Quote from: Justbillywitt on Today at 10:55:48 AM

Quote from: MusaPk on May 28, 2024, 12:34:24 PM

Quote from: Justbillywitt on May 28, 2024, 11:02:11 AM

If they are looking for short term profit then they will be disappointed and you are I know that for us to see reasonable profit in bitcoin investment we must invest for the long term and not short term. That's why it's necessary for people coming into bitcoin investment to have the right orientation/mentality. They have to know on time if are coming into bitcoin investment as a trader or hodler.

When it comes to knowing when to use the other two strategies like buying the dip or lump sum, well I will say that the person who is making his first buy in bitcoin can use lump sum buy and follow it up subsequently with DCA, especially if he wants to own a certain level bitcoin in his possession. While knowing when to use the buy the dip strategy is simply when you see the level of dip you have already predetermined or set for yourself before any dip occurs in the market. This will make you not to lose focus or confused on when to enter the market if eventually dip happens. You know nobody has the entire knowledge of the market and when certain variables will play out, so it's important to always get prepared before the eventuality of any market situation. When preparation meet performance, good result is always birthed.

Those who have spend time in Bitcoin have consent that it's ideal to invest into Bitcoin for long term. But that's not the case with new comers, most of them came with mind that Bitcoin is about getting rich overnight and when that desire is not fulfilled they get disappointed.

Regarding three techniques i.e. Lump Sum, Buy the dip and DCA, anyone with experience can adjust buy the dip and Lump Sum with DCA. If I am a new comer, I would prefer to go with small amount i.e. investing small amount every week or month. Once your confidence is developed you can go for Lump Sum with some increased capital. Both DCA and Lump Sum are good as long as you are confident about the technique you are adopting.

Yeah I understand what you are saying, the truth is just that we all are created differently and so is our reasoning different from one another. Though for me why I said I would prefer my first to be a lump sum buy is because I would want to get a certain level of bitcoin in my possession and I have the money readily available at my disposal, if I say let me keep it with me to be buying on weekly basis I might tamper with the money. If the capital is used up on my first buy, I will now continue to add up as my salary keeps coming every weekend. You know when you have budgeted money for investment and the money is available, I don't see any reason to keep holding the money, it is best invested.

Everyone has what works for him when investing in bitcoin. By what you have said it seems DCA is your preferred choice of strategy and you have attempted it so many things which it has worked so well. By so doing you need to stick to it until you found a better option that best fit your investment target. Lump sum is quite a good strategy but not for everyone. I think for those who are rich and can afford buying a whole of bitcoin can actually focus on lump sum if the price dips and they feel it is a good time to enter the market. I would have preferred lump sum if i had the money but currently i stick to DCA because of these reasons.

1. I don't need to time the market before i can buy.
2. I don't have to be a millionaire to afford a whole bitcoin before i can buy (This is one of the main reasons)
3. There is less risk involve in the strategy.
4. DCA has helped me maintain a more consistent habit in bitcoin investment and in other investment. I see reason to always invest consistently.

Perhaps my investment may change in future depending on my financially level. And by then i will be willing to change to a better option that will help my investment.