Quote from: Mayor of ogba on Today at 05:33:22 PM

Quote from: Katherine_Alicia on August 01, 2024, 08:14:28 AM

I`m in it for a good 10 years from now anyway, so may as well just set-and-forget really, the thought of watching charts for the next 10 years really doesn`t appeal to me.

I know you are new to bitcoin investment, but I want you to know that since you are investing in bitcoin for the long term, there will be no need to read any charts before you can accumulate bitcoin because you are not accumulating bitcoin for short-term profit. Bitcoin investment is simple, and since you are a newbie or a new investor in bitcoin, I will advise you to accumulate bitcoin with the DCA strategy so that you will not need to time the market or read any charts to guide you to buy bitcoin at a low price, which may delay your bitcoin accumulation journey because the bitcoin price might not reduce to your entry point. With the DCA strategy, you can accumulate bitcoin even when the price is increasing or decreasing, and it will also help to control your emotions.

A little guide on how to go about it would have helped. Your advice to avoid looking at the chart always is valid and for new investor, it is not necessary to know how to ready the chart because it is just like a waste of time. Instead, he can buy from the exchanges using market execution if he choses to use the DCA method which is highly recommended for a new investor. If the option is to wait for dips before buying, this might also be good but a new investor should think more towards the DCA method which is more systematic and have some forms of discipline inherent in it.

In addition, he also have to pay attention to other things that will help him HODL not just how to buy. He might have good plans in terms of long term but if he did not make adequate preparations, such plans can be spoilt. There have been cases of people who plan to invest and hold but have no proper plan and in the end they sell their Bitcoin when issues arise. So, while we focus on buying, we should also make plans for how to protect the investment from sudden liquidation.