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How to choose the right trader for copy trading

Copy trading is a functionality designed to help novice traders start earning on crypto trading. To start using this functionality, you need to choose a Pro trader and subscribe to them. After that, the orders of the trader will be copied proportionally to your account. Proportionally means that all the orders will be placed in a volume calculated in proportion to the trader’s balance and the deposit limit that you’ve set. 

To choose the right trader to copy, please check their statistics and performance at Bidsbee. Make sure their strategy is suitable for you. Only then, subscribe to the trader.

Here are some points to pay attention to when picking a trader to copy.

  1. The number of followers: The more users are subscribed to the trader, the higher the probability of earnings. 

  2. ROI (Return on Investment): It shows the efficiency of the trader’s activities.

  3. PnL: the trader’s profits and losses.

  4. Subscription fee: You can subscribe to Bidsbee in-house traders for free and to other Pro traders - for a monthly fee that is set by each trader. 

You can click on the trader’s card for more data about his trading activities. Along with ROI and PnL for the last week, you can check:

  1. Risk level
  2. Runtime
  3. AUM (assets under management)
  4. Trading platforms 

Further, you can also check such parameters as:

  1. Accuracy of trading for the last week (7D accuracy): This value shows the ratio between money-making and money-losing orders. It shows the level of success of trading and the accuracy level of the strategy selected by the trader. If the accuracy level is below 50%, it means that the trader loses more money than they earn at the moment. However, it doesn’t mean that the trader is bad. With one successful order, they can cover all the losses. So, if you like other indicators, we recommend waiting to see the trader’s performance further and decide whether you still want to subscribe to this specific trader.
  2. Maximum drawdown: The maximum observed loss after a series of losing trades for a specific period.
  3. Sharpe ratio: Sharpe ratio is a measure of a trading strategy performance. It is calculated as a difference between the return of a trading portfolio and the risk-free return, divided by the standard deviation of the portfolio’s returns. The Sharpe ratio allows us to compare the return and its risk, and its main idea is that a trader shall be compensated for the additional risks he undertakes. In other words, if you compare two traders with the same profitability level, it is better to follow a trader whose Sharpe ratio is higher (it means that he risks less).
  4. Sortino ratio: Sortino ratio is a modification of the Sharpe ratio with the difference that the Sortino ratio uses only the standard deviation of the negative returns as its risk measure. A high Sortine ratio signals that a trading strategy of a selected trader is efficient.

Note, please, that you can view the open orders and open positions of a selected trader only after you have subscribed to the trader.

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