Take profit always Mr. Tola Joseph Fadugbagbe advised crypto traders. He said this in , a panel session focused on Crypto Trading at the Binance BCAT Africa, 2022 South East Edition which was held on the 4th of June in Enugu. Anchored by Bobby Anyadike and Tola Fudugbagbe, Founder of Crypto MasterClass; Emmanuel Babalola, CEO of Bundle and Investor Nnkay, Founder of the Palm Academy.
During the session, the anchor, Bobby, said that blockchain and cryptocurrencies are beyond trading as there are other uses of the technology. Mr. Tola Joseph mentioned the basic analysis any trader should know: Fundamental Analysis (FA), Technical Analysis (TA), and Sentimental Analysis.
Tola said that FA is done by observing external events in the crypto market, getting to know the team behind a project, the problem statement as well as the solution the project is bringing into the market.
When asked about what she looks out for before investing in a crypto project, the Founder of the Palm Academy explained that she researches the Whitepaper, the team behind the project, their experiences, partnerships as well as the strength of the community.
Speaking about futures trading, Emmanuel Babalola, said anyone involved in Futures Trading is not buying a coin. Rather, they are buying a contract. And that contract has a timeline. He further explained that it is similar to Liquidation where a person gets a loan while depositing collateral with the lender. The borrower can come back to get the collateral as long as the market price of the said collateral does not go below the amount borrowed. To prevent this kind of situation, the borrower will need to keep upgrading the value of the collateral if the market keeps going bearish.
Finally, Tola advised that traders should learn to take profit and if possible, they should have a separate wallet where they keep their profit so that they are not pushed to use all their money for trading.
You can see the full video here:
The aim of the BCAT Africa program is to expose millions of people to the multitudes of opportunities in the digital space, and empower them with the knowledge and skills to take advantage of them in building a better life. In attendance at the event was over 7000 people wanting to learn about blockchain and cryptocurrency.
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