Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
Afternoon all
New 2 BTC and investing in general - wanting to take advantage of the new world I entered at a very small 0.2 BTC @ 5.7k. Have plenty of funds and considering buying 1 - 2 whole btc as I'm gathering confidence that it'll return to 10k+
Discuss and help a newb out.
New 2 BTC and investing in general - wanting to take advantage of the new world I entered at a very small 0.2 BTC @ 5.7k. Have plenty of funds and considering buying 1 - 2 whole btc as I'm gathering confidence that it'll return to 10k+
Discuss and help a newb out.
Welcome, Here4Gainz. You might need to provide more information about your particulars, but surely your own research would be part of any BTC plan.
I generally recommend that newbies figure out their cashflow for 6 months, and then make an investment budget that is spread out during that kind of timeline that allows them to continue to learn about BTC while they are investing by dollar cost averaging, buying on dips and perhaps frontloading their investment a bit.
Accordingly you can take your current cash available for budgeting towards bitcoin and add it with your cashflow that you expect to dedicate to invest in bitcoin over the next 6 months. Divide that into three and invest 1/3 immediately and dedicate 1/3 respectively to DCA and buying on dips.
Of course, you can employ other variations of such recommended strategy to account for all of your own specific conditions, including your cash flow, other investments, view of bitcoin as compared with other investments, risk tolerance, timeline and time and skills for trading, managing your portfolio or researching into bitcoin (including tweaking from time to time).
Or just go all in
Personally, I do not recommend such a "go all in" strategy, but surely there are a decent number of people who do recommend such a strategy.. some of them are successful, and some of them are not.
When I started with bitcoin in late 2013, my initial investment timeline was intended for more or less a minimum of 1 year, but I was more realistically considering my minimum to be at least 2 years unless shit really hit the fan.
These days, I am recommending that newbies come into the space with a minimum timeline of 4 years, and of course if they have a longer investment timeline, then that would be great, too. Even with such a 4-year minimum timeline, they can still tweak their strategies in less than 4 years time and even decide to pull out some or all of their investment before the 4 year timeline, but I still think that they should be trying to make some kind of "lock-in" projection of 4 years to take the matter seriously, NOT investing more than they can afford to lose and also that also accounts for their individual circumstances, as I already mentioned the most important individual factors in my earlier post.