Global economy problems a great way to earn PrimeXBT Tools

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The United States government nor the Federal Reserve will admit it, but the economy is in a recession or on the very brink of one of the worst financial collapses of a lifetime. Problems with the global economy have crushed the values of cryptocurrencies, major stock indices, and other risk assets.

But problems in the economy don’t have to equate to declining portfolios. Record volatility, as we are witnessing currently, is a once-in-a-lifetime opportunity to trade successfully and generate life-changing wealth. All it takes is the right tools.

The Great Bear Of Wall Street

Most legendary investors are well-known for constructing the correct picks over the long haul. But traders become legends for making massive amounts of money in a very short period of time. They also often make their biggest trades with short positions. 

Take Jesse Livermore, for example. The Boston-born native, nicknamed “The Boy Plunger,” began posting stock quotes at the age of 14. By the age of 30, Livermore made more than $1 million in a single day in short positions. Livermore’s mentor, JP Morgan, had to request Livermore to refrain from shorting further to stop the bleeding in the stock market.

In 1929 ahead of the Wall Street panic, Livermore was underwater by more than $6 million on paper as he amassed a short position, but when the market eventually turned, he made more than $100 million. Newspapers declared Livermore the “Great Bear of Wall Street.” The book Reminiscences of a Stock Operator, by Edwin Lefèvre, is based on Livermore’s legendary trading career.

Winning Is Possible Today

That was then, and this is now. Trading is a lot more accessible than it was back then, given the emergence of online trading and mobile-based trading apps. The global world is much more interconnected, creating more competition across the trading community.

But there are still plenty of traders who are able to profit from short positions when the global economy is in trouble. The proof is in the Covesting leaderboards at PrimeXBT, where top-ranked traders have as much as 4,000% ROI while the market has been falling.

Users can become followers or strategy managers using Covesting. Followers can automatically copy the trades of any strategy managers, earning income passively from expert traders who show strong performance. Strategy managers get a cut of the action via a profit share model.

All Covesting traders get access to the full suite of PrimeXBT margin trading tools. The powerful yet reliable trading platform provides traders with long and short positions, leverage, risk management tools, and charting software from a single account. 

With that same single account, trade a vast variety of global markets, including stock indices, forex currencies, commodities, and cryptocurrencies. Create a portfolio of negatively correlated assets and strategic hedge positions to protect capital, or go short at each bear market rally to pyramid positions and boost profits.

More advanced strategies can be learned via the PrimeXBT Trading Academy and then backtested via the PrimeXBT Contests section of the website. PrimeXBT Contests offers weekly trading competitions and a chance to win crypto-based rewards using no-risk virtual funds. More risk-averse investors can also stick to APY-generating yield accounts to make passive income from idle crypto asset staking.

Profit From Problems With The Global Economy

You don’t need to become the next Great Bear of Wall Street to make money shorting in this economic environment. With the way asset valuations have been tanking as liquidity leaves the financial system, there is plenty of more money to be made on the way down if you have the right tools.

With innovative PrimeXBT trading tools and a huge range of cryptocurrency-based products and services, it is possible to profit from problems with the economy, not suffer from them. Turn turmoil into an opportunity today with PrimeXBT.

ALSO READ: SA crypto owners told to pay tax on digital currency – or face ‘SARS sanctions’

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