Our second Trading Competition is in full swing and we already have leaders.
To help you understand Portfolio Profit/Loss numbers, we have prepared a set of articles in the Trading section of our Help Center. Please check them out here.
As a licensed entity, we constantly monitor different trading patterns to detect suspicious activity. We have discovered that a few traders in the competition have deliberately exploited illiquid pairs and developed a scheme to inflate their Relative (%) Portfolio Profitability numbers without actual trading.
While these actions were valid and not restricted on the platform, the achieved results cannot be considered in a fair competition. Also, these profitability numbers wouldn’t provide trustful information about trader performance to potential followers.
To address these issues, the following actions will be taken:
- Any traders involved in such activity will be excluded from the Relative Profitability aspect of the competition. They can still participate in the Absolute Profitability competition and may still win the prize in this category, as it is based on actual trading results.
- We will update the Profitability formula shortly to better account for irregular asset movements in the Portfolio.
- We reserve the right to recalculate relative portfolio performance retrospectively before the copy trading functionality is released on Covesting's platform.
We thank all contestants for their participation and helping us to improve Covesting further before our full launch.