Quote from: Reincarnated Sat on Today at 07:18:50 AM

Quote from: JayJuanGee on July 07, 2024, 05:57:49 PM

[edited out]

Yeah you have spoken well and if followed very well will bring forth a good result and I would say if put all this together is becoming so difficult for them they can ask questions and get good answers that's why this forum is created to discuss all this things.
And for hodling there Bitcoin for 4 to 10 years is possible is very possible if there target are to do so and if they have a good strong backup funds, any discretion income put into invested into may be needed if there's an emergency or problem the only way to avoid dipping into it is when you have a backup funds to help you with your emergency issues or problem.

Yeah some folks seem to erroneously believe that if you get an extra job (extra source of income) then you will have safeguards from emergencies that might play out, and yeah extra jobs (and extra sources of income) will help to buttress your cashflow and give you greater levels of discretionary income and also will help you in the event that you might lose your primary source of income, but you still are likely better off to hold 3-6 months of expenses in an emergency fund and./or other kinds of back up funds that are separate from your bitcoin investment and that are closely linked to your local cash and so tending to be less volatile than bitcoin - even though some local currencies are not even that great for holding value.. which is another dynamic with how fast the dollar has also been debased (losing value) in the last 4 years or so, which causes even less confidence in terms of how to hold the value of emergency funds/back up funds so that they are mostly pegged to local currency and while at the same time mostly being easily accessible and not as potentially short-term volatile as bitcoin.

As more cash reserves are built up, there may be some that are more liquid and available and maybe some parts that might take a few days or a few weeks to access.. and so guys can consider their options regarding how to hold their cash and/or their emergency funds so that it serves its purpose if an emergency comes, yet good financial management is partly to prevent even needing to dip into emergency funds, even if emergencies might end up happening... and emergencies are less likely to happen when your cashflow management is in better and stronger order.

Quote from: Reincarnated Sat on Today at 07:18:50 AM

And you are right when said that some matters are beyond there control, there are some situation that are beyond our control and can make us lose all our Bitcoin investment, those kind of situations will eat up all our backups funds such as our emergency, reserve and float funds and still the problem is not solved and still needs to be taken care of or it causes more damage such as accident, put we should always pray we don't come across such situation, However it is very important we always to our human best to secure our investment.

These are all fair points, and the greater emergencies should ultimately be rare, since we should already anticipate how strong our cashflows and expenses are and have good senses of our health and our ways of living, but yeah, some kinds of emergencies, such as accidentally getting hit by a bus or some other fluke might end up being something that we may or may not recover from, but if we have some emergencies that are foreseeable to have recovery periods of 1-6 months, then maybe we would not have to dip into our BTC investment - which surely would be the goal, so we would have priorities in terms of the order in which we spend from our various back up funds, and I would think that bitcoin would be towards the last resort in terms of the order of what is spent, yet each person has to figure out his priorities and he is in a much better position to not have to spend any of his bitcoin if he has decently sufficient emergency funds and other back up funds and systems (including potentially family resources) in place... which some folks will have more kinds of resources built up as compared to other folks, and part of the goal when investing would be to be building up the various systems, which might even be attempting to assure that you are in good health and strong so that you might be less likely to suffer from physical ailments, too.

Quote from: Reincarnated Sat on Today at 07:18:50 AM

Quote from: JayJuanGee on July 07, 2024, 05:57:49 PM

Quote from: Reincarnated Sat on July 07, 2024, 08:14:34 AM

and this mistake is usually common to people that started the Bitcoin investment newly, one way to be able to accumulate more Bitcoin when there's a dip is to have a reverse fund, when using your DCA strategy try as much as possible to also have a reverse fund as to help you in a lot of things especially accumulating more when there's a dip.

I am not sure how much newbies need to concern themselves with reserve funds.. especially in their early years, yet sure of course, reserve funds are part of the package in which each of us should be building, and if a newbie is really new to investing into bitcoin or anything else, the first two categories to build would be the BTC fund and the emergency fund, and so getting each of them up to 3 months of expenses each should be the first goal, and I am not sure how long that is going to take, even though of course, the higher the discretionary income (percentage wise), then the faster those two funds can get up to 3 months each, and yeah maybe it would be better to have emergency funds greater than 3 months, yet that is where reserve funds and floats can make up for the relative newbie investor's decision to ONLY have 3 months in his emergency fund...

so yeah there should be priorities, and some ways of figuring out and framing priorities makes more sense when putting the matters into practice and going through some of the challenges of potentially having some fluctuations in income, expenses, BTC prices and perhaps other market dynamics that contribute towards understanding the extent to which the systems that the newbie investor has in place and if the systems that are in place are sufficiently reasonable, prudent and practical

