Quote from: Justbillywitt on Today at 08:54:00 AM

Quote from: Katherine_Alicia on Today at 06:43:48 AM

Quote from: Miles2006 on August 02, 2024, 11:28:41 PM

Certainly, I see a lot of traders coming into the investing space for quick gains etc. I believe what everyone should think of is how to buy on regular basis and avoid unnecessary drama for more benefit keeping our