Post
Topic
Board Speculation
Re: Buy the DIP, and HODL!
by
Odohu
on 06/02/2024, 20:17:59 UTC
If you don't actually have a good source of income that would be a big issue when I'm come to accumulating and holding. Because even when you manage to buy some certain quantities of bitcoin and you don't have sources that you can get your emergency funds that investment you made would later be taken as that emergency funds. Meaning that you won't be able to exercise good patient with your investment you would being in ease to sell it because of the expenses in surrounding yah. Sir as an investor you got to prepare for anything and you must have a good source to sustain that investment.
though I have seen some persons who hold without having a good source of income. They operate on discipline because of the trust they've built in Bitcoin but that won't last, when hard times strike he'll be forced to sell his coins. having a good source of income is the first stage to fuel the idea of planning before engaging in bitcoin holding, aside that all trials would be a failure.
This was my method of going about Bitcoin before I learnt about the DCA method. I had this pattern of putting most of my money in Bitcoins at once or within a short interval of time and to be honest, I do sell my Bitcoin when I have needs, most times I sell at lower prices than I bought. This did not really go well with me because it gave me a lot of bad feelings and low self esteem whenever I sell my Bitcoin and realise that prices has gone up few days from the day I sold.

If you noticed, I'm one of the most excited user of the DCA method. I'm forever grateful to @JayJuanGee for his input and guide in his posts and replies, it was a whole new learning experience for me.

The aspect of setting aside emergency funds was the game changer for me, it completely eliminated the pressure to sell my Bitcoin for simple things that small money could solve. This forum is about the best thing that has happened to me!