i realized I've been using "copy trading" to describe three completely different things
i used to see a huge win rate or a really clean PnL curve and immediately think "why not just copy it?"
but the more I looked into it, the less useful the phrase "copy trading" actually feels.
copying an entire strategy feels pretty different because not I'm trusting what happens when the market changes, whether the rules stay consistent, how bad the drawdowns actually get, etc.
and a vault is another layer again. now I care a lot more about sizing, leverage, concentration and how easy it actually is to get out.
I ended up thing about this while bouncing between Hyperliquid vaults, exchange copy-trading pages and Alphio. they all kind of get lumped under "copy trading," but the amount of control you're handling over is pretty different.
so now when I see some ridiculous historical return my first question isn't really "can I copy this?"
it's more like.. what exactly am I copying, and how does this thing fail?
for people who actually use this stuff, what do you check first? max drawdown, leverage, execution, or the actual trade history?