WILL SHOCKTOBER SHAKE UP THE COVESTING LEADERBOARDS?

All across the crypto community, traders and investors are calling the month of October, “shocktober.” The month is often known for record breaking historic moves, which we’ll provide examples of to help demonstrate why this month is so critical. We’ll also explain the theories behind why the month of October tends to be so pivotal of a turning point.

We will also look at how the current standings of the Covesting leaderboards are to start October, so we can compare and contrast by the end of the month and see just how much things were shaken up.

One of the greatest features of the Covesting copy trading module, is the module’s fully transparent, global leaderboards that prominently displays the performance of the hundreds of strategy managers who are registered to the award-winning PrimeXBT.

Using the global leaderboards, followers – the other side of the Covesting community – can sort through success and risk metrics to find traders that fit their risk appetite and profit goals. Users can also find especially safe traders using a five-star rating system designed by the module’s developers.

Covesting and PrimeXBT have a winning formula for all on their hands, and are sharing it with the trading community at large. Traders who excel at what they do, can make even more money by getting a cut of their followers’ success fees. Traders who struggle, can profit and learn at the same time from these more experienced traders.

Because strategy managers make money from their followers, they have incentive to keep profits high for more than just themselves, and must maintain a high level of performance to keep their high rank and attract the most followers.

If performance slips or the strategy manager loses their cool and goes on poor streak, followers can see this with full clarity and decide if they want to set a stop loss to prevent unwanted drawdown, take profit on the strategy, or close out their following and get back any capital they’ve earned or put on the line.

September Covesting strategy manager performance hit as much as 30,000% profits, and with October already at 60,000%, new module records may be possible. The performance could increase beyond October and into the tail end of the year, which we’ll explain next.

All markets are cyclical, and there is even evidence of seasonality. For example, there is a famous saying in finance that suggests that investors can be profitable by doing nothing more than selling in the month of May, and simply going away. 

What happens is that investors and traders sell assets starting in April to either take profit to pay for taxes, harvest losses, and then begin to lose interest as the summer months arrive and behaviors become more social instead.

When this social phase cools off, and work resumes in September, so does the serious tone. Come October, that is when the Halloween Effect kicks into high gear allowing markets to roar into the end of the year and into the next.

It was October 2019 when Bitcoin made its third-largest 48 hour rise, it was October 2020 when the big rally beyond $20,000 happened, and it is October again as Bitcoin retakes $50,000. Could this October lead to an incredible finish for Bitcoin?

Looking at the stock market as an example, the averages of the Dow Jones Industrial Average index and the S&P 500 both have historically had under 1% performance from May through October, while after October through April resulted in 7% returns.

Crypto performs much stronger than the stock market, and Bitcoin has historically always topped out in December. All of this points to the top of the crypto market cycle on its way in the months ahead, which could present an unprecedented opportunity to traders. 

Both strategy managers and followers alike are in for an interesting few months ahead. Strategy managers will have to prove their skills to the world to keep total profits high, while followers will get a once in a lifetime chance to make money without having to work as hard for it.

All of this is possible through PrimeXBT’s award winning CFDs on stock indices, and synthetic trading contracts on crypto, forex, commodities, and more. Covesting strategy managers are skilled and experienced, and know how does CFD trading work and can use it to their advantage.

These types of trading contracts offer professionals and novices the ability to long and short the market, and even create hedge positions to have full control over any direction the market trends. Using built-in charting software, these same traders have everything they need to understand what is going on with the trend that is underway, and can use the tools to spot things like reversals or consolidation phases.

The entire full suite of tools is available as a desktop, mobile, and smartphone app experience, and the platform is always adding new features or updating existing ones to improve upon them for users’ safety. For example, a recent margin allocation chart update lets followers see when strategy managers are trading too aggressively or are under emotional distress.

PrimeXBT also just introduced a new slate of crypto altcoins, including Cardano, Chainlink, Dogecoin, Solana, Uniswap, XPR, and Polkadot. Finally, the most recent announcement was the Covesting Yield Account system, which offers DeFi like tools to any users of both PrimeXBT and Covesting. 

Right from within the PrimeXBT user account dashboard, users can access top DeFi protocols and earn an APY rate. This new passive income stream is available next to all the active trading tools outlined here, and are available all from a single, secure account that is protected by the best bank grade security the industry has to offer.