Cryptocurrency is spreading like wildfire, now common among everyday Main Street investors to high wealth Wall Street institutions.
Because it is so simple to get involved, many investors who don’t fall into the latter category can struggle to become profitable due to how challenging markets can be. Combined with the notorious volatility in cryptocurrencies like Bitcoin, Ethereum, and more, it is a recipe for disaster for so-called retail traders and investors.
Unless you’re a fund manager, technical analyst, or otherwise, getting involved in cryptocurrencies isn’t always the easy money those who got in early make it seem to be. That’s why newcomers might want to consider copy trading as an alternative to crypto investing.
The Trap New Crypto Investors All Fall Into
The average crypto investor journey goes as follows. They first learn about Bitcoin in the news. Or even more likely they’ve heard about it for years, became interested, and never quite took the plunge. Eventually they gained the courage and learned how to buy some BTC.
From there, things start to go awry. Bitcoin investors end up moving BTC into altcoins, because of the crypto industry echo chamber claiming every coin will go “to the moon”. According to them, each coin that’s already risen 5,000% is still somehow “undervalued.”
When the market eventually turns bearish, altcoins get decimated and had the investor just stuck to Bitcoin all along, they’d likely be better off. About the same time, investors begin to recognize that trading is the key to the most profits in crypto.
Experiencing even one crash as a HODLer should be plenty to see the value in selling high and re-buying lower. Trading with derivatives using margin or long and short positions is another way to vastly increase profitability. From there, there are two paths forward: you either make it or you don’t.
Most traders lose money when they first begin experimenting with markets, and unless they can control emotions, learn risk management, chart patterns, and more, losses can stack up quickly and lead to calling it quits.
Those that do make it, become regularly profitable but it can take years to get right. For both sides of the trade, those ready to give up, and those that have it down to a science, Covesting copy trading is the perfect alternative to standard crypto investor or trading.
How Covesting Copy Trading Can Save Crypto Traders Time And Money
Covesting is a copy trading module with crypto trading – along with CFDs on stock indices, commodities, forex, and more – at the center of the peer to peer community. Traders are connected with one another as either followers or strategy managers.
Strategy managers who can show regular success through the Covesting global leaderboards can attract followers who can copy their trades. Followers make money by profiting from winning trades, while strategy managers boost their profits by earning a cut of the profit share of follower equity.
Rather than having to potentially lose a fortune learning the ropes, or spending years honing skills, followers can fast track to profitability by picking the right strategies to follow. Diversifying across several strategies is similar to spreading capital across altcoins – without the risk of 90% drawdowns or getting stuck endlessly bagholding.
For the crypto enthusiast who wants to use crypto and not just invest or trade, Covesting also relies on the COV utility token to power the ecosystem. By staking COV tokens or locking them up temporarily, users can unlock three enhanced account memberships above the traditional standard account.
Each account type requires more COV to unlock the increasingly better benefits and account utilities – which can completely remove the limit on followers, lower trading fees, and much more.
Strategy managers can also ditch typical crypto investing or trading once and for all and reap all the benefits the Covesting copy trading module provides, especially when combined with the COV utility token.
Where To Find Covesting Copy Trading
Covesting is home exclusively on PrimeXBT, an award-winning margin trading platform offering long and short positions on more than 50 trading instruments under one roof. Consider Covesting as an alternative way to invest in cryptocurrency. To learn more, visit Covesting on PrimeXBT.
via: Information Nigeria