Covesting Copy Trading Tips And Tricks: A Detailed Guide To Simplified Profits

Everyone is looking for that “one simple trick,” be it the latest diet fad, trendiest life hack, or the fastest track to profits. Unfortunately, one simple trick still doesn’t exist. Thankfully, some of these things are being simplified over time due to the emergence of new technological innovations.


The Covesting copy trading module has made it so those who are looking for a simpler approach to gaining exposure to the market can access it. While there still isn’t just one trick to consider, the handful of tips in this detailed guide will bring you several steps closer to simplified profits in no time.

What Is Covesting Copy Trading?


The Covesting copy trading module is available to users of the award-winning PrimeXBT trading platform, which offers CFDs on stock indices and commodities, as well as synthetic trading contracts on forex, metals, and cryptocurrencies like Bitcoin, Ethereum, and more – all from a single account.


There are two distinct sides to this type of copy trading: strategy managers and followers. Strategy managers access the global markets and trading instruments listed above to go long or short their way to massive total profits. The higher the total profits go, the higher these strategy managers rank to give followers fast access to the best of the best.


Total profits have reached more than 100,000%, making millions of dollars for the followers that were lucky enough to lock in their capital behind the strategy managers by following them.


Followers don’t just pick positions blindly. Followers have the luxury of a wealth of information at their disposal at any given time. All they must do is monitor performance, which is always a far simpler process than having to perform technical analysis themselves, then manage positions actively which involves strategizing around support and resistance, spotting trends, and applying proper risk management.


Within those performance metrics, all made completely transparent within the global Covesting leaderboard system, the following tips are recommendations that anyone can do themselves, and are based on Covesting’s own internal five-star rating system which the developers have designed themselves to highlight the factors that are most critical to risk and success.


Make Sure They Have Skin In The Game


The first of Covesting’s five star rating system focuses on strategy managers that have at least 0.5 BTC in trading capital, or the equivalent of ETH, USDT, or USDC. This ensures that the strategy manager takes trading seriously themselves.


No respectable hedge fund manager would have less than six figures in capital. Covesting makes the costs a lot more accessible because it is crypto, however, higher amounts of capital are the hallmarks of a more seasoned or wealthier trader.


Keep That Trading Activity High


Strategy managers are humans also, so there is no need to ditch a strategy manager for taking a weekend off here or there, or even the occasional vacation or personal time. People get sick, or just need some space.


But the second star in the Covesting five star system looks specifically at traders that trade actively 30 of the last 60 day period, making certain that the strategy manager is serious and not as a side hobby.


Safe And Steady Stays Solvent


Ask the best traders in the world what the most important thing regarding their success has been, and all of them will tell you risk management. In the book Market Wizards by Jack Schwager, the author interviews Paul Tudor Jones, Peter Brandt, and others and they all agree.


The third star in the Covesting five star rating system is all about margin allocation. There is no reward without any risk at all, but this star requires that a trader stays within 40% margin allocation or below. It is worth noting that Covesting recently updated the margin allocation chart to make paying attention to these metrics that much easier. A color coded system was added where the safest strategy managers stay in the green. The red zone means serious risk was involved, while yellow says it is time for caution.


You Win Some, You Lose Less


We’ve all heard the statement, you win some, you lose some. That much is true, but to be a successful trader you have to win more than you lose. Covesting has found the ideal ratio to be 70/30 to show real stardom, earning the fourth star as part of the five star rating system.


By keeping this win rate high, there is less chance a follower has found a strategy manager on a lucky streak, especially when combined with other stars.


Size Matters


This is a hard fact to swallow, but it is the truth no matter what you’re talking about. The fifth and final star, which is certainly not least of all, is all about how much trading turnover a strategy manager has.


It isn’t just frequency, but the size of the trades that will make the difference here. By having more than 50 BTC in trading turnover in less than 30 days, you can sleep at night knowing that the strategy manager is going to be producing more profits overall as a result.



One Simple Trick: Unlock More Profits With The COV Token


We lied about there not being “one simple trick” for more profits. With the COV utility token, simply staking tokens benefits for strategy managers and followers alike that adds more profits to both of their bottom lines. And it is as easy as a few clicks.


Staking COV utility tokens can enable Advanced, Premium, and Elite account memberships, which unlock trading fee discounts for strategy managers, along with profit share increases, increase following limits, and more for followers.


Staking COV tokens also enables up to a 2x APY boost within the Covesting yield account system, recently launched on PrimeXBT. The tool connects to top DeFi protocols to provide an APY on idle crypto assets, and is just the latest addition to the ever expanding Covesting ecosystem and the constant innovation at PrimeXBT.

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