You are right building those two should be the first thing to do as a newbie for and for the emergency fund you mentioned it should be built and made very strong because 60 percent or more of people taking out all there Bitcoin investment are because of emergency issues or problem,

Hm? I am not sure how you could reasonably assign any percentage to the reasons that someone might end up withdrawing from their bitcoin stash earlier than they had planned and perhaps what kind of poor cash management might have been in the mix in regards to what kinds of situations might end up taking place because it seems that frequently when folks suffer emergencies, the "emergencies" may well come from their not even being closed to prepared for various foreseeable situations that could arise, and each of us should have some sense for various foreseeable situations that could come about (and even have some extra in our funds, and preparations for situations whose specifics are less than foreseeable).. and yeah, the earlier we are in our bitcoin investment, then perhaps the less prepared that we might be for various emergency situations since we might not have had spent a sufficient amount of time thinking through possible bad scenarios that could play out and making sure that we have enough funds to that we do not need to tap into our bitcoin investment,

and surely some newbies make the mistake of treating their bitcoin investment as part (if not all) of their emergency fund, which surely is a pretty sloppy (and perhaps a kind of gambling) kind of a practice to have your bitcoin serving as part or all of your emergency funds, which is just asking for trouble since any of us are going to have various fluctuations in our cashflow and expenses that could devolve into being an emergency if we do not have various kinds of back-up funds that are extra and separate from our bitcoin investment.. and so in that sense, our bitcoin investment should be considered as something that is out of the realm of possibility to touch.. which is why a 4-10 year or more timeline is placed on it.. which in reality for someone in their 20s or even 30s, they may well have a 20 year or more investment timeline.. and yeah if they can end up investing in such a way that their investment timeline ends up playing out as less than 20 years, and they are able to start to withdraw from their bitcoin investment earlier than 20 years, then yeah, sure those kinds of things can happen with bitcoin, but there still should be needs for thinking that the investment timeline is longer rather than shorter, and when I describe 4-10 year investment timelines, those are even on the short end and might even assume that the person is front loading their investment and are not exactly a newbie to investing, since an actual newbie might really ONLY start to get a point of having a decently sized bitcoin holdings until around 10 years of investing into it.

Quote from: Reincarnated Sat on Today at 07:18:50 AM

my friend has been investing on Bitcoin for years now but when he has an emergency which his mom was very sick he used all his savings for his mom's health still it was getting worst so he needed to dip hands into his Bitcoin investment and he withdrawed everything now his starting all over again we were discussing the other day he said making your emergency funds so strong is very important than being aggressive in one's accumulation that without a strong emergency funds one can't keep up with investment and I think his right every newbie should always make his emergency funds strong in other to secure his investment and after building this two you mentioned strongly he or she should proceed in building his or her reverse and float funds because they can also be of great help.

Surely people can attempt to anticipate how far their emergency funds go out, including which family members count for using emergency funds and maybe for a mom there might be decisions that you can use float and/or reserves but you will not dip into your emergency fund.. so surely people are going to vary to the extent to which they might consider themselves to be financially responsible for certain family members... including considering what kinds of emergency systems various family members might have in place for themselves, and yeah we might be the emergency system for certain family members and we should attempt to account for those kinds of considerations in the process or preparing our bitcoin investment and what kinds of emergency funds and back up funds that we might have available in terms of our interpretation of the level, extent and scope our financial responsibilities.

Quote from: Reincarnated Sat on Today at 07:18:50 AM

I think a newbie should try if possible get a two source of income it will really be of great help or if his only job has a good pay he should manage his self very well so has to build his investment very well.

As I already mentioned, extra sources of income do not solve all of the issues, but sure extra sources of income increase discretionary income and abilities to invest more into bitcoin and abilities to build up larger emergency and/or back up funds.

Quote from: Reincarnated Sat on Today at 07:18:50 AM

One of the thing I know that can affect a newbie is not having a good pay at his work place when is salary is very small then investing and keeping up becomes hard especially if his married but it could be possible if his single and learn to manage his little salary.

Sure.. two parts of the formula is income and expenses, so if your income is barely covering your expenses, then you do not have discretionary income in order to be able to invest. You have to have discretionary income in order to invest, otherwise you are gambling (or perhaps trading) rather than investing.

Even though you can do whatever you like when it comes to bitcoin, the reason many of us talk about 4-10 years or longer when it comes to bitcoin is because we are referring to bitcoin as an investment rather than a trade.. but yeah, some guys might not have enough discretionary income to actually be able to invest, and they are stuck with trying to figure out how to either increase their income or cut their expenses or perhaps just investing very small amounts that still fit within a relatively small discretionary income.. so yeah, the smaller the discretionary income the more difficult it becomes to invest into something like bitcoin where you should have at least a 4 year timeline for any new amount that you end up putting into bitcoin, if you are treating those injected amounts as investments rather than trading or gambling.

