The award-winning PrimeXBT is jam-packed with features, innovation, and advanced trading tools for users to take advantage of. There are also over 50 different CFDs across forex, stock indices, cryptocurrencies, and commodities to choose from.
With so much variety under one roof, we’re going over the top five most important trading tools on PrimeXBT, along with an explanation of what each tool is, and how to utilize it effectively.
Advanced Order Types
The number one most important factor in growing one’s capital isn’t executing winning trading strategies, it is proper risk management and capital protection that makes or breaks traders. With the right risk management strategy, any trader can eventually become profitable.
And the most crucial aspect of risk management is proper stop-loss order placement. Stop-loss orders do exactly as they sound, and stop losses from reaching catastrophic levels. A stop-loss order is a protection order added to positions that trigger when the price is reached
Traders can use stop losses as part of their strategy in a variety of ways. Placing stops above or below entries are commonplace, however, more advanced strategies involve moving stops while in profit to ensure profits are booked if the market turns around.
Another way to ensure profits are booked that’s somewhat unique to PrimeXBT is taking profit orders. These order types close a position at an intended target specified in advance by the trader
Built-In Charting Tools
Being prepared is another critical piece of the profit puzzle. No one would go on a road trip without a map, nor would they try to build a house without blueprints. Having a plan in place is the key to following the strategy and seeing it through to execution.
By having a plan, traders can also go back and look to see what went right or wrong and learn from past behaviors. Charting tools offer a read on markets that without them cannot be seen. They can signal when trends are nearing their end, at their strongest, or if there is no trend at all.
PrimeXBT offers built-in charting tools from TradingView as part of their overall suite of tools, making a major difference in putting together a plan ahead.
Long and Short Positions
A recent selloff in the crypto market crushed investors who stick to a buy-and-hold strategy. Even spot traders got destroyed as there’s no way to profit from the downtrend. With derivatives like the CFDs offered on PrimeXBT, traders can long and short the market to profit from whichever direction the trend turns next.
Going long back in 2020 for example would have led to life-changing profits while shorting the recent Bitcoin peak in 2021 would have avoided losses and kept profits coming during the downtrend.
With more than 50 different trading instruments to choose from, one tool traders might not immediately be aware of is the opportunity for unrivaled portfolio diversification. Taking positions in gold is a great hedge for if Bitcoin ultimately fails, for example.
By spreading capital across several markets, the risk is actually reduced and the opportunity for a higher ROI increased. Data shows that a well-diversified portfolio outperforms a standard investment historically.
Covesting Copy Trading
For traders that just can’t seem to learn how to trade Bitcoin, or have their formula for success down perfectly, there’s the Covesting copy trading module.
Why both? Because Covesting connects strategy managers who regularly show success with followers through a peer-to-peer community. Strategy managers are ranked by profits and risk metrics, and followers can choose who to follow based on those figures.
Strategy managers must be the best of the best to lure followers, and followers who can’t get the hang of trading themselves now don’t have to give it up completely. They can just let more of the top-ranked traders of the Covesting leaderboards do it for them by following and copying their trades.
All of these features and many more are included on PrimeXBT, and we’ve only covered trading tools. There’s also a free smartphone app, a four-level referral program, and several other features that don’t quite classify as trading tools to have made it on this list. To see for yourself, check out PrimeXBT today.