• Tuesday, May 21, 2024
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Patience is the key to Bitcoin trading – Bankroller Sammy, Cryptocurrency trader

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Those in need of basic understanding of how cryptocurrency works will gain a wealth of knowledge from an interaction with Bankroller Sammy, born Egheghe Aisosa Samuel, the CEO of Roller Instant Trades.

For the Edo State-born multiple business owner, whose stock-in-trade is bitcoin trading, the secret to successful trading in bitcoin, he said, is patience.

“Be patient and at the same time don’t be selfish; know when to take profit, because you can’t always make all the profit in one trade,” he said.

He advised further: “Watch when the value is high enough and sell out coin so you can get back into the market when it retrace back to a resistance level.

Bankroller Sammy also expatiated on the pitfall of cryptos.

READ ALSO: Nigeria’s exchange rate crisis pushes business demand for bitcoin upward(Opens in a new browser tab)

“One major disadvantage is price volatility. It can be risky to invest in cryptocurrency without understanding its risk factors. For instance, you purchase a certain amount of cryptocurrency and then the market runs against you; you have to wait for it to either go back to the value at which you bought or you run at a loss. During the process of waiting, your money is on hold.”

On how the Covid-19 pandemic has impacted on the bitcoin business, Bankroller Sammy explained: “At the early stage of the pandemic businesses both large and small were shut down global, thus crippling the global economy and financial system. The scare also affected digital currencies leading to a fall in value. Many still consider trading cryptocurrencies not safe during this coronavirus pandemic. Consequently, traders are reluctant to invest in digital currency as they are yet to recover from the loss that occurred when the value fell.”

He continued: “And if traders don’t trade, there won’t be anyone selling bitcoins; when no one sells bitcoin, there is no way any cryptocurrency traders, including Roller Instant Trades, will make money.”

With bitcoin gradually gaining acceptance as legitimate currency, he is optimistic of a brighter days ahead for those investing in cryptocurrency.

He illustrated this point with an example of a five-year projection for his business: “In five years, Roller Instant Trades peer-to-peer escrowed marketplace should be ready to help buyer and sellers of cryptocurrencies trade faster at a more affordable rate securely.”

As a businessman, the Bitcoin merchant claimed he hardly entertain the common fears of other business owners. His only fear, according to him, is the “fear of all the good ideas being taken before one could get the resources to establish the business ideas that came to him.”

Despite his modest success Bankroller Sammy averred that he is not yet a fulfilled business man.

“I am still in the process. I pray for God’s grace and strength to keep pushing,” he stated.

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