You know as much as strategy gives us an edge, having a good psychology is also better and would carry us a long way in our investment, how would someone have a mind set that buying low and selling high is the best strategy to approach bitcoin with just because he feels he would make quick profits from it and disregard a long term holding that is a more after and better option, having a good mindset is also as good as using the best strategy and knowing how to do all the calculations, cause if you don't have a good mindset, you would find yourself often gambling than investing.

One of the most common area that even bitcoiners have a poor psychology is that they fail to understand the worth of bitcoin itself as an asset and for that reason they also fail to be able to want to hold bitcoin for long, to them bitcoin is just  merely for profit making and that's why they may never get rich, cause how can you get rich when you don't have any bitcoin and end up selling evertime you make a little profit and the flaw to this strategy is that,

1. They would never have any bitcoin: after so many years of buying and selling, when they look at their portfolio there is no prove that they had actually bought Bitcoin at any time, and that is because they have been busy selling everything.

2.They would most likely remain poor : if you know about the compounding effect of bitcoin, then you would know that bitcoin favours long term holders more, and the more bitcoin you accumulate and the longer you keep, the more compounding value effect that would happen on your portfolio.

3. They would have more failures than success : while this might not be a general reality for many but one thign we know is that trying to time the market is not a very good thign cause you might be anticipating for the price to come to a particular level and it woudl never reach their, so you end up not buying and missing out and you have to wait till another dip which might not also come.

Another area that most bitcoiners fail to do is constantly reassessment of old strategies to see where there are doing it wrong, at times we might think that we are doing everything right, without knowing that we are on the wrong side, and that's why it is good to keep a journal or a record of all that you have been doing concerning your investment in bitcoin so you could easily spot out those mistakes and correct yourself, I personally use Google spreadsheet for now to save details on how much I've invested, detes and time an Di also keep a journal on what I'm doing, so I can easily find out where I'm faulty in my ways.

In conclusion been in bitcoin does not guarantee success, only doing the right thing and having a good mindset can guarantee such, yeah everything has its risk and we are investing with monet we won't miss, so potentially or if they is a possibility that bitcoin won't pay off we have to worry much about that.