snip
You have covered almost most of the important steps to follow before the accumulation of BTC. Understanding BTC and blockchain technology no doubt plays a significant role in a successful journey. Diversification and doing DCA will do the trick to avoid missing the chances of taking entry in good time ( when the market is Red) If you do the DCA then the profits ratio will automatically increase. The selection of investment strategy also no doubt plays great significance.
Overall, all steps play a significant role but you should also add
- Financial Status is a factor because it tells you to decide whether you should do holding, day trading, or long-term trading. It will also give you an idea of choosing which wallet is best for you like HOT or COLD if you have a lot of money to put in BTC then I suggest Cold wallets other than that hot wallets will do the work.
- Secondly, you should add some goals like how much money you want to earn or make in how much period this step will also clear the journey for you with no confusion. if you do not follow this step the sentiments of the market will get you and will convince you that you are not going to achieve that target (your selected one) but you should lose no hope as through study and trust is all you need before investing.
- Regulatory restrictions and Taxation is also a necessary step to keep in mind before investing in BTC because after making some profits you will convert some tokens into Fiat and which will cost you a fee along with tax and this tax depends on the country wise. So keep an eye on how much tax you should have to pay on your investment matters.
- take a small step before taking a big one, which means if you are a newbie and just getting started with BTC or any crypto trading then put small money that you dare to lose in the market. if you do not have that money then using free test money by exchanges will do the same work.
i am mentioning some posts that might help newbies before getting a start.
Tips to save your Wallets from hacking and vulnerabilities. Things to keep in mind before accumulation