Re: Buy the DIP, and HODL!

But for plebs like us who don't manage billions, I believe the difference in profit would not be that large that it wouldn't really matter. Cool

Yeah, every investor will actually earn the profit they deserve. For example, people who buy 1 bitcoin at $20k and if they are still holding up till now and peradventure Bitcoin gets to $100k during the bull market, that means they have made $80k profit, which is a nice one, but we only invest that amount that we can be able to raise and invest freely without causing ourselves any psychological issues. There was a topic I raised in the past about some friends wanting to set competitions among themselves on who would actually invest more in Bitcoin.
In a normal sense, it's a good contest among themselves, but some of them did not realize that their financial income is very small compared to that of their friends.

I always tell people that it's more wise to just invest the amount that you can peacefully hold until any time that you have seen that the price is very bullish and you are satisfied with the profit you are seeing in your portfolio.

Some people see that their friends have bought 0.5 bitcoin, and they also want to buy that same amount of bitcoin without even realizing that their friends are earning more than them and also have fewer responsibilities than them.

Yep. If we are going to compete, we should be competing with either some abstract version of our alternative self or competing with someone of similar financial and psychological circumstances, and surely there are not going to be people with exactly our own same circumstances which is another reason to create standards that are individually tailored.

To me, it is not even good to compete with someone on their bitcoin purchase because you don't know the kind of plans that he had set aside to buy bitcoin that will definitely work for him because he has already strategized it base on his income. Since you are in competition, you will not know his strategy for you to follow and you might even lose focus to come up with your own strategy because all your focus is to have more btc than your friend and before you know it you will buy more aggressively and forgetting that there will be need of emergency funds and reserve funds since you think that the person with the highest bitcoin in his portfolio is the winner, forgetting about important issues that might arise in the later.

And before you know it, you will see yourself selling your bitcoin at a lower price to take care of some challenges, maybe health issues or emergency that must be attend to. This is why it is good to invest based on your capacity and don't be in competition with anyone to make you concentrate and stay focus on your bitcoin accumulation journey with the regular DCA method weekly or monthly. Just do your best and allow things to play out the way it is suppose to be, who knows if you will have a bigger income than the the person that you feel is buying more than you tomorrow, and you will increase your bitcoin purchase size which will be more than his.

Quote from: Doan9269 on Today at 02:53:54 PM

Quote from: Odohu on Today at 01:31:43 PM

Quote from: Litzki1990 on December 13, 2023, 04:31:52 AM

If we delay our decision, we may change our decision. Maybe now I have enough interest to invest in Bitcoin and I don't have any financial need, I can invest in Bitcoin as easily now as I can in a year but I won't be able to invest in Bitcoin as easily. Maybe within this year I may face some financial problem due to which the money I am trying to save for investment will have to be spent on something else. If I can invest $200 every month then the price of bitcoin is changing every month and I can invest every time the price of bitcoin changes but the risk in my investment is reduced.

I don't think that the decision to invest in Bitcoin should be taken in a hurry because to hold Bitcoin requires more than just investing any money at your disposal. You must make effort to plan your finances in such a way that some funds will be set aside for any emergency that may arise which was not expected, like the "financial need" you stated. If such provisions are not made, even if you adopt the option of investing $200 every month, you will surely sell your assets or some of them when emergency arises. Hence, it is better to think properly and plan well before starting the investment process if longevity of the asset must be assured.

Quote from: Patrol69 on Today at 06:53:02 AM

What is required in long term investing is decision making and some risk taking. Overthinking what we invest in can muddy the waters, and muddying the waters can change our investment decisions. As we will hold our investment for a long period of time, a small change in the market will not be a big obstacle for our investment. You are willing to invest and you have money to invest there is no need to delay invest your money in Bitcoin and hold it.

I quite agree with you on the decision aspect but I seem to defer on the risk aspect. Bitcoin seems more risky for short term investors than long term investors. Apart from loss of assets due to hacks and others, holding Bitcoin actually have minimal risk from what we have seen so far.

To sum it all up, bitcoin is the safest cryptocurrency to make an investment upon doesn't mean when we take the wrong routes in doing that we will get be best out in it, we must have in place a proper plan ahead of time on hownwe are engaging with the investment we are making, the duration and the time frame set for it, this is not an avenue jut to do things havazardly, there must be an orderly manners in our bid to make an investment base on our targets plans already in place.

This is why newbies need to start with an amount that they will not need for a very long time, maybe 10% or 5% for regular DCA weekly or monthly, and go on a long term ride for let's say 4-10yrs to minimize the risk because it is be easy for them.