Adding a third-party trader to the CopyTrader project
The CopyTrader project offers a new feature for adding a third-party trader, which allows users to copy the strategies of experienced traders through the API.
In this article, we will take a detailed look at the process of connecting a third-party trader through the system interface.
Step 1: Create a Third-party Trader
Opening the User panel:
To start, click the "Create" button in the users section and select the "Trader" option.
Adding API Keys:
In the window that appears, select the option "Add a third-party trader".
You will be asked to enter API keys, which you must first create on the exchange (BitGet exchange is currently supported).
API keys must have permission only for copy trading. No other permissions are required, and it is not necessary to have funds in an exchange account.
Creating an API key on BitGet:
When creating a key on BitGet, make sure that the copy trading permission is enabled in the key settings.
Go through the KYC procedure on the exchange to be able to create an API key.
After creating the key, enter it into the CopyTrader system and click "Verify keys". If everything is correct, you will see a confirmation that copy trading is available.
Step 2: Choosing a Trader
Viewing the rating of traders:
After successfully entering the API keys, the system will open a trader rating on the BitGet exchange, where you can choose one of 2500 traders.
It is recommended to choose a trader with a long stable history and positive dynamics by looking at the top 20 traders with the maximum trading history (up to six months).
Copying a link to a trader:
Find a trader whose statistics suit you and copy the link to him.
Enter the link into the CopyTrader system and set the date from which you want to start uploading its statistics.
Step 3: Download statistics and select the starting balance
Analysis of the starting balance:
If the trader does not show his balance, you can independently determine his starting balance based on his profitability.
Example: if a trader earned $3,000 and his profit was 30%, this means that the initial deposit was about $ 10,000. Enter this estimated initial deposit into the system.
Saving a Trader:
After entering the initial deposit, click "Save" and the system will start downloading statistics for the last three months.
Step 4: Work with traders who have hidden the balance
Adding a trader with a closed balance:
Some traders hide their real deposit. In this case, the system will offer to set a fixed deposit manually.
Estimate the traders profit for the month and based on this, set a fixed deposit (for example, $ 10,000 if the trader earned $ 3,000, which is 30%).
Using a fixed deposit:
The system will use a fixed deposit to calculate the proportion when copying transactions to user accounts. This is important for the accurate distribution of positions between the trader and the users.
Step 5: Notification of loading statistics
Receiving a notification:
After successfully downloading the traders statistics, the system will send a notification to the administrators Telegram channel. This is a signal that the trader has been added to the system and now his statistics are available for viewing and analysis.
Updating the rating of traders:
The traders statistics are updated in the system every hour, and after updating it, the trader will be available for copying by users.
Step 6: Connecting Users
Connecting to a trader:
After successful loading of statistics, the trader will appear in the overall rating of the system, and users will be able to subscribe to him and copy his trades.
The proportionality of copying will be calculated based on the balance of the trader and the balance of users, which ensures a fair distribution of positions.
Conclusion
The function of adding a third-party trader to CopyTrader opens up new opportunities for users who want to copy successful strategies of professionals. It is important to carefully analyze traders before making a choice, set the correct starting balance and monitor statistics updates in order to make informed decisions.
