Markets are difficult and it is widely known that many investors – and even more so traders – lose money when they first get started. Data shows that as much as 90% of traders lose as much as 90% of their money when they begin.
From there, two types of people are made: people who are better off throwing in the towel, and people with the grit and determination to succeed. Skills can and will be developed by the latter, while the former will, unfortunately, miss out on the opportunity financial markets can provide.
However, copy trading is a unique solution that allows both types of people to connect with one another and make profits together. Here’s how, and why copy trading matters to both types of traders – those with skills and those without.
Copy Trading For The Unsuccessful Investor Or Newcomer
As data suggests, newcomers are more apt to lose than win, at least at first. There is a method, however, to begin making money without as much risk related to being a novice, and it is called copy trading.
Copy-trading lets users of a peer-to-peer trading module called Covesting follow strategy managers who regularly show profitable trading strategies. By copying their trades, newcomers to markets can directly bypass the early days of learning the ropes when losses are at their potential to be their greatest.
It’s also ideal for investors who are licking fresh wounds, having recently considered calling it quits or after losing a substantial amount of capital. By following a strategy manager with top-ranked profits on the Covesting leaderboard, followers get instant access to trading strategies that are proven via transparent total profit metrics.
Copy Trading For Skilled Professional Traders Or Fund Managers
Those on the other side of the trade who actually know what they’re doing and have grown capital to show for their efforts also can find incredible value in copy trading.
By becoming the strategy manager that everyone chooses to follow, those with proven effective strategies and skills can build their income stream even further. Strategy managers earn a portion from the success fees of each follower, encouraging each strategy to grow its following immensely.
Trading with their own capital and with follower capital means bigger position sizing and more profits from the strategy manager and their followers. Top strategy managers have turned six figures into millions, while simultaneously earning a small fortune for their followers.
Followers And Strategy Managers Benefit From COV Token Staking
The Covesting copy trading module is a peer-to-peer experience on the award-winning trading platform PrimeXBT. The Covesting ecosystem is home there as part of a B2B partnership between the two companies. Covesting includes the COV utility token within all software experiences they create, and the copy trading module is no different.
By staking COV tokens on PrimeXBT, Covesting users will unlock a variety of new utilities through three membership levels in addition to the standard level. Each also removed entry fees for new followings.
Advanced
At $3,000 worth of COV, a 10% trading fee discount is offered to strategy managers, while a 2% profit share increase is unlocked for followers. The max follower limit is also doubled.
Premium
At $10,000 in COV tokens locked up, the trading fee discount becomes 20% and the profit share 3%. Max followers are tripled.
Elite
At $50,000 in COV the ultimate suite of utilities is unlocked, with a massive 30% trading fee discount, a 5% profit share, and unlimited followers.
In the future, COV token staking will also unlock an up to 2x APY boost when Covesting Yield Accounts debut in Q3 2021.
Learn More About The Covesting Copy Trading Community
The Covesting community is filled with profitable strategies for followers to consider and using the data available on the fully transparent Covesting leaderboards, anyone can copy trade a winning position on PrimeXBT. There’s also an official telegram channel for users to visit and learn more about the strategy managers themselves.
Covesting is available exclusively at PrimeXBT, an all-in-one trading platform offering long and short positions on CFDs across forex, crypto, stock indices, commodities, and more. Registration is free and it is easy to get started with the Covesting copy trading module.