Re: Things to keep in mind before accumulation of Bitcoin

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).

I'm sure this will be difficult for most new investors especially for those who are new to investing. Panic is normal when the price drops 10%-15% in less than 24 hours, but when a trader or investor ignores these fluctuations and chooses to hold on and believe in another potential in the future then they have become a strong hand.

Don't panic, it's much easier said than realized in day-to-day or short-term trading practice. I agree that if one can avoid panicking when the price drops ^{[in particular bitcoin]} then they will have no regrets in the long run if the bounce occurs in a relatively quick timeframe.

OP, by the way you could also consider moving this thread to a trading discussion board instead of a bitcoin discussion board.

I agree.

I have a lot of friends who have a wrong understanding about Bitcoin. They always thought that once they invest in it, it will always give them profits, so the ending is that they are always disappointed and losing hope already. Most of the people who invested in Bitcoin because of the hype of cryptocurrency since the pandemic started has this kind of mindset, they are the panic sellers, and they are the ones that thought they could earn a lot of money like other crypto enthusiast by just simply investing their fiat on a volatile cryptocurrency.

Bitcoin is not for those who are such investors. They fear the volatility of Bitcoin. Moreover, they unknowingly invested during the Bitcoin hype and panicked whenever its price started to fall. Many have sold again at a loss. Those investors need to acquire enough knowledge about the importance of Bitcoin, its uses and how to hold it. But knowingly or not, there is no harm in investing in Bitcoin if they are able to wait until it gets expected ATH. Because Bitcoin is the only who is always able to break the previous ATH in bull market.

Unfortunately, BTC has been portrayed by the media as something that can ruin one's life due to its volatility. This kind of opinion was given by most people who unfortunately invested into cryptocurrency without even knowing what they are investing on.

Back in 2017, the price of 1 BTC was around $4,000 and in 2018, it reached an ATH of $19,000. Unfortunately, that was also the time that most and majority of the people invested and after a few months, its price crashed. For the people who blindly invested into BTC without even knowing, they are also the ones who spread news about it being a scam.