THIS FREE STRATEGY COULD MAKE YOU MORE FORTUNE TRADING CRYPTOS even in a bear market.
Still confused on what to buy, when to buy, and set market parameters like risk and reward point? This is for you.
One of the major challenges of crypto trading is knowing when and what to buy, and knowing when to sell. Most traders go in a circle or regret as the market narrative is constantly changing.
As easy as it sounds when they say buy low and sell high, one could lose a fortune figuring that out or one might need to spend a fortune to get into channels often referred to as signal groups.
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One major question traders ask is how to make money in a bear market. Many of these traders have much experience trading and could be a big bet to follow and copy their trades with risk management.
What is the way out?
What if you could copy strategies, plans, and trades of professionals easily and automatically on exchanges without the need to subscribe to a further signal group? In this article, I’ll be explaining Covesting, a strategy in crypto trading that allows you to copy trades of professional and intermediate traders and other traders on the exchanges.
Covesting is not quite on major trading platforms, so you’re welcome to learn!.
These traders allow you to copy their trades and are rewarded when you win. Win-win right? Of course.
The traders allow people to subscribe to their trades on the exchanges by clicking on subscribe or copy trade as the case may be on the exchange. Don’t worry, I’ll be giving you scenarios to understand what happens when their trades go bad and how you can manage your risks.
One of the favorite questions people ask about covesting is how secure it is, such that traders cannot disappear with their assets.
Covesting doesn’t transfer your assets to the trader’s account, rather it’s is an account management system that leaves your assets entirely in your control and you can always unsubscribe from the trader when trades or market turns sour.
Before subscribing to a trader, you are shown details about their trader including the kinds of trades they take and pairs, their trading volume as well as their profit/loss as a trader. Through this, you can always filter if a trader is good enough before subscribing to copy their trades.
The profile of each trader contains their trades history as well as the percentage of profit they take when the trades go right, oftentimes ranging from 1–20% percent. One more piece of data to always pay attention to is the number of other traders who subscribed to copy their trades as well.
After finding the desired trader, there is a copy button you can click to subscribe to their trades and wait for approval to be sure you are in. While a couple of traders have the minimum amount they expect in your account, some don’t.
How it works.
Q is a trader on BingX that allows people to copy his trade and takes 8% of the profit each time. He has about 50 subscribers copying his trades and a win ratio of 80%.
R is a BingX user who signed up using my link and has completed his account set up, he funds his account using fiat option or crypto deposit, navigating to the community, and then copy trades.
He check the different profiles and finally picked trader Q. During subscription, trader R decides to use 100$ out of the 1000$ in his account as he can always set the amount he is willing to risk on the trades.
The trade goes right and trade R makes money copy the trade. He takes profit at 100% and trader Q gets 8% as commission. While the trade is going on, trader R can always set a stop loss and TP by himself just in case he is not willing to lose as much as trader Q stop loss.
After subscribing to the trades, in the process trader R sets he is only willing to lose 10% of the 100$. The trade plan by trader Q goes wrong and did -18%. At -10% trader R position will automatically be exited.
All assets even during the trading period remain in trader R’s account leaving no risk of trader Q disappearing with the assets.
How Do you take advantage of this opportunity?
Nothing in this article is financial advice, so always ensure you do your research. I am just sharing an opportunity I have discovered for myself.
Not so many exchanges support covesting yet, but BingX and a couple of others do and I have personally used BingX.
BingX is an exchange that allows you to trade Cryptocurrencies, indices, commodities, forex, and allows Covesting.
The first is to signup and create an account with this link. Just like other exchanges, BingX allows you to trade spot and perpetual by yourself without covesting with a clean and easy interface. Signup here. https://bingx.com/invite/WCEOH2
After signing up, you can set your security features like authenticator to make your account more secure. You can then proceed to fund your account using supported cryptocurrencies or direct deposit using fiat purchase in supported countries and regions.
To start covesting, navigate to the Community tab and click on Covesting, then look through the profiles and select desired traders after checking out the profile.
Click copy, input the amount you are willing to use and risk/reward parameters and you’re good to go!