The Covesting copy trading module on PrimeXBT puts a variety of experienced traders under the same roof with followers who are looking to learn, copy, and profit from others who have a better skill set, more expertise, and higher chance for success.
Everyone’s needs, risk appetite, and profit goals are different and unique. Picking who to follow that is best suited for those specific traits requires some tinkering, which is all possible thanks to the filtering system within the Covesting leaderboards.
Here is a closer look at the various ways you can filter down to a top 5 list of traders based on a number of valuable factors.
Taking Advantages Of Covesting Module Leaderboard Filters
The Covesting copy trading module puts experienced traders dubbed strategy managers in the same arena with followers who can put capital behind each strategy and copy their trades. The synergistic formula creates alternative revenue streams for skilled traders who open strategy manager accounts while also allowing less-experienced traders to copy and learn from others.
New traders typically lose capital when they first begin. Covesting copy trading can eliminate this phase by putting money behind the right traders. At the center of the experience is the Covesting leaderboards, where all strategy managers are ranked by ROI and performance metrics are contained.
Followers can click on each individual strategy to learn more before following. There is also a favorite list where traders can essentially bookmark top strategies they want to keep an eye on. Furthermore, there is an advanced filtering system letting followers focus on specific needs or goals, such as a safer or more profitable strategy.
Covesting Traders Ranked By ROI (Default Setting)
By default, Covesting strategy managers are ranked by ROI. The image above is a recent snapshot of how competitive the Covesting leaderboards can get. The current top trader has more than 5,700% ROI even during the recent market downturn and volatility. This alone shows that there is natural talent in these leaderboards, able to navigate any type of market environment with finesse and skill.
The Covesting leaderboards lets followers look at margin allocation, win-to-loss ratios, how many days active, and much more. There are tools included to allow followers to look at certain time frames to gauge performance during specific conditions like a bear market. The data is made extremely clear, and the development teams are continually improving the visualization of charts.
Traders Ranked By Safety (Five-Star System)
By setting the Covesting leaderboard filter to rank traders by how many stars they’ve obtained, the system turns from an ROI ranking tool to one that puts more weight on safety. Slow and steady often wins the race in the end. Five-star traders might have less ROI to show but clearly have some excellent skills.
To earn five stars, certain feats must be achieved to show the strategy manager has chops. Specific margin allocation levels must be maintained, or certain trading turnover thresholds met, for example. These traders have to be much more often on the winning side of the trade, allowing nothing less than a win-to-loss ratio of 60/40. The five-star system also weeds out the traders who simply got lucky with a big gamble.
Who Has The Most Followers? (Most Popular Trader)
You can also tell a lot about a strategy manager by how popular they are. If a trader has a large following, there could be more going on. Large following traders are often influencers on social media, hedge fund managers, or other elite traders behind the screen names. Because these elite have a built-in audience, they continually can grow their follower counts beyond others.
The larger the following, the more lucrative it is for the strategy manager. The more profitable it is for a strategy manager, the more engaged they will be with their strategy, positions, and followers. It is a win-win situation for everyone involved. The most popular traders are also often the best, so consider filtering by the total number of followers to look for smart money types with big audiences and lots of capital.
Trader Rankings By Currency Type (Portfolio Diversification)
Followers are always encouraged to diversify their trading portfolios. Followers can do this by following several strategies using a variety of filters. Performance, popularity, or even star filters also include the ability to search for strategies denominated in different cryptocurrencies.
PrimeXBT offers margin accounts in BTC, ETH, USDT, USDC, and COV. The platform also lets you buy crypto if you don’t have it. Because the trading platform relies on these currency types for account margin, this is also what is used for strategy manager margin accounts. Different types of traders rely on different cryptocurrencies for unique reasons. For example, strategies denominated in USDT or USDC don’t have to deal with drawdown or volatility associated with the account collateral and might be something followers want to consider.
Take Your Pick Of Top Traders Today With PrimeXBT
The flexibility and depth of the Covesting copy trading filter system are where traders can extract all the value they can from the module. With strategy managers making as much as 90,000% in the past, finding the right trader early can be like finding a diamond in the rough.
Anyone can sign up and become a strategy manager. This all-inclusive system eliminates underperforming traders because the leaderboards and filters, when properly used, will leave them behind to focus on the winners. Followers have an extensive list of successful traders to choose from, so check out Covesting on PrimeXBT today to take your pick.
CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com