Post
Topic
Board Bitcoin Discussion
Merits 1 from 1 user
Re: Things to keep in mind before accumulation of Bitcoin
by
salad daging
on 14/09/2022, 13:36:09 UTC
⭐ Merited by JayJuanGee (1)
3: Do not freak out:

One of the biggest benefit of long term investment is you don’t have to check market again and again. Thus you will face no tension. But to do that you have to build patience in yourself. Which you can do by not becoming a prey of FOMO (Fear of Missing Out).
FOMO, freaking out, panicking, these are the feelings that will never be gone to anyone. An old-time investor or a newbie will have to feel this from time to time.
Even if you're confident with the market, it's true that this feeling won't be gone. It will be there for a few minutes then it's gone again. Also me, still feels it but I'm not letting myself to manifest it and do panic selling.
You are right, this feeling will not go away as long as we are still in the crypto sphere and of course FOMO and panic selling are definitely there for that, you can't deny this but still we can prevent it from doing it because for me anything can be done it's from us.
As long as we are strong we can make it happen and stay in a firm position not to be affected.

DCA does not necessarily apply for shitcoins.. because you first need to assess that they asset that you are investing in has decent chances to have higher prices down the road in  terms of whatever happens to be your investment timeline, such as 4-10 years or further down the road.. and if you are being honest in your assessment of whatever shitcoin you are looking at, the overwhelming majority of shitcoins are going to fail in that kind of longer term value assessment.

Sure, you can buy and sell shitcoins and attempt to increase the size of your investment portfolio, but getting involved in shitcoins is more likely a question of timing your investments rather than employing DCA in an intellectual honest way.  In other words, generally speaking fuck shitcoins... and get into them at your own peril if you like gambling and if you believe that you can time your in and outs. 

By the way.. you are trying to assert that if the shitcoin is "established" then that would be enough to employ DCA with that coin, and it seems to me that you are deluded if you believe that a mere assessment that it is "established" is going to be enough to cause such coin to have value that makes it worthy to justify employing a DCA approach with it.

Shitcoin is not a safe place for the long term this is not the right DCA category because shitcoin is not a coin that can increase after a few years but instead drops down and is not worth it anymore, I think there have been many examples of shitcoins falling so I guess stay away from it better.

But still, if you only want to increase your portfolio by just selling and buying, I don't think it's the right one for the long term but for the short term you have to play it, it's a big risk, the assets could fall by 60% due to shitcoins because for me this has happened a lot Shitcoin is vulnerable.

DCA remains on a safe coin i.e. BTC we already know in the future it will increase between 5-10 years so I guess trust 1 coin with confidence that it can increase.