In discussions about trading crypto, the volatility of cryptocurrencies is a point that is constantly raised. Due to crypto’s ability to dramatically increase in value in short spaces of time, many newcomers are attracted to this market each year. However, there is a pervasive feeling of frenzy that moves throughout this burgeoning market which can lead to FOMO for the wrong tokens and projects. In order to make good investments and trades in this space, it’s important to be exposed to the right voices.
This is why social trading is a good place for new traders to begin. Also known as copy trading, this form of trading allows the actual trading decisions of seasoned traders to be shared with an audience of aspiring traders. Actual trades made by pro traders are copied onto the follower’s own portfolios. It’s a method of removing the FOMO aspect of trading. Social trading helps to provide an emotionally stable way of entering the market without getting led astray by the excitement of it.
Making The First Step
To get started with copy trading, consider a platform like Tycoon, which conveniently connects with the Binance exchange via an API. Therefore, no funds ever need to leave Binance in order to begin copying the moves of pro traders through Tycoon. All activities of the traders are monitored via a secured API connection with Tycoon in real time and can be copied to a follower’s portfolio automatically. Essentially, Tycoon serves as a secured interface between professional traders and its end users. When assigning your investments, you can assign them to multiple traders on Tycoon in order to diversify your strategy. An individual stop loss can also be set for each trader you follow.
Finding Traders and Staking
Finding the right traders is not complicated on Tycoon. The past trading results of its pro traders, known as “Tycoons” are collected, verified and presented on its simple user interface. This data includes statistics such as a traders’ profits, number of total trades, and how many followers they have on the platform. This data can be easily accessed and filtered through on the Leaderboard panel. Specific traders can be found using the search tab. Once followed, they can be monitored for as long as you want to. However, if the trader’s strategies don’t meet your expectations, they can be unfollowed at any time.
By staking over 8,000 of Tycoon’s native token, TYC, all user functionality is made available. To start with, those who have this amount of $TYC staked will get to keep all their profits. However, profit-share will be implemented in the near future. To ensure the safety of its users, Tycoon utilises several self-developed algorithms to effectively prevent market manipulation. All users must also complete KYC (Know Your Customer) Verification to use the platform.
Maybe you’ve been considering crypto trading for some time and would like to try it through the eyes of more experienced traders. Tycoon can make starting trading that little bit easier, and maybe its traders will instil a confidence in crypto trading you didn’t know you had.
Post source: If You’re New to Crypto, Start With Copy Trading