So I deposited $10,000 on Bing X exchange for this challenge and hopefully I don’t lose it all. The reason why I used Bing X exchange and not Buybit or Binance for copy trading is because they do not require KYC, in other words, identity verification. But there’s a catch to it—you can only bypass KYC if you use the link below in the description; otherwise, you will be asked to verify your identity.
Understanding Copy Trading
For those who don’t know what copy trading is, in simple terms, you automatically copy trades of your selected traders. So whenever they make a trade, the system automatically opens the same trade for you, and whenever the trader closes the trade, the trade is being closed for you as well. So all you literally need to do is to deposit money and select which trader you want to follow. I know it sounds easy on paper, but the reality is different because there are so many traders available to copy trade.
Choosing the Right Trader
So how do I know which one to trust? Because at the end of the day, they will be responsible whether I lose or gain money. To increase my success rate, I made some rules that the trader I want to copy has to follow. I know that in trading, risk management is the ultimate weapon every good trader has to be equipped with. If I see that a trader risks more than they can potentially make, it tells me it’s just a matter of time until they lose all their capital. So risk to reward should be at least one to one, which is the worst case, meaning if they risk losing $100, their gain should be $100 on the winning trades.
Day Trader vs. Swing Trader vs. Scalp Trader
The second rule, and the most important one, which I think most people ignore, is the trader must be a day trader and not a swing trader or scalp trader. Because if they do swing trading, they might hold positions for a week or even more, which wouldn’t work well for this challenge. And lastly, if they are scalp trading, meaning they do many trades in a very short period of time and try to capitalize on small price changes, then it’s the worst trader for copy trading. Just because of the slower execution of your copy trades and sudden price changes, you will never get into the position and exit the position at the same price as the trader. So even if the trader is in profit, it does not mean you will be. I want to prevent that when I do copy trading.
Evaluating Traders on Bing X Exchange
Okay, so we jump in on Bing X exchange. We go to copy trading and see who we want to follow. If we look at the trending traders and let’s say we pick the first one, let’s see at the stats. In the last 30 days, he made more than $10,000, and his account assets, basically capital, is sitting at $11,000, which is not bad. Now let’s look at his win ratio, which is very, very high—97%. If we look at the P&L ratio, meaning risk-reward ratio, it’s 1 to 3.4, which is very bad. So basically, when he has a winning trade, he on average makes $6; when he has a losing trade, he loses $20. So obviously, that’s not someone I want to follow.
Selecting the Best Trader
Let’s look at this one. In the last 30 days, he made over $4,000, and his win ratio is 68%, which is not bad if they have good risk management. Let’s see, average profit is almost $70, and average loss is $23, which is very nice. If we look at the risk-reward ratio, it’s almost 3 to 1, which is very, very nice. Let’s see if he has any current positions open—has five positions. Trade history, all winning trades. Guys, I think I’m going to follow this trader. I’m going to follow with the entire $10,000 capital that I have deposited, and let’s see if he opens or closes any trades overnight until tomorrow.
Day 1: Initial Trades and Profits
Okay, it’s the first day of day trading. It’s been about 14 hours since I started following the trader of my choice. It’s time to check if any trades have been opened and if I’m rich yet or if I’ll need to take a loan to make it all back in one trade. Okay, let’s see how we did. So the trader opened two trades and closed them in profit. So ethereum long has been closed in $66 profit, and Solana made me almost $160 in profit. So in total, I am $216 up in less than 24 hours, which is awesome.
Adjusting Trading Strategy
But I have a confession to make.
I have closed those two trades manually because I noticed that the trader has $5,000 in trading balance, so that’s the amount he trades with, and I have double that in my account.
So the position sizes are the same as I would have $5,000, which means I’m missing out on potential gains.
So I closed those two trades in profit so I could cancel my subscription and follow this trader with the same amount as his trading balance, which is $5,000.
Because I have another $5,000 left in my copy trading balance, I will follow another trader.
After 1 hour, 47 minutes, and 25 seconds of research, I found this guy.
The win ratio of this trader is super high, which might be a good thing, or there is something shady going on.
Risk to reward ratio, not to my liking, but I let it pass because of the success rate being high.
So now let’s see how much money I will make or lose tomorrow.
Day 2: Continued Profits
| Date | Description | Details |
|---|---|---|
| Day Two | Status Check | Okay, I’m back to my station, and it’s day two of the copy trading challenge, and it’s time to see if I’m still in profit. |
| Screenshots | Trades | So I’m going to share all the screenshots of the trades that have been taken by the traders. |
| First Trader | No New Trades | As we can see, the first trader that I followed hasn’t made any new trades because he still has the previous trades running, which, if you remember, I closed manually so I could refollow him with the same amount as his trading balance. |
| New Trader | Six New Trades | As for the new trader, he made six new trades, which fortunately all been profitable, and he finished the day with $190 profit for me. |
| Total Profit | Summary | So far, I’m $388 in profit—$190 from the new trader and $216 from the first trader. |
| Experience | Reflection | And honestly, so far, I’m enjoying the challenge, and if the traders keep up their results, maybe I’ll make enough to pay for my monthly rent. |
| Expectation | Trading Reality | And I know that trading is not linear, so I’m expecting losing days as well. |
Day 3: Facing Challenges
Okay, guys, it’s day three, and I have some bad news. No new trades have been closed. We have three trades that were opened and still running—two trades from our second trader are running in negative so far, but they haven’t been closed yet, so it’s still an unrealized loss. And I have one trade opened from the first trader, which is in a very small profit so far. Again, I’m going to share the screenshot so you can see. We shall see if these trades get closed today; if they do, I will update you. If not, we’re going to carry on to tomorrow.
Day 4: Small Gains
Good day, and it’s day four of the challenge. Let’s see if I still have any money left in my account. One of the trades running from our second trader that we followed was closed today in an outstanding $10 profit. I know it’s life-changing gains, but hey, better green days than red ones, right? As for the second trade, it’s still open and running. We don’t have any unrealized gains or losses. And let’s see what the first trader that I’ve been following from day one has for us today. As I can see, our first trader closed one trade—$79 in profit, which is awesome. Overall, today was a green day, and total profit on this challenge so far, and it’s day four, is $477 in profit, which is not bad considering I didn’t do anything except record this video. But again, I’m still expecting to have some red days because we cannot have every day a green day and keep making profits, right? Because like I said before, trading is not linear, so I’m expecting red days; maybe it will be tomorrow, who knows. So let’s see tomorrow.
Day 5: Consistent Progress
It’s day five of this challenge. Including today, we have three more trading days to go, and I’m very keen to check how much money has been made today or maybe lost because, as a rule, I don’t check any trades until I come here and make a video. So let me pull up my phone and see. As I can see, the second trader that had the trade opened for 2 days finally closed the trade, but the trade was closed in $47. As for the first trader, he made one trade, which was $51 in profit, which is awesome, and that puts me $4 profit on the day and $481 in profit in total on this challenge so far. And honestly, I’m very proud of the traders that I follow because I haven’t seen anything stupid being done so far, such as holding trades for too long or maybe risking too much on the trade. So I can leave my positions open and leave everything to the traders because I know they’ve