A trader by the strategy name of ChamelX on the Covesting copy trading module is the talk of the trading world this month, having reached a headline-making 100,000% in total profits. Most importantly, the trader had proof behind the incredible feat because all performance statistics are always on display in the fully transparent Covesting leaderboards.
However, ChamelX has now mysteriously vanished from the Covesting leaderboards, likely having cashed out their substantial profit along with their strategy, and is currently living in the lap of luxury.
This leaves a severe hole needing to be filled and is basically an open invitation for all of the best traders across the globe to look to Covesting as a way to build their reputation and make headlines, much like ChamelX did. It also means that followers have to be on the lookout for the next Covesting all-star.
As such, we’ve put together this guide on how to use Covesting’s fully transparent performance metrics to pick winners and build a strong portfolio diverse with several successful strategies.
Table of contents
The Legacy Of ChamelX And The $3 Million In Follower Profit
The Covesting leaderboards offer completely transparent risk and success metrics on any strategy manager, essentially letting followers monitor just about every little move. Followers can see even granular details, like how much margin a strategy manager allocated to positions at any given time.
That was part of what was special about ChamelX. Not only did this strategy manager make 100,000% in total profits and have proof of the ROI in the data, but they also had four out of five stars, a hallmark of safe trading. The five-star rating system was designed to allow followers to find more practical and strategic traders who aren’t taking as large of risks.
ChamelX was strategic the entire time, keeping its success rate high and profits higher. That strategic mindset is likely why the strategy manager is no longer ranked number one – not because they were beaten, but because they closed out their strategy in profit, making themselves and their followers life-changing wealth. And that’s genuinely what it is all about in the end.
How To Find The Next Legendary Strategy Manager
With ChamelX now gone, it is time for another legendary trader to rise up the ranks of the platform and make life-changing money for them and others. Because ChamelX set the bar so high and helped the word spread of the value of Covesting copy trading, it could attract a wave of the greatest traders across the globe to take a shot.
Followers will then have to find the next diamond while still in the rough and put capital behind them before they begin to shine. Often, by the time this diamond starts to shine, it is too late because of the platform’s initial follower equity limits imposed for safety reasons. This means that strategies can reach max capacity, so finding the right trader early on is necessary. It is also why diversification is so vital to the experience.
Using the fully transparent success and risk metrics inside the Covesting leaderboards, the five-star rating system, and paying attention to key performance indicators like margin allocation can help to find a strategy whose time it is to start shining.
Even ChamelX spent months with very little profit because they were building their legendary trading position. The entire time, they were intelligent, strict, and patient. They made their money, and they got out – all hallmarks of a serious professional trader.
How Strategy Managers Build Their Reputation And ROI
Even followers can take profit on strategies or set a stop loss to limit unwanted drawdowns, similar to the tools strategy managers can access as part of PrimeXBT’s advanced suite of trading tools.
Long and short positions, built-in technical analysis software, and more are some of the weapons ChamelX and other strategy managers have in their arsenal. New innovations are always on the way, thanks to a constant roadmap of updates between Covesting and PrimeXBT.
Recently, the duo launched the debut of Covesting yield accounts, which let users access a variable APY for passive income through the same single account in which copy trading and margin trading are offered.