Quote from: Reincarnated Sat on Today at 07:18:50 AM

Quote from: JayJuanGee on July 07, 2024, 05:57:49 PM

Quote from: Reincarnated Sat on July 07, 2024, 08:14:34 AM

Quote from: JayJuanGee on July 06, 2024, 07:44:01 PM

Quote from: Taskford on July 05, 2024, 10:10:09 PM

Market is unpredictable and those who wait for the dip is just taking wrong decision on their investment. If they just compare each situation,profit gains and losses for sure they will find everything not worth it on their side for taking those options. That's why its good for them to upgrade their learnings then proceed to long term investment since they provably can see more better result with less stress gained for doing continuous accumulation.

Yep this is what most people should be doing, which is persistently, consistently and ongoingly accumulating bitcoin within the scope of what they feel that they cdan reasonably accomplish in their budget.. and most people are not doing this.

Yeah, persistently, consistently accumulating Bitcoin is what a true investor should be doing, for me seeing that a lot of people has accumulated enough always encourage me to keep going and if they can do it i can do it, and right now I have a target in my Bitcoin accumulation journey which I have determine to meet and is important for everyone especially a newbie to have a target when one has a target he or she knows where there going and is only when they meet that target they can be satisfied.
Having a target will help people who are not persistently and consistently accumulating Bitcoin to do so.

For sure having a target is part of the matter, yet the target should be somewhat dynamic in the sense that you might have 1 year targets and then 3 year targets and 5 year targets and 10 year targets, so you may well tweak from time to time, or reassess from time to time the extent to which you are on-track and/or that your various targets are reasonable in regards to how they apply to your own circumstances and your expected circumstances.. so for example you might have an income that is around $2.5k per month and expenses that are around $1.8k per month, yet each of those might fluctuate, and you have expectations regarding your future income increasing and your expenses may or may not be going up based on how you might consider that some of your priorities might be, so no one can really tell you what your priorities should be, even though some things might make more sense than others, especially if you might have already established some of your goals, then you might also want your priorities to line up with your goals, but then if you project out various income and expenses expectations, then you reassess at various points and maybe doing superficial reassessments on a monthly basis, but maybe more deeper reassessments quarterly and even more deeper assessments annually, you may well end up seeing that some of your projections forward are playing out and other projections are not playing out, and you might even recognize some stresses that you might have in your budget based on some of your own mistakes, so you might end up deciding to change some of your allocations, which could result in increasing or decreasing the amounts that you put into bitcoin at various points, including there could be some folks who receive extra payments/income/bonuses 2-3x per year and some of those might be somewhat expected and others might be surprises, and the same could be true with expenses that might come 2-3x per year, and the income and the expense extras might not line up with each other,, so there might need to be flexibility and even tentative plans regarding how to potentially deal with those kinds of yearly matters that may or may not even be regular... but can be assessed and reassessed once they happen and to see how the previously established cash management systems dealt with those kinds of variations in income/expenses.

Yeah you are right, one's target can change from time due to some factors you just listed out and you are right no one should tell someone what his or her target should be because everyone has there own target, perspective and different financial strength. One's target changing from time to time should be in a way to balance everything to make for a good investment.
Is also best we make our goals strength in other to achieve what we desire and is also good for us to manage our finance very well, mistake is one thing that must happen to a newbie when it comes to investment but is best we learn from them and make sure we become better.

Surely mistakes and tweaking are mostly inevitable for anyone who is really engaging with his investment, including the more aggressive that you are, the more likely you will make mistakes and/or need to tweak from time to time.

DCA could allow for a small amount of an investment that might not need any tweaking, so if we go back to my earlier example of someone who largely has in the ballpark of $700 of discretionary income per month, and if that person invested $10 to $30 into bitcoin per week that would be right around $520 to $1,560 per year, and if the discretionary income is something like $8,400 per year, the person is not really being very aggressive and maybe such person could invest into bitcoin 10-20 years or longer without making hardly any adjustments or even having to think about his/her investment into bitcoin...so surely there can be more passive and/or whimpy ways to invest into bitcoin and not having to give very much thought to the whole process... but then at some point, if such whimpy investor is investing on an exchange the amount can start to build up and surely there could be some need or preference to move the coins off of an exchange, but not even that is necessary, so some folks might keep their coins with third parties and they might not even need to learn about how to hold their own coins.. so from my point of view, they would be largely investing into price exposure into bitcoin rather than bitcoin itself, and so there are people who want to invest in that kind of a more superficial (and passive) kind of way, which may or may not end up working out for them...and they might not really know too much about bitcoin except for having a number go up viewpoint of it.