Quote from: Yukyzu on Today at 06:56:16 AM

Quote from: AirtelBuzz on April 23, 2024, 02:30:39 PM

Quote from: Popkon6 on April 22, 2024, 11:41:33 PM

If you can't buy correctly then it will be your first mistake in Bitcoin, if your investment time is short. Your risk will increase so it is definitely best to hold for the long term to reduce the risk. Here the more longevity you invest in investing the lower the risk and the best approach for you. You will save the most if you buy bitcoins using the DCA method only, and if you collect bitcoins for the long term, your investment will be long.

We are not all aware of the exact price to buy bitcoins so we should set a fixed price and then buy accordingly and hold the investment for a long time as you have implied. Investing in Bitcoin requires us to commit to holding it for a long period of time because if we can hold this investment properly for a long period of time then we will be able to achieve the desired results. Also you mentioned risk we all have to accept that all investments involve risk. But while all investments involve risk, investing in Bitcoin is much less risky.

Investing in DCA method is easy for everyone but may not be possible for everyone as many do not have source of income due to which they cannot invest regularly. Due to which they cannot apply this method properly in the case of investment. Yes you are correct that if you invest in DCA method and hold for long time the investment will grow.

When we realize that the price of Bitcoin will continue to increase, we can try to collect the investments we make so that we can enjoy the profits from the investments we make, but we need to do it consistently as you said because if we don't do it correctly consistently, it will be difficult to achieve the investment targets we make and we must have good planning before deciding to invest.

when bitcoin price is going up, the reverse of your assertion is what's actually supposed to be the case and it's not right to collect our profit because Bitcoin price is going up. Bitcoin is a volatile asset and that in itself means there will always come instances when prices will go up or down depending on the major factor that's responsible for such movement at the time and regardless of how frequent we might have witnessed such movement in price, it shouldn't become the reason why we sell off our Bitcoin and use the proceeds for our personal gratification. Of course, at the end of the day, there will come a point in time when we will have to sell all our stack or part of it iether because we've reached our accumilation goal or that we've gotten our best out of investing in Bitcoin and would want to use our proceeds to better our lives or maybe use it to sort out a particular project in our locality as a way of laying a legacy which in itself is totally up to us to do whatever we want to do with our compounded stash. But outside of such kind of scenario, merely selling your holding because Bitcoin price is pumping is surely a bad and myopic strategy that anyone would even want to practice as an investor.

Generally, most naive investors get tempted to sell off there holdings mostly when Bitcoin is going dip and that's basically because they've not built there mental prowess to knowing how to deal with whatever is going on with Bitcoin price, whether it's going up or getting bearish and some might not know that it's better to continue investing iether when bitcoin is going up or down.

When you're too concerned about taking your investment when Bitcoin is going up, you're most likely thinking like a trader and you know the synonimity that exists between trading and gambling right? You've got to be careful not to get it all twisted.