Following experienced traders does not mean you have become an expert just by looking at their information, as they often keep part of their strategies to themselves. Therefore, do not be deceived by the excessive enthusiasm for information that may be used to offload their profits at your expense! Always be cautious, do your own research, and do not get carried away by motivational words or greed.
At the same time, following professional traders is a common approach in the cryptocurrency market, where beginners seek to benefit from their analyses and experiences to make more informed investment decisions. For example, when trading currency pairs.
For example, when trading currency pairs like BTC/USDT or ETH/USDT, you may notice that some professional traders open buy or sell positions at very precise timings. But without knowing their real reasons or complete strategy, blindly mimicking them could lead to losses. Their entries may be based on complex technical analysis or undisclosed information.
Therefore, it is better to use their movements as a reference, not as a verbatim execution plan. Combine their analysis with your own, study technical indicators and support and resistance areas, to make your investment decision with confidence and awareness.
In the end, be the smart trader, not just a follower!