Quote from: Agbamoni on Today at 09:23:06 AM

Quote from: Roseline492 on July 14, 2024, 05:22:01 PM

Quote from: wmaurik on July 14, 2024, 11:08:47 AM

Investors who are still enthusiastic and active enough to continue buying Bitcoin and continue to maintain what they have bought should not remain silent. Because at this time everyone must remain active in monitoring the market and also analyzing market trends because I just saw that the price of Bitcoin has exceeded $60K again today.

Consistency is very important in the lives of a Bitcoin investors because that is what will guarantee your sufficiency in the future, which is why having a focus is very important and that's what most people lack which is why they decides to accumulate whenever they feel Is necessary for them and in most cases they always like to monitor the price movement of Bitcoin before they will start accumulating, but in other words when an investor have a targeted amounts of Bitcoin to acquire within a certain periods you will see that the person will be very consistent and disregarding the price of Bitcoin and in the future you see them very successful on there investment, so in summary there is no need analyzing the market before buying because there is a great future awaits, so this moment should be a privilege for people to take advantage of.

You are absolutely right here, consistency is very important to a successful investment, especially when it comes to using the DCA strategy and holding. I have seen situations where investors fail to leave certain habits which make them quite slot in accumulating Bitcoin and it affects their consistency. This week they tried to DCA and the next week they failed. The danger of this is that they get to meet their target for a long time. And nobody knows what the price of Bitcoin will be today or tomorrow or in the future. That is why reaching your target as planned is important; only consistency can help you.

Consistency does not only include staying true to the investment but also staying true to providing the capital for your DCA every week. Most people do not work in a fixed contract or have a job. They have skills or talents that provide them the capital to invest consistently. If they feel weak to work if they get hired, they might not have enough money to invest that week so that is why consistency involves in everything.

Of course, newbies can do whatever they like, including figuring out if they are able to invest into bitcoin every week or if they have to manage their cashflows in a different kind of way.

We have frequently talked about consistency, and surely I like the idea of buying bitcoin every week, especially for newbies, since buying every week will help to reinforce the commitment towards bitcoin accumulation, even though surely anyone who has irregular and/or erratic income and expenses might have to plan a bit better than another person who might get paid more regularly and a person who might have more regular expense levels.

We have described these kinds of examples in the past, and I personally believe that anyone starting out investing into bitcoin should be attempting to project out their income and their expenses so that they can have decently good ideas regarding how much extra money that they are going to have on a monthly basis and then they can figure out an amount that they can invest into bitcoin every week based on what they deem to be their discretionary (or disposable) income, and if they practice for several months or even for half of a year, they will get better at figuring out how much of a cash cushion that they have and how much they need in order to retain some level of comfort in terms of not getting too stressed about if they might be overinvesting into bitcoin or underinvesting into bitcoin in terms of their own individual particulars.

Practice will surely help in terms of figuring out cashflow particulars, so even a person who might determine that he has around $200 per week of discretionary income that he could use to buy bitcoin, he might be better off to just dollar cost average with around $100 per week while he is getting used to it and to make sure that he is not making any mistakes in his calculations, because some newbies might come into bitcoin by being either too aggressive or not aggressive enough, so they can try to figure out some kind of strategy that helps to keep them investing and attempting to be consistently investing every week for a whole 4 year cycle and then to reassess their situation from there.

Surely some guys will come to bitcoin and they might have what they have calculated to be right around their $200 per week of discretionary income, but they also might have some other funds that they are able to invest into bitcoin, and maybe that amount could be several hundred or several thousands of dollars that they could invest into bitcoin right away or they could figure out some strategy to use that extra money, whether it is $1,000, $6,000, $12,000 or some other amount... and they can choose between 1) DCA, 2) lump sum (buying right away) and/or 3) buying on the dip. So a person with extra money has more options regarding choices, and sometimes dividing amongst the three options will give some sense of feeling of balance, yet those are discretionary kinds of choices, which means that guys are not going to choose the same - and sometimes their perception of short-term BTC price direction might affect how they choose - which may or may not end up being good for a newbie to place too much importance in terms of trying to predict short term BTC price movements, but still so there could be ways to set up a system that is somewhat neutral to ideas of short term BTC price movements - but still building an investment portfolio can take a decently long time, whether the newbie has a lump sum to invest (which allows more front-loading of the investment) or if the newbie might ONLY be stuck with DCA and perhaps a couple of times a year having some extra income coming in...

and anyone who is already in the practice of buying bitcoin and has BTC accumulation systems in place will have more ideas what to do with any extra money that he might get through the year and even through his first whole cycle in bitcoin... so a kind of consistency is just keeping bitcoin in mind and trying to practice bitcoin on at least a weekly basis in order to hep to reinforce the mindset of consistently buying and thinking about bitcoin and reinforcing their commitment to bitcoin accumulation for at least a whole cycle and perhaps some guys will be accumulating bitcoin for 2-3 cycles or more, depending on their individual circumstances, yet consistency may well help to get through the bitcoin accumulation stage more quickly, yet each of us may well be confined by our own circumstances that cannot be rushed, even if our consistently buying bitcoin might help us to identify if their might be ways to increase our abilities to invest in bitcoin by increasing our discretionary income by perhaps increasing our income and/or reducing our expenses.