Quote from: yhiaali3 on July 05, 2024, 05:23:05 PM

I have experience with this. I was following the DCA strategy for a few months and I accumulated a good amount, but in the end I was forced to sell a large portion of this amount due to some difficult financial circumstances. It is true that I made some profits in the sale, but I sold much less than my target.

Having an emergency fund is important for long-term holdlers because it helps to avoid selling your Bitcoin prematurely. But keeping Bitcoin is not a do-or-die affair. Some situations will force one to sell his coins because he really needs the money. I don't think there is a need to regret selling your coins because you need the funds to solve a pressing need. People were forced to sell because of health issues or loss of jobs. My mother will always that it is better to sell an asset to solve a problem than to borrow.

Quote from: camilocollin6 on Today at 02:40:54 PM

I agree with you that sound financial management requires a balance between investing and building emergency or backup funds. Investments like Bitcoin can be tempting to try for quick savings, but maintaining financial stability and security through backup funds is crucial. This approach may slow down savings, but it provides a safety net in times of emergency, ensures long-term success and protects against investment volatility. Patience and backup funds are key to a sustainable and safe investment strategy.

When people see the volatility of Bitcoin, they just assume that they can invest everything they own and get a quick return from investment. They become disappointed since the Bitcoin price is not predictable. Out of financial pressures they end up selling the coins at a loss. Having a long-term investment mentally is important in Bitcoin Investment.