In the latest VIBRAin Live session, held on the 25th of May 2022, we discussed “5 Useful Tools For Crypto Trading” with our guest speaker — Prince Solomon Ogah, MD & Chief Investment Officer at WondaFund who was hosted on Telegram by Louis Dike.
Here is the recap: Here are 5 useful tools or 5 tools that every crypto trader needs to be successful.
1. Crypto exchange You might not classify crypto exchanges as a trading tool, but to trade, you need a platform to do. You can not trade without crypto exchanges. So the first tool you need to be a trader is a good crypto exchange. Crypto platform in this sense, you can fill in that gap with the VIBRA app. We have just as many trading pairs as required for you to trade and its interface is easy to interact with.
2. Information Tool To be a successful trader you need a tool that could help you keep track and follow happenings in the market, keep track of project developers and their coins and what is happening in the entire crypto market such a tool may include Twitter, Coindesk, Coinmarketcap and the VIBRA Blog. You can not be a trader without having first-hand information about what is going on in the market. You need all of this to be at the top of the game. You can not be a trader without all these tools.
3. Technical Analysis Tool You can not be a trader and not want to use technical analysis to determine or predict where the market is going in the short, mid or long term, and as such you are going to need a charting platform. A charting platform where all the information, all the price action, everything is being collected, everything is recorded. There are a lot of other different platforms. Trading View App is one of them. Even on Vibra, you see there’s a chart where you can see how price moves.
4. Risk Management Tool If you cannot do it yourself, i.e. if you cannot calculate your risk to reward yourself, you will need a risk management tool or a tool to help you track your portfolio. A couple of years ago I came across 3format, their platform helps you keep track of your account, and your trades and set stop-loss, you basically connect an API to it. So 3platform is basically one of the tools that you can use to monitor or keep track of your trades if the exchange you are using does not have such features.
5. Offline wallet In as much as you can keep your coins on exchanges to trade, you may need to move the coins or your assets that you are not trading or staking to a wallet (e.g a hardware wallet or a decentralised wallet tool) where your assets cannot be easily compromised.
So those are the tools you need to use as a trader to stay profitable in the market and be consistent. I have multiple exchange platforms including VIBRA and multiple places where I keep track of what is happening in the market.
Q&A Session Question 1- Apart from the technical analysis tool, information tool etc. What are other useful trading tools?
You need an exchange. You can’t trade crypto without a platform to enable it. You can sign up with Vibra. Vibra is one of such exchanges that allows you or connects you to the general market where you can buy and sell crypto assets at your leisure. So crypto exchanges are one of them. Secondly, you need a platform that will enable you to keep track of news or fundamentals in the market and I recommended Twitter and Coinmarketcap. There are a lot of them out there. Just Google crypto news and you will have different websites that will give you a lead on what is happening in the market in real time.
Question 2- Can you throw more light on offline wallets?
As you know, even your bank account has an offline version, right? Where you can load your money, transfer or withdraw there. Now think of offline crypto wallets as tools that enable you to transfer money into them and basically just hand it over to whoever is holding that wallet. It’s usually a device that is separately a wallet on its own. Basically what you do is just plug it into your system and transfer the assets and unplug it again. An offline wallet takes the assets offline completely unless you plug them into a device.
Raffle Draw Segment For the raffle draw segment, 3 lucky participants won 10 USDT each. The process was projected live on the session, free and fair.
VIBRA remains the easiest and safest way for peer-to-peer cryptocurrency transactions in Africa. To keep up with the industry news and market updates, Download the VIBRA app and join the vibrant and informed social community of expert traders and newbies on the App Social Page.