Any request to Start a Following as well as stop a Following via Take Profit, Stop Loss or Manual closure - is processed within 1 minute after confirmation by the Follower.
Profit/loss settlements for Followings occur ONLY once the Following is stopped or the followed Strategy is closed.
How to Take profit and continue following a Strategy
Navigate to your 'Portfolio'. Click on the Following from which you want to take profit and click the 'Take Profit' button:
The Take Profit option allows Followers to lock in profits of their Following and instantly start a new Following without losing their place in the Strategy:
When activating Take Profit, these actions will occur:
The active Following will be stopped;
Profit will be distributed according to the profit share offer for the Following;
A new Following will be started with the same Initial equity
A re-entry fee equal to 1% of Initial equity will be deducted from Wallet balance, if applicable
Take Profit can be activated ONLY if a Following's profit level is equal to or above +5%.
When automatically re-entering a Strategy with a new Following, an entry fee equal to 1% of the initial Equity is deducted from Wallet balance.
Following entry fees can be reduced by 100% and profit share can be increased in favor of the follower by activating COV Token staking.
How to set up a Following Stop Loss
Navigate to your 'Portfolio'. Click on the Following that you wish to stop and click the 'Stop Following' button:
The Stop Loss feature allows followers to set a Stop Loss for their following. This feature can be used to automatically cancel a Following at a selected Profit %.
Stop Loss value must be set LOWER than the current P/L of your following and must be an integer (i.e. no decimal places).
For example, if the current P/L of your following is +35% you can set the Stop loss to any value from +34% and LOWER. The Stop Loss will then automatically stop your Following if your P/L drops to or below your Stop Loss level.
How to manually stop a Following
Navigate to your 'Portfolio'. Click on the Following that you wish to stop. Click the "Stop Following"button:
A confirmation prompt will now pop up. Once you click 'Confirm', your request to stop a Following will then be processed within 1 minute, after which your Following will be stopped.
A Following can also be stopped automatically if the Strategy manager decides to close the Strategy, or via liquidation, should profitability of the Strategy drop below -99,99%.
Sharing Following on Social Media
As a Follower you may also share your Followings on social media channels and groups.
To share a Following, go to the 'Portfolio' page and choose the Following you wish to share. Click the 'Share Following' button
in the upper right corner of the Following description page. A pop-up menu with the Following link will appear:
The link to a Following can be shared instantly by choosing one of the social media channel buttons provided below the link. Additionally, the link can be copied manually to share it on any other social media channels or groups.
To save the Summary picture of a Following on your device, click the 'download' button
in the upper right corner of the picture.
Additionally, you can share your Followings from the IOS application of the platform.
Navigate to the Copy-trading section > Portfolio and select the desired Following:
Click on the
button to open a special 'Share' sub-menu:
Click on the blue 'Share' button to share your Following. Once the Following has been shared, click on the
button to close the 'Share' sub-menu.
Note that sharing Followings on the Android application is not available at the moment.
P/L and portfolio statistics
Portfolio reflects the history of previous Followings as well as active Followings and their statistics, including:
- Total profit (Unrealized P/L of an active following)
- Total profit, % (Unrealized P/L of an active following in percentage)
- Today's profit (Unrealized P/L of an active following since 00:00 UTC)
- Today's profit, % (Unrealized P/L of an active following since 00:00 UTC in percentage)
- Initial equity (Initial amount of Funds allocated to a Following)
- Equity (Initial amount of Funds allocated to a Following + Unrealized P/L)
It is important to keep in mind that Total profit statistics for an active Following are calculated from the moment the Following is initiated and will differ from the Total profit statistics of the corresponding Strategy since its creation.
Profit Slippage on Following Stopping
Sometimes a slippage of Profit % may be observed when a Following is stopped.
It may occur as slippage of a Following's Stop Loss, or as a significant difference between the Following's Profit value at the moment the Stop button was pressed and the actual settlement of the Following.
For example, a stop loss was set at -10%, but the final Profit % of the stopped Following turned out to be -15%. Or a Following stop was requested when it showed 25% profit, but when the Following was closed, its Profit turned out to be 20%.
There are two factors that may lead to such slippage and affect its magnitude:
Profit % of a Strategy and all its Followings are evaluated at 1-minute intervals - rollovers. Market prices may change significantly in 1 minute during periods of high volatility.
Trades on the Strategy account are leveraged ones. Trading with leverage may lead to the multiplier effect for the Profit % of Strategy. For example, If the manager entered a trade with 1:50 leverage, a 1% change in the asset’s price may lead to 50% change in Strategy Profit %.
The combination of high leverage used by the strategy manager and the Profit % evaluation at 1-minute intervals (rollovers) may lead to significant Profit % slippage by the time a Following has been actually stopped. This means that the Profit % of a Following reflects the Profit % after the previous Profit evaluation (rollover), which may differ from the Profit % during the actual settlement of the Following.
A Follower set a Stop Loss for a Following to -10%. At the same time, the Strategy manager opened a position with 1:10 leverage against capital in BTC/USD.
At 10:00am the Following’s loss was -5%. Stop Loss was not triggered, because the loss (-5%) is above the stop level (-10%). However, at 10:00am BTC/USD price started to fall and by 10:01am it dropped by 1%, which led to 10% drop in Strategy’s Profit % due to the 1:10 leverage used by the Strategy manager.
Because the Profit % calculation is performed in 1-minute rollovers, the next value was evaluated at 10:01am, and it recorded Strategy Profit being 10% less than the previous value. Consequently, the Following’s profit at 10:01am rollover was -15%. There were no intermediate Profit % values.
As a result, at the 10:00am rollover, the Following's profit was -5%. At the 10:01am rollover, the Following’s profit was -15%, and there were no other intermediate values. The Stop loss was triggered at 10:01am and it stopped the Following at a -15% loss.