The month of April was a brutal one in global markets like stocks, crypto, and precious metals. The Federal Reserve's hawkish tone, combined with an escalating international conflict, pandemic, and looming recession, has crushed any assets remotely associated with risk.
Despite all of this, several top Covesting strategy managers were able to hang onto sizable returns, with some even topping the charts at more than 5,000% ROI.
Here is a closer look at the Covesting copy trading module global leaderboards and the top five most profitable trading strategies for the month of April. We will also review if these April showers could bring May flowers and new growth to markets or if this is a situation where investors are better off selling in May and going away.
April 2022: The Covesting Top 5 Most Profitable Traders
Looking at the top 5, we see some familiar faces. Topping the list once again is Fractalz, who has enjoyed the top spot for several months of the year thus far. Another top trader who has spent plenty of time in the limelight at PrimeXBT via the Covesting leaderboards is HelicaSys. HelicaSys has amassed more than 3,192% ROI in a little over 90 days of trading on the platform, proving what the powerful tools at PrimeXBT can do for you.
Right behind the top two is Generals in third place, rising the ranks in less than one month. The secret to their success has been the powerful leverage provided by the margin trading platform and a well-timed short position on crypto. Covesting traders can access long and short positions even simultaneously using PrimeXBT's professional trading tools.
Behind Generals is Bitenergy, with 793%. Despite the lower returns than other traders in the top 5, Bitenergy trades with serious follower size behind them. They've also been around the Covesting leaderboards now for nearly a year, and their notoriety is well known and respected. It is no surprise they have a large following and an even larger sum of capital to trade with compared to the rest of the list.
Fractalz Reaches 5,000%+ ROI; New Trader Achieves Five-Star Status
Fractalz, yet again, keeps repeating their dominance month after month. The top trader's ROI has reached a massive 5,797% at the close of April 2022. The trader has also picked up another star, bringing them one step closer to the coveted five-star Covesting rating.
Covesting strategy managers have all aspects of their trading performance tracked by the global leaderboard system. Performance metrics are available for followers to review, but the platform itself makes it even easier to find a diamond in the rough with its proprietary five-star rating system.
Only one trader in the leaderboards has achieved five stars currently, and that trader goes by the name of BTCMartingale. Each of the five stars is awarded for achieving a track record of proven safety and success.
Covesting Preview: What To Expect From The Month Of May?
These traders managed to remain profitable during the volatile month of April. The volatility was brought on by the fear of additional Fed rate hikes, which could cripple the stock market and send the economy into a recession. The situation in Ukraine, combined with increasing COVID lockdowns in China, is further causing inflation rates to spiral out of control.
Investors are often advised to sell in May and go away, but after so long of a sideways bearish trend, is it really advantageous to sell now at losses? There is an equal risk that the Fed will take a more dovish tone and scale back rate hikes due to the damage it's already done to the stock market.
If this happens, the April showers could bring new life as Spring kicks into high gear. Will a new bull trend blossom? Or will bears push prices even lower over Fed fears? The entire market is divided, and it could result in an explosive move.
Summary: Survive The Storm With PrimeXBT And Covesting
With PrimeXBT, the direction of the trend no longer matters. Covesting traders who rely on the advanced margin trading tools the platform provides are always able to stay in profit, no matter what markets bring their way.
The award-winning margin trading platform offers access to more than 100 different trading instruments under one roof. There are also several other ways to put your money to work, such as yield accounts or by following these top strategy managers using the Covesting copy trading module.
If you aren't sure what to do or how to survive the storm ahead, consider registering for PrimeXBT and the Covesting copy trading module.