The growth in the cryptocurrency is undoubtedly encouraging more people to participate in it.
The market has emerged as one of the most popular in the financial space. With this influx of new traders and speculators, there seems to be a constant supply of newbies in the space. A big part of the learning experience are the mistakes that are made by these newbies while finding their feet.
CoVEX is implementing a social trading platform with exciting new features that will allow any participant to follow more knowledgeable and experienced traders by copying their portfolios and all the future adjustments. CoVEX’s platform will allow novice participants and those with inadequate time to invest their funds in the trades that promises high returns. Often newbies have just recently heard about crypto trading from someone who has had great profits and who is talking with enthusiasm about those exciting cryptocurrencies. Taken up by that enthusiasm, the new trader is prone to jump randomly into trades, when they see a rising price on a chart. It often happens that they buy around the top before a price dumps again with no further pump soon. Unfortunately, those traders don‘t even get out early again when the price falls.
Most traders think charting or technical analysis is either extremely complicated, or just over- rated. While both views can be argued, there is no denying the fact that market movements and coin prices have patterns that can be identified and used for, at the very least, ‘increasing’ the chances of successful trades.
Just like everything else in life, there are no guarantees in the crypto market, and given how it is largely speculative and emotion-driven, charting and technical analysis will, and does fall apart now and then. That being said, if you are serious about trading, you should understand the basics, such as candlesticks, support and resistance zones and trend lines. CoVEX’s social trading platform will allow leaders to directly interact with their followers to trade in cryptocurrency. If the leader performs well, he/she will generate additional income in the process. Followers will efficiently allocate their money under the assistance of their leader in a transparent and trustless manner. Even though this feature is not a primary incentive of the CoVEX platform, successful leaders who manage to grow large following and reputation will use the weights of their followers’ money to shift the prices in favor of their preferred cryptocurrencies. This means that any trader who would like to become a leader can become a market mover with an established followers and profile. For the followers, once they deposit their funds to CoVEX, they will pick a leader and copy that leader’s portfolio. The assigned funds will then be used to purchase the portfolio that is presently held by the leader so that it matches his/her funds by providing risk management across each relationship based on real-time Profit/Loss values. The entire social trading experience is one of automated risk control system which facilitates the follower to set controls for the copy relationship.
For more information regarding CoVEX Coin please visit our website at: https://www.covexlabs.com/
Also, if you have any questions regarding CoVEX Coin or would like some extra information check out our social media:
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Bitcointalk Forum: https://bitcointalk.org/index.php?topic=3343211.new
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Official Bounty Telegram: https://t.me/CoVEXBountyPrograms
E-mail: info@covex.io