Quote from: adultcrypto on Today at 01:13:05 AM

Quote from: ginsan on January 17, 2024, 08:51:02 PM

Quote from: Frankolala on January 17, 2024, 08:25:20 PM

Just like what @JJG said in his earlier post that, there are fours ways which an investor should prepare on when he wants to start his bitcoin accumulation, which are having plans to buy on the dip, lump summing and the superior of all the DCA method, and the fourth one is your emergency funds that will cover 3-6 months duration. The emergency funds is more important because if you don't have it ready, there is no way that you will succeed in your bitcoin accumulation journey. You will end up ruining it because you don't have what you will fall back on to use, when the unexpected and unforeseen challenges arises, which must be taken care of. This is why I make my emergency funds my priority as I am investing using the three methods to accumulate bitcoin depending on the rate of my cash inflow at that moment.

You are talking about taking profit while Dcaing, it means that you are killing the purpose of Dcaing, which is to increase your bitcoin portfolio during your accumulation stage. It is good to aim at long term profit and not short term profit so that you don't end up making wrong decisions that will lead to you regretting your actions through out the rest of your life. This is because there are mistakes that we take that we might not be able to correct anymore and they will live with us and it will be too late for us to do anything than regret.

Sell not but hodli and see that your investment is worth hodling for the future.

In fact, the four points you have mentioned have become the main calculations for someone when planning an investment in Bitcoin. let's say if someone has passive income every month and they are able to set aside 10% regularly every month then their investment planning will of course not be disturbed because they get passive income every month.

The percentage of income to set aside for Bitcoin investment depends on a lot of factors. It is possible the total income is not even enough for meet the basic needs, in this case what the person need is to work out other sources of income to increase the cashflow before thinking about investing in Bitcoin if the Bitcoin must be safely held for long. Another scenario could be that the income is so big that one can even set aside 50% to invest in Bitcoin and it will not affect the needs of the investor or the emergency funds. Therefore, there is no fixed percentage of funds to set aside for Bitcoin investment rather, it should be calculated keeping in mind the basic needs of the investors as well as the need to set aside some emergency funds.

Quote from: ginsan on January 17, 2024, 08:51:02 PM

Apart from that, if they are beginners, they should not be too selfish to buy aggressively because they need to strengthen their mentality when the price of Bitcoin changes suddenly. Because beginners often panic when prices fall because they are not experienced enough to deal with situations when prices fall drastically. For that reason, I agree with all the points which deserve to be a priority for us in accumulating Bitcoin for long-term investment.

The best thing a beginner Bitcoin investor should learn is the DCA method. It is easy to apply and address all the concerns that comes with emotional business like Bitcoin investment. In other words, the DCA approach saves the new Bitcoin investor a lot of energy, time and money because by just adopting the DCA method, the chances of mistakes and regrets have been reduced or possibly eliminated.

Quote from: Mayor of ogba on Today at 12:57:38 AM

Quote from: adultcrypto on January 17, 2024, 06:15:54 AM

I do not think that any of those following this discussion still have doubts in Bitcoin. They believe in Bitcoin and have seen the opportunities it presents that is why they followed this discussion even up to this page 260 with over 5000 messages. When we all believe in Bitcoin already, the challenge then becomes how to go about accumulating and managing the accumulated funds because it is not just enough to buy Bitcoin, but being able to manage it well is equally important.

What we should be more concerned is how to strategize to be able to conveniently buy Bitcoin, hold it and make it a continuous process. That is indeed what the many contributors are emphasizing, giving great ideas that when utilized will address the issue of panic sells, quest for quick profits, FOMO and other challenges that many Bitcoin investors face.

Anyone starting his Bitcoin career will first address key issues such as:

His cashflow: If regular or unpredictable as that will influence his step 2 below.
His method of buying: If it it will be bulk purchase or applying the DCA method
Emergency funds: This will take care of unexpecting developments that make him to sell his Bitcoin at the time he did not envisage

If these are well taken care of, it becomes easy to start the Bitcoin journey with target and the emotional rest needed to manage the assets properly.

I also think anyone starting his Bitcoin accumulation journey should know that Bitcoin is not a quick get-rich-soon scheme, and also be aware of the volatility part of Bitcoin so that it will enable the person to hold his Bitcoin for the long term, even though there is a drop in Bitcoin price because he/she already knows that is one of the characteristics of Bitcoin.

The volatile nature of Bitcoin is not much of a big issue for long term investment. No matter how the spike is, you can buy and hold because before starting, you believe in Bitcoin to appreciate over time. Besides, you will not be in a rush to sell before the market drops or buy before the market rise, you already budgeted the funds for investment.

Volatile nature of Bitcoin is a big issue even for long time investment, it makes both the new investors who's intention is to learn more in the process and the old investors to experience or maximize FOMO and the fear of doubt and uncertainty Which are very common to investors, volatility should only be seen are a characteristic of Bitcoin to encourage investors not to sell but to hold and accumulate even more regardless the nature of the volatility which has made some investors to sell their investment.