The Pros and Cons of Social Trading: Is It a Good Idea for New Investors?
Connor Blenkinsop's original article for cointelegraph.com reduced by 77%
The pros of social tradingCrypto trading is a challenging beast. Social trading is being regarded as a potential antidote to this. Followers who pay close attention to these market moves, analyzing each trade and why it has taken place, have the potential to become better traders themselves in the future.
It can be an invaluable tool for gaining confidence, and a front-row seat for finding out what works in crypto trading - and what doesn't. Some inexperienced crypto enthusiasts are simply overconfident when they get involved with social trading - and they believe that strong levels of past performance serve as a guarantee of future returns. Following a strategist means that any trading moves they make will be automatically mirrored in the user's own account.
Don't forget: Although social trading features can be appealing, it is crucial to continue monitoring the markets and the strategies being used.
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CN [too long; didn’t read]
Summarised crypto news.