then proceed to set up the relationship Stop-Loss per order.

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The stop loss is a special type of order that allows close the position if the price of an asset goes against you. Since your tolerance for capital loss risk may be different from your traderit is important to set a percentage of stop loss at your convenience.

Configuring other advanced copy trading options

Also, employ as much as possible, to the best of your knowledge, settings. To customize your risk tolerance, such as, for example:

  • Position size by contract allows you to set the maximum amount of USDT that can be used if you set a usage interval. If the trader exceeds this amount, your copy trades Of the day is canceled.
  • Maximum daily position limit gives you the ability to limit the number of open orders per day for the merchant That will affect your funds allocated to the copy trading.
  • Take-Profit ratio by order . allows you to determine the closing of a position when a percentage profit margin you have predetermined is reached.
  • Maximum slippage per order allows the user to choose the degree of tolerance to the effect of volatility when closing orders.
  • Choosing a contract allows you to authorize certain pairs of trade specific to USDT for the trading of copy trading.
Advanced settings configuration screen. The greater the customization, the better the risk management. Source: Bybit

Most of these functions are marked with a question mark. Placing the cursor there will provide a description of each configurable option from copy trading.

After setting the main and advanced options and being sure you are ready to proceed, read and accept the document ‘Bybit Copy Exchange Agreement.”. Press immediately ‘Copy now‘. As of nowyou will be able to automatically track the movements of your merchantand your funds allocated for this use will be affected by their operations. Always within the parameters you set, of course.

Monitoring profits and losses in copy trading

In the upper right box labeled. My Copy Trading.” you will see your total of activities available for copy trading And your net profit or loss and percentage. Realizing click in that box will take you to your ‘Operations Center‘, from which you can get an overview of your account.

From this user center, you can follow in more detail your history of copy trading and related trading performance data. In addition, Close or modify copy trades. To do this, scroll to the bottom of the screen at. My master trader” and select ‘Undo Copy‘ or the button ‘edit’both in the upper right-hand corner.

The “My Master Trader” section of the user center. Source: Testnet Bybit

If you have followed this set of steps, you are now fully authorized to use the program copy trading by Bybit. Your task now will be to control and monitor the operations of your merchant, as well as the management of your account on a performance basis.

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