Post
Topic
Board Bitcoin Discussion
Re: Advice for beginner HODLers
by
RealMalatesta
on 14/01/2021, 04:50:28 UTC
The first trick is to not overwhelm yourself. You only really need to know the basics; go on YouTube and watch a couple of "summary" videos on Satoshi's White Paper. It will summarise the key points of Bitcoin. The other trick is to only bite off what you can chew. Binance exchange looks fun right? You want to trade crypto right? WRONG - leave it, don't bother, you DO NOT know what you are doing. It's unnecessary anxiety.

So if you want to HODL, here are my suggested steps:

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You have good plans, but most people are already aware of this. It’s good that you have plans to hold for five to ten years, because it’s not everyone that has that kind of plan, some people prefer to invest short term and have their money back and sometimes it doesn’t work out for them, and sometimes it does. I don’t think I have ever HODL for more than two years, although my way of investing has always been to wait for when the price is very low, then I will invest and wait for increase in short time.

Around last year and last two, I invested and made profit as the price reached 12000 and 13000 dollars. Then 2020 the price fell again, and I still invested again, expecting to cash out in another 12000 USD price, but when I noticed there will be bull run I held on to it.