Some people have become rich with bitcoin and some have become rich with some other coin. And I have seen the sheeps or followers who tried to copy their methods assuming same that they doing the copy of same approach would work for them.
In reality I have realized that copying the strategy or the portfolio does not work. Because here we are timing the market and the approach for the same can be pretty bad. Because here we are assuming the time and variables would be the same like it worked for some other person. This is the reason most of the people fail trying to copy others.
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Why You Should Not Copy Others
When you are looking at the portfolio of others, you have some of the limitations there. You are in the position of the observer. And everything you see is by observing the variables which you think are ideal only for that person.
You try to copy the method they used to invest but you don't have idea how they acquired the money and what unfair advantage they had while entering and exiting the market. So you make assumption and jump into the market for investment.
You try to copy the successful and time the market. This is where you make another mistake. And you end up in the wrong set of the choices when you make investment. As your amount of assumptions and the set of choices based on those assumptions would be pointing to wrong set of variables and in turn similar outcomes.
When you try to copy others you don't understand your entry and exit not being on the same time and variables like the people before you being successful. That is one thing you have to learn from the experience and practice.
Conclusion
Market be it stocks, forex or the cryptocurrency. All of them work differently and you have to learn how you enter and exit on your terms while understanding the market. That's why you should not copy others.
Do you think portfolio copying is a good choice?