Post
Topic
Board Speculation
Merits 1 from 1 user
Re: Buy the DIP, and HODL!
by
Moreno233
on 11/04/2024, 07:57:43 UTC
⭐ Merited by fillippone (1)
A few days ago I was withdrawing some money from my bitcoin holdings to fulfill my dream of a computer, which I also needed. But I think I was wrong, if I had bought the computer a few days later, I could have expected better things, as many people think that the price of Bitcoin will increase after the next halving. from my holding, I withdrew about $500 from Bitcoin when it was worth 69k , after halving it, sold my holdings and bought a computer, I would have got something better.
There is nothing wrong buying a computer which is also your basic need but I thinking selling your Bitcoin holding because of this mean you did not make provision for emergency funds (money for any emergency that might come up while you are holding). To be able to hold your Bitcoin without having to sell this way, where you already demonstrated regrets, you have to plan your investment better. You don't put all your money into Bitcoin, the first step is usually to set aside some funds for your basic needs then some for emergency before you put the balance into Bitcoin. This way you will completely remove the pressure to sell when you do not plan to from the beginning. If you do not consider this option, then there is the possibility that you will continue selling your Bitcoin this way when other needs comes up in the future and that is not the way to HODL Bitcoin. I had done this method before and I end up not making serious progress with my investment. $20 weekly growth is far better than $100 weekly growth that will end up coming back to $10 growth on the long run. This is what selling your Bitcoin for basic needs can do so by all means avoid it.

Now we should be well prepared for the next half opportunity, I would say, to avoid making the same mistake I did, you invest now and forget this investment for a long time, either you invest more together and hold for a long time or regularly Invest on a weekly or monthly basis using the DCA method for long periods of time. After you invest, instead of thinking about the price of Bitcoin, focus more on holding and keep holding without looking at the price for a long time, you will surely achieve a lot.
If you already know about the DCA method, then you are set for better investment approach. Just consider setting up the emergency funds I suggested in my response above, the continue with your DCA from the balance and you will make good progress.