Let's See whether I can Become a Millionaire Trader Indeed "Millionaire Copy Treader"
I tried copy trading for three days and here are the results that I've made. I'm sure most of you have heard of copy-trading stocks or forex. If you don't, it's basically making buying and selling moves in a stock market or in a crypto market by completely following another expert trader. If the trader you're copying makes a profit, you will make a profit in return as well, but without lifting a single finger of your own.
Later on in this article, I will explain why I only copy-traded for three days. But before I start, I do not condone day trading or copy trading for most beginners because it is very risky for beginner investors, even for myself. Not to mention that most day traders actually lose money. Surprising? Not really, I think.
The app that I used to copy trade is Naga Trader, simply because I am not a fan of eToro. I put in a capital of $115.15 because that is the amount that I'm comfortable with losing. Of course, I know that I'm exposing myself to tremendous amounts of risk. According to the internet, day trading or copy trading can really make me a millionaire, so let's see if I actually can buy a mansion and a Rolls Royce at the end.
First Day
On the 6th of July, my first day, I downloaded the Naga trading app and tried it out. I made two trades on my own and they turned out to be profitable. I guess it was just luck, or is it? Moving on, I started copying people on a leaderboard with a winning rate of about 95% of all their total winning trades. I did this because I wanted to test things out and see if I could make quick, easy, small passive income profits from the people on the leaderboard. It turns out I was right; I was very profitable at first.
After a while, I received notifications that I was on a four-winning trade streak, bringing me a profit of $16.76. After that, I had millionaire dreams clouding my mind, thinking it was that easy to make money. Life like this sure is sweet, huh?
Just when I thought I was going to reach my millionaire dream, I copied another five losing trades that lost my account about $74.40. Can you guys stop laughing now, please? Yup, I know, I know. After that, I decided to call it a day because I lost more than 50% in just the first day, and it was a bit overwhelming. Therefore, I stopped copying everyone and went to bed instead.
Second Day
On the second day, the 7th of July, I could not sleep that night. You guessed it right, I opened up a few trades on my own and they were also profitable, but that's not the point. In this video, we're just going to consider all the copy trades. On that day, I had only one copy trade, which lost me about $4, at 110% of what I put in. After losing that trade, I told myself I was done for the day. I decided to continue tomorrow and just went to sleep without thinking about it because my portfolio was already down tremendously.
Here's the con of copy trading: when you lose money, you cannot really blame other people because you made the decision to copy that person.
Third-Day
On the third day, I started to come back stronger. I decided to go through a few more traders to see who suits my trading style. I finally came across this guy. Ah yes, the real name must be Hulk Green Blue Yellow Red RGB color. The Hulk. I wonder where he's at in the Avengers movie when they need him. Oh, that's right, he's busy trading.
This guy is a true hero. I saw good results with consistently bringing in small profits but continuously winning. That's why I copied him throughout the entire day. He made a total of 31 trades in one day, and out of the 31 trades, I only lost 4, which were not even big amounts. If I'm not mistaken, I closed the four losing positions myself because I didn't want to risk the rest of my portfolio. I can't even say he was the one who made losing trades for my portfolio; it was all me.
At the end of that day, I made a profit of $10.82, which is pretty cool for a passive income. If I convert it into Malaysian Ringgit, it's about 45.45 ringgit. Just by doing nothing, getting about 45.45 ringgit by copying other people's trades sounds pretty good, right? Millionaire dreams were clouding my mind again.
The Twist
Until this happened. Yes, there is a negative $36.27 on the deposit/withdrawal on this account sheet. Yes, I got charged with a hefty amount of copy trade fees of $37.36. If we scroll up, this is how many times I've been charged without knowing. As you can see, it's $1.17 per winning trade. Before you roast me in the comments, yes, it is completely my fault for not reading the terms and conditions before using certain functions on this app. But don't you think that $1.17 per winning trade is a bit too much? I don't know, but that's just me. Because of that, I decided to withdraw all my capital from Naga Trading back into my bank account and call it quits from copy trading for now.
My Results
Let's calculate the profits I made throughout the three days of copy trading on this app. If we ignore the copy trading fees, my total portfolio came down to a loss of $42.06. I am never gonna financially recover from this. The only reason why I think my account is at a big loss is because I was new and testing things out. On the first day, I copied four traders all at once, and some of them were taking on risks not suitable for my portfolio amount. Therefore, it's not counted in my book as I was new and a bit blurred about whatever was happening. I only found a trader that suited my style on the third day. If you want to count it, go ahead, but that's why I ended up with a big loss.
So, is copy trading profitable? The answer is a big fat yes, but if you are eager to try out copy trading, make sure to read the terms and conditions before using certain apps' functions. Or else you will end up like me, a stupid clown who lost most of my capital to copy trading fees.
Always test things out with a small percentage of your portfolio and different traders until you find the right one before fully entrusting them with your entire portfolio. If you're using a platform like Naga Trader which charges hefty copy trading fees, make sure to have a capital of at least $1,000, or maybe up to $10,000, $100,000, but at least $1,000 so your wins are much bigger and the copy trading fees will not affect your profit as much. The reason why I lost so much money to copy trading fees is that I was closing my positions at small wins of maybe nine cents, fifty cents, a dollar, two dollars, or three dollars. That's why all the copy trading fees added up and blew my account out of the window.
For now, I will not be doing copy trading anymore. Maybe sometime in the future I'll continue this series or restart my copy trading portfolio, as I see big potential in making small and passive gains every day. I'll definitely continue this series when I have a larger capital. Until then, I hope you enjoyed this video. If you did, make sure to subscribe, leave a comment on what you think about this video, and let me know what you want to see next.
With that being said, I hope to see you in the next article. Comment below whether you have ever tried copy trading and how was your experience.
Disclaimer: This Article is not affiliated with the platforms that are mentioned here. Do thorough research before investing your money into copy trading
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