Quote from: jaberwock on August 02, 2022, 05:24:10 PM

Quote from: cheezcarls on August 01, 2022, 01:15:52 PM

I usually do not care much about the Bitcoin price right now because I’m doing the old-school DCA (dollar-cost averaging) strategy where we just simply accumulate more BTC regardless of the price movement. This is my 3rd time that I have done DCA with Bitcoin, and it’ll come again in the mid part of this month where I usually have that extra “not beer” money per month to spare for buying BTC.

I’ve started last May 2022, but at a loss because I’ve bought it at a price of $30k. For June and July, I’ve bought them at $21k and $20k respectively, so I’m a lil’ bit of a profit for these prices. But I am not out of the woods yet though because of that loss in my first month. However, I’ll keep accumulating more Bitcoin as my goal hasn’t changed.

Well, if you are in for longer terms then that's strategy is fit for you but for those traders and short/mid term investors then they might need to wait for the price of btc to drop first before they start on purchasing it. That's right that the money that we should use for investing in bitcoin is the money that are not really that important, so that whatever happens with our investment, we won't heavily regret it.

Don't calculate your losses yet unless you have sold some of your bitcoins. What you are feeling there is part of dca'ing or rather part of investing, though that was normal because crypto investments are volatile but there is still a chance that their value can recover.

Even if you are doing the right thing and you are making a profit, doesn't mean that you should be long term or short term based on what you "want", that is a wrong approach. You should be doing what seems to be the right thing for each case, sometimes you should get in and out in 5 minutes, sometimes you should stay there for 5 years.

I buy bitcoin to stay for many years, maybe more than 5 years because I believe that it will make me a good amount of profit. But sometimes I end up not making that type of decision, I get in and then I get out quickly because I do not trust the long term profits of the project so I make do with what I get in a short span of time.