By most standards, a recession isn’t on the way; it is already here. World leaders and governments are scrambling to alter the definition of what it means to be in a recession to save face. In contrast, the world’s citizens feel the weight of soaring consumer price indexes and the associated rising cost of living.
A recession also means markets are in freefall, as elderly investors cash out retirement accounts just to survive, and less low-cost debt is unavailable to the wealthy, forcing them to avoid risk assets like the plague in this climate. However, there is still a way to remain profitable during the recession using Covesting copy trading.
Here is how the Covesting copy trading module at PrimeXBT and its community of top-ranked traders can help to carry you through a brutal economic recession and crypto winter.
Is There Really A Global Recession? The Macro Environment Is Mixed
The idea of a global recession is frightening and currently debatable. Considering the widespread inflation and energy crisis in many countries, a recession in certain regions is undeniable.
In China, central banks just lowered interest rates to keep the market afloat. The United States has been increasing rates, essentially forcing a recession while hoping for a soft landing. The delicate balancing act has seemingly kept jobs strong enough to support the economy, but a survey of United States citizens suggests that the majority of Americans believe a recession is already here.
The recent recovery in the US stock market makes the idea of a recession even more questionable. In a true recession, the recent rise would end up being a bear market rally. However, this rally has already smashed most standards of what a bear market rally would produce in the past, making it seem like a more extended recovery is possible. But for the time being, markets are still on edge.
How To Beat The Brutal Macroeconomic Environment With PrimeXBT
It takes a particular type of trader to stay profitable in a challenging macroeconomic climate. It takes years of experience to feel out the state of the market, understand the impact of the US Fed and other central bank policies, and have the nerves of steel necessary to stay fearless during a downtrend.
In addition to being a particular type of trader with a specific set of skills, the right platform and tools are required. PrimeXBT traders get access to leverage long and short positions to take advantage of the trend no matter what direction it moves in and make more money out of smaller moves during tight trading ranges.
Furthermore, Covesting traders also get access to more than 100 different trading instruments all under one roof using PrimeXBT. The list of assets includes crypto, stock indices, commodities, and forex currencies. The sheer variety means no opportunity is left unturned, and more advanced traders can build a risk-averse and profit-boosting portfolio of uncorrelated assets.
All About The Covesting Copy Trading Module And How To Follow
As for the copy trading module itself, not only do these traders get access to all these tools and more, but they also earn a cut from any of the followers that copy their trades using the Covesting copy trading module. It is these traders that can help to carry you through a recession without doing all the hard work yourself.
The Covesting leaderboards are filled with hundreds of top-ranked traders to follow. By following a trader or several strategies, all trades are automatically copied, and if successful, profits are booked. Since these strategy managers regularly show success, and followers get access to stop loss tools to limit max drawdowns, stable passive profits are finally possible once again.
You don’t need a bull run when the Covesting traders you can follow are making more than what most cryptocurrencies generate in years. For example, one of the last Covesting traders of the bull run made over 90,000% profits, outperforming both Bitcoin and Ethereum and many other altcoins.
Let Top Traders Carry You Through Crypto Winter And A Recession
In the recent recession-like macro environment, these traders have managed to maintain up to 5,000% or more ROI, all while most assets have fallen from anywhere between 30 to 90%. Bitcoin and Ethereum each fell by around 70 to 80%, meaning that it would be far more profitable to hold a position with a Covesting copy trader than it would be to hold BTC or ETH.
With these cryptocurrencies starting to climb, the flexibility of long and short positions allows Covesting strategy managers to trade both sides of the market, go long at support, and be ready to short when the market turns bearish again.
The PrimeXBT platform also provides tons of trader education, built-in charting tools, passive investing through Covesting yield accounts, a four-level referral program, and so much more. All of these tools can be accessed through the browser-based experience or the award-winning mobile application. Download the free iOS or Android app today, or visit PrimeXBT to check out the Covesting copy trading module and what it can offer you.