Shrimpy just announced yet another news in what looks like a busy month of April for the social portfolio management platform.
Following the recent release of a portfolio stop-loss , Shrimpy made public their now newly available features.
Social Leader Stop-Follow
This feature is a quick response to Shrimpy’s community request that the portfolio stop-loss just released should be extended to social leaders.
But what does it mean and why is it a good news for users?
The platform allows you to copy trade what they call “social leaders”. Your funds are then traded according to the leader’s strategy. But what happens when the strategy goes south and is not performing?
You previously had to monitor this performance closely and stop following manually in order to stop the bleeding.
Here is how it works:
Similar to a stop-loss, a stop-follow trades the entire portfolio of assets that are currently allocated by the leader to USD. In addition to pulling your portfolio out of the market, the stop-follow will also immediately stop copying trades from the leader. At which point, your portfolio will no longer be following the leader.
Unlike a stop-loss, it is now mandatory to select a stop-follow amount when choosing to follow a social leader. You will be automatically alerted by email when it triggers.
It important to note that it needs to be set as a flat USD value and not a percentage like a stop-loss.
Shrimpy is Removing Inactive Leaders
As a side note, the platform will now be automatically removing leaders that have not been active for a 30 days.
We applaud this move as we believe this is a great way to encourage the community to stay active, and for leaders to be careful about their strategy.
These new features will once again benefit Shrimpy’s users and we are glad to see that the team is aggressively developing; releasing features, but more importantly, listening to its community.