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You are right, thinking about the fall of Bitcoin should not be our concern as a newbie all we should be thinking about is accumulating enough and the fall of Bitcoin should be seen as an opportunity to accumulate more I know a lot of newbies are always worried about the fall and the rise of Bitcoin and that really affects there accumulation speedy, some that really don't understand how Bitcoin investment works purse there accumulation when there is a dip in Bitcoin instead of Accumulating more, I think the most important advise to give we the newbies is to always accumulate even when Bitcoin is on dip and that the dip is an opportunity to accumulate more and also engage in long term investment and not short term because I have seen that the people that always get worried about the fall and rise of Bitcoin are those involve in short term investment or Bitcoin trader.
ONe of the most important matters for newbies is to both figure out and put into practice strong cash flow management techniques that get theme really being purposeful in terms of managing how they use their discretionary income including how much they are able to generate and then also how much they are able to put into bitcoin while making sure that the restof their finances are strong enough so that any of their discretionary income that they put into bitcoin is completely able to not expect to use for 4-10 years or longer, and also the possibility that they could end up losing all of that money that they put into bitcoin (of course, they are going to learn and take measures to try to make sure that their bitcoin (value) grows rather than shrinks, but some matters may well be out of their control.. but they can still monitor and learn and tweak along the path of their ongoing investment journey into bitcoin).
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.
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.
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, 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.
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.
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.
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.