The current highest ranked trader in the fully transparent global Covesting leaderboards has made more than $1 million in total profits for their followers, all while generating more than 30,000% ROI.
The story has begun to make waves across the web, mainly around trading communities like the official Covesting Telegram and on Twitter. Here is a full breakdown of the strategy manager’s success and some insight into how they were able to achieve such sizable profits in so little time.
Covesting And The Million Dollar Rise Of ChamelX
Covesting is a peer-to-peer copy trading module designed by a DLT-licensed developer of the same name, who has partnered with the award-winning margin trading platform PrimeXBT where the tool lives exclusively today.
The copy trading community connects followers with strategy managers – strategy managers who are ranked with transparency using risk and success metrics, as well as total profits. Followers must use this intel to find any diamonds in the rough. Strategy managers with the best metrics rise the ranks and attract more followers due to increased visibility.
However, in this recent story, the strategy manager seemingly came out of nowhere and was able to reach number one in the Covesting leaderboards in less than two whole months. Typically when this occurs, there is evidence of a strategy manager taking risky trades, essentially placing all-or-nothing bets on assets like Bitcoin or Ethereum.
If successful, the strategy manager would easily boost total profits. But the problem is that when risks are so high, strategy managers can often let a hot streak go to their heads and suffer losses. While one strategy manager was falling from the top, ChamelX began to grow their capital – and their followers’ capital.
Transparent Trading Metrics Show How The Strategy Manager Performed
After starting in late June, within two months, ChamelX was able to grow their total profits by more than 30,000%. This strategy manager took their initial followers’ equity and used it to make more than $1 million in profits for their followers.
Strategy managers often come out swinging, rise the ranks, then fall just as hard. However, ChamelX is a different breed entirely. This trader uses careful margin allocation, keeping their account above 70 to 80% margin allocation almost the entire time. Only during one brief moment did the trader use their margin to protect positions, and the results were ultimately successful as their profits kept on climbing there on out.
According to Covesting’s fully transparent metrics, the max drawdown the trader took was just over 70%. However, the last seven days of profitability alone nearly cover that drawdown, and the total profitability in the previous month left plenty of profits for booking.
Consistency, Careful Margin Usage Was Key To Covesting Strategy Success
With a win-to-loss ratio of more than 80%, it is the consistency that counts. This trader isn’t just making one large trade and letting it run. Instead, there is evidence of an active trader that occasionally has a red day, but the green days more than make up for it. Any risk management strategy that results in two steps forward and one step back is still a winning formula that, over time, will yield results.
This latest story is just one of many, with another recent strategy manager turning six figures into more than $8 million in a matter of days while making a fortune for their followers at the same time.
Covesting has more than 400 active strategy managers currently to choose from, each with their own unique trading styles and strategies. Followers seek to build a portfolio of strategy managers to spread around risk and increase the chances for success. Not relying on just one strategy manager will improve the probability of luckily stumbling upon the next number one trader who makes a million or more for their followers.
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