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Common Mistakes and How to Avoid Them

Introduction​

Mirrorly lets both beginners and professional traders copy the strategies of other traders using their own sizing and logic. While copytrading may appear easy and automatic, there are common pitfalls that can hurt your results. Consistently copying profitable traders over time is the primary key to success. This article covers the most common mistakes new copy traders make and how to avoid them.

Copying with Small Sizes​

Copying at a very low percentage (e.g., 1–2%) can create orders below the exchange minimum (often ~$10 on Bybit/Bitget).

Mirrorly now handles this automatically with small orders aggregation — instead of rejecting the order outright, Mirrorly will aggregate smaller orders until they meet the exchange minimum. This applies to open, increase, and decrease actions.

While the order is building up, you’ll see a Pending Open or Pending Increase notification in Telegram. Once the accumulated size reaches the exchange minimum (~$10), the order will execute.

Example:

Trader opens $200 position

You copy at 2% → $4 (below exchange minimum)

Mirrorly holds the order as Pending Open

Trader increases to $500

Your accumulated size = $10 → Mirrorly executes the order

tip

Even though small orders are now aggregated, copying at very low ratios still means delayed entries and less precise replication. If you find yourself needing a very low ratio just to fit your balance, that’s a signal to either increase your equity a bit, or pick a trader whose sizing better matches your account. Check their Median Open and Max Size to compare. Not all traders are a fit for all portfolios — and that’s okay.

Not Analyzing Traders' Data and Emotional Decision Making​

A lack of proper analysis of the traders you're copying can lead to two common mistakes. First, panic pausing after a losing streak: Mirrorly copy traders may become anxious when the trader they follow experiences a series of losses, and as a knee-jerk reaction, they may pause copying or even stop entirely. This fear-driven decision can lead to missing out on potential recoveries when the trader's strategy starts performing well again.

Second, FOMO (Fear of Missing Out) and re-enabling after a winning streak: On the flip side, Mirrorly copy traders might impulsively re-enable copying after seeing the trader perform well for a few trades. However, this could mean getting back on board at the peak of their performance, leaving you exposed to potential losses as their strategy may cool down.

To avoid these mistakes, Mirrorly users should take the time to analyze a trader's historical performance, risk management practices, and overall strategy before copying them. Also, set predefined criteria for when to pause or resume copying, based on thorough analysis rather than emotions.

tip

Users should take the time to analyze a trader's historical performance, risk management practices, and overall strategy before copying them. set predefined criteria for when to pause or resume copying

Changing Size after Winning Run and Then Hitting a Big Loss​

One of the most critical mistakes Mirrorly copy traders make is altering their position size drastically after a successful run of trades. Riding a winning streak can lead to overconfidence, and copy traders may increase their position size without fully considering the potential consequences, causing them to deviate from the trader they are copying. Unfortunately, markets are unpredictable, and even the most successful traders experience losses. If the market turns against them, the larger position can result in significant losses, which can be more substantial for the copy trader than the original trader. To avoid this mistake, Mirrorly users should maintain discipline and adhere to a consistent position sizing strategy regardless of short-term performance.

Copytrading with Very Low Equity​

Mirrorly is free to use — even with small balances — but realistically, copytrading below ~$1,000 requires extra caution.

Why?​

  • Small ratios will result in delayed entries — orders are aggregated as Pending until they reach the exchange minimum (~$10)
  • Larger ratios may exceed your margin or liquidation thresholds
  • You can easily overleverage if multiple traders open at once

At low balances, you must:​

Mirrorly lets you size to the dollar — but you still need room to breathe.

Getting Limited in Size and Missing Out on a Big Trade​

Mirrorly requires users to set account restrictions. While these restrictions are intended to protect inexperienced traders from significant losses, they may inadvertently lead to account limitations if the position sizing ratio is set incorrectly. When a trader's account becomes limited, it restricts the ability to proportionately copy the positions of the followed trader. This limitation can result in missed profit opportunities, even when the copied trader performs well. To avoid such issues, it is essential for Mirrorly users to carefully consider their account balance, maximum account limit, and the size of the trader they are following, ensuring a suitable and balanced position distribution

Sizing Too Big and Not Being Able to Stomach Drawdowns​

On the opposite end, some Mirrorly copy traders may decide to copy traders with large position sizes, hoping for significant profits. However, this approach can backfire if you lack the risk tolerance to stomach the drawdowns that may occur. If you find yourself panicking during periods of drawdown, you might be tempted to manually interfere and exit positions prematurely, potentially turning profitable trades into losses.

To avoid this mistake, ensure that you're comfortable with the level of risk associated with the trader you're copying on Mirrorly. Choose traders whose risk profile aligns with your own, and resist the temptation to oversize your positions beyond what you can handle emotionally.

Mirrorly provides historical data regarding a trader's discrete trades run-up and drawdown, so you're able to consider whether you can stomach the trading style of the trader you're considering.