Home Cryptocurrency News Newly Announced Covesting Feature Helps Traders Book More Profits

Newly Announced Covesting Feature Helps Traders Book More Profits

Covesting, the European DLT developer known for their B2B software solutions and partnership with PrimeXBT, has announced a brand new feature within the Covesting copy trading module that helps traders – and more specifically followers – keep more of their unrealized profits.

Here’s the full scoop on what the new take profit feature entails and how both followers and even strategy managers can benefit, and the ecosystem will thrive.

Profits Only Matter When Realized

The best traders know that no amount of winning positions matters if the profits are never booked. Greed is a complex emotion to control. When unrealized profits begin to climb, new traders not used to the signs of exuberance can often watch gains disappear or even turn into losses when the market reverses sharply or unexpectedly. Many learned a hard lesson recently about this exact situation across crypto.

Moving stop losses is one-way traders protect winning positions, but many professional trading platforms also allow for taking profit orders to be added to positions that close in profit when a specific target is reached.

The concept is similar to the new Covesting Take Profit feature, except it allows followers to book profits from a successful strategy before they’re lost – and more importantly, without having to stop following the strategy.

How Covesting Creates Winners

Covesting is a peer-to-peer copy trading community where followers can sift through a massive list of strategy managers searching for gold. Rather than needing to know markets, maintain emotional control, and manage positions or perform technical analysis, followers can copy the trades of strategy managers.

Followers know which strategies are best suited for their personal risk appetite or profit goals by reviewing the module’s fully transparent success and risk metrics. Stats are updated regularly, and strategies are ranked by total profit. There’s also a five-star system to sort out the safest and highest quality traders.

The Covesting software imposes certain limits and parameters to how much initial follower’s equity one strategy manager can trade with for risk purposes and to encourage diversification across other strategies. This means when a strategy fills up entirely with capital, that’s it until either the strategy manager increases that limit or a follower stops following and frees up space.

Why The Take Profit Feature Is Valuable

Taking profit previously meant stopping following a strategy, which also could lead to losing the slot with that strategy manager. Rather than choosing between current profits or future profits, the new Take Profit feature allows for both.

The Take Profit feature activates once a strategy has 5% or more in unrealized PnL. Triggering the Take Profit feature books those profits stops the following, adds the earnings to the account wallet, then instantly restarts the following to ensure the space with that strategy isn’t lost.

Beyond the apparent benefits of booking more profits more consistently, it also means fewer profits are lost due to dwindling unrealized PnL during drawdowns or the market going in the opposite direction of strategy manager positions.

Take Profits To The Next Level With COV Staking

Booking more profits more often benefits the strategy manager also. When profits are booked, commissions and fees are taken and awarded to the strategy manager based on the current offer or any account level utilities activated by COV token staking.

Because the strategy manager will receive their success fees faster, they can grow their capital size or use profits to activate COV token staking features.

COV token staking, for example, can increase the profit share for followers and reduce trading fees for strategy managers. The Take Profit feature does cause the follower to incur another 1% new following fee. However, that fee can be eliminated with any level of COV token staking memberships.

The Take Profit feature is already live on the Covesting copy trading module at PrimeXBT. It is the latest example of how the Covesting team aims to bolster the profitability of users and ensure the safest possible trading environment across the ecosystem.

David Pender
David is a journalist interested in writing news-stories regarding forex. He has been in forex industry since 2014. he recently, joined our team as a news writer. He studied mass communication and has 7+ years of experience. He is an avid trader. He can be reached by email: david@forexnews.world.

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