A PrimeXBT trader explains how he turned $400k into $8.5 million using Covesting Copy Trading (Cryptoslate)
Within days after the GameStop WallStreetBets explosion, a Covesting user took the creator of Bitcoin’s namesake and combined it with the booming trend. The results of the Strategy they created on PrimeXBT’s Covesting Copy Trading Module also mimicked the life-changing wealth that was generated for just about everyone involved.
During that time, not only did SatoshiBets make $1.7 million in success fees for themselves, they also made their followers millions of dollars. The story gets even more interesting due to the fact that SatoshiBets made these million-dollar trades from an Xbox controller so that they could stay in the “zone.”
Amidst a flurry of ‘thank you’ messages online and a stack of fan mail, SatoshiBets has graciously sat down with us to talk about how they get into the zone, how they got their start as a successful trader, and much more.
Before we begin, we’d like to express our sincerest thanks for your time and for sitting down with us to answer some questions for our community. We know you’ve become quite famous quickly, and are likely very busy so we appreciate it. At this point, you are on track to becoming a legend for having turned $400,000 into $8 million in just days using Covesting! But What came first – your interest in cryptocurrencies, or trading?
Definitely trading. I have been trading for about 12 years and I have started trading cryptocurrencies about 4 years ago. It is a full-time job and it would be very difficult right now to go back to equities and leave a 24×7 market where something is always happening at all times, either in BTC or in altcoins.
At what age, and why did you get started in trading?
Started at 18 because I wanted to make extra money to buy a car and thought YOLOing my £1.200 bank account would be a quick way to make it. I lost it all in less than 10 trades.
We heard that you used XBox for your trading. It’s really interesting. Can you tell us more? Why use your Xbox and not a laptop or desktop computer, or perhaps the PrimeXBT mobile app?
I actually use the Xbox controller (I could use any other controller) on a computer.
Basically, with a controller, I have no misclicks and the haptic feedback allows me to instantly know that it was a successful click. That way I don’t need to worry if I misclicked the little «x» to close a trade or if I longed Bitcoin instead of Ethereum. I press the button and I know it’s done, no distractions, no second look to see if the trade went in or not. Just a part of the process to eliminate anything that might unfocus me and pull me out of the zone.
We’ve heard your trading sessions are anything but typical. But what does a typical trading session look like for you?
I know my weaknesses well, If the market isn’t good for me, I won’t trade it. So first thing I do is look at the market and see if it suits me.
If it doesn’t, I’ll just stand by and wait.
During those 20 hours, I made the 400k to 8.5M speedrun it was just perfect execution paired with a great strategy and the best market I have ever seen for that kind of trading.
I can trade 20 hours straight with no issue, max I’ve done was 36h-38h with a 2-hour nap to then trade again for a full day. If a good market that appeals to my strengths shows up, I’ll be there trading it.
What made you decide to register for PrimeXBT and create a strategy with Covesting? And is there any additional meaning behind the SatoshiBets name beside the obvious?
I heard about Covesting through a friend who’s a trader there and he challenged me to go on Covesting. It seemed like a very good platform so I went in, registered, filled up the account, created the strategy and made money.
Did a test run with the first strategy which went to 900% in 2 weeks then rested and came back for Satoshi Bets which was always going to be my first real try at Covesting.
No real meaning to the name, just used bets because of the recent $GME stories and WallStreetBets. Paired it with Satoshi for obvious reasons and there it was.
What’s your trading strategy?
I have several but usually, I play low timeframes. I don’t go long on green candles, don’t go short on red candles. I cut my losses very very fast and let my winners run.
Everyone is going to read this and say “I do the same” but most of them eventually let their emotions get the best of them, I don’t. I also do not trade markets I don’t understand.
At my stage, trading is nothing but a game and the end goal is to end the day with the balance higher than what I started with.
Not only did you make money for yourself with Covesting, but the fortunes made for your followers have also been life-changing. How has this success impacted your own life?
Was a great run but fortunately, I’ve been lucky and hard-working enough that I won’t see immediate impacts in my life. I do get fan mail now which is quite funny.
Also got plenty of private messages from followers thanking me because they managed to clear their debt, student loans, or help with expenses during this worldwide pandemic. Can’t deny that it was a great feeling.
What, in your opinion, goes into a successful trading strategy? Are there any tips you can provide to those just starting?
The major key to it is execution, there’s no space for emotions in trading. People focus a lot on strategies and testing new indicators all the time when they should be focusing on execution. How can you test a strategy if you don’t execute it 100% accurately? You can’t.
Then when it doesn’t work out, people will go and try to find something else which eventually won’t work because they’ll have the same issue again: poor execution.
- Execution is key for a good strategy.
- Capital preservation is key to build a long term profitable career.
- If you let your emotions get in the way, you’re already executing your strategy wrong.
- Don’t chase pumps and don’t revenge trade. If you have a great trade or a terrible one, take a break, even if it’s just 10 minutes.
- Enter a trade knowing exactly where it gets invalidated and where you’ll get profit. Act accordingly, don’t deviate.
- Don’t drag your stop losses lower.
- Tops are for whales to sell, leave that for them, just take your profit. Don’t be greedy.
- You can buy 0 things with unrealized profits.
- Know what you’re good at and what you’re not so you won’t trade markets that you don’t understand.
- You won’t make a profit every day, just accept it and move on.
- Some strategies work on a certain timeframe/pair and time of day. Find them out, develop and use them.
Do you have any strategies to “buy the dip” during bull markets? How do you get into a position for a leveraged long?
Anything that sits between a 61.8% and a 78.6% retracement in a 1h timeframe is enough of a dip for me to buy. The market works in cycles, the price won’t always go down or go up and in a bull market buying those retracements usually means profit if you have patience.
Was this the best trade you ever made? And if not, what was it? And what was your worst trade you can recall?
Buying RSR at 0.001$ and at 6$ were the most recent ones I remember well other than buying the Covid panic in early 2020 and holding it until now. Raiblocks (now NANO) in late 2017 was also fantastic. There are others but a 3x-5x is pretty normal in crypto so there’s no point in mentioning it.
As for worst trades, buying XRP hoping for one of their events to pump the price during October/November 2017 is something I’ll vividly remember forever. I was completely lost in crypto back then and it made me seriously consider just going back to equities.
Are there any tools, indicators, or methods that provide you with the best results? Did you stick to a specific strategy during your recent hot streak?
I use my own tools that I develop (TradingView indicators) and some oscillators. I also won’t trade without Fibonacci retracements.
Do you trade cryptocurrencies or traditional assets like stocks, gold, oil, and others listed on PrimeXBT? What assets did you trade to make so much for your followers?
On PrimeXBT I trade BTC, ETH, Silver, and USDCHF mostly. Did the same on the Covesting strategies.
How do you believe the Covesting platform benefits the trading community?
If well managed, it will allow people to make money by simply following good traders so there’s always that benefit of not having to do much (except due diligence before following a trader) and make profits.
However, finding those traders is key for the survival of the platform. Prime has several influencers on Twitter and youtube sponsoring the platform, it would be nice for them to transfer those skills from Social Media to Covesting.
Bitcoin hit $50,000. Do you happen to have a prediction for Bitcoin price in one year, five years, and ten years out?
I correctly predicted $50k in the year 2021, COVID just made everything faster. With DeFi, NFTs, and more institutions looking at it as a store of value against inflation I believe we should see BTC with at least a $500k price tag in 10 years as long as no problems arise with its fundamentals and there’s overall adoption plus friendly regulations.
In a year, I do not think the price will be higher than what it is now. These runs eventually correct and BTC is headed for a 50%-60% correction eventually.
Market has cycles, take advantage of them, so for those reading this: don’t panic when that correction happens because it will happen. Just make sure to press that green button and take a step further into financial independence.
Adding to the many ‘thank yous’ you’re likely receiving at the moment from thrilled followers, to conclude our conversation, we want to also express our appreciation for your time and insight into your trading techniques.
We also thank you for being among the many examples of successful traders creating Strategies on the PrimeXBT Covesting Copy Trading Module.
Disclaimer: This is a sponsored interview brought to you by PrimeXBT.
The post A PrimeXBT trader explains how he turned $400k into $8.5 million using Covesting Copy Trading appeared first on CryptoSlate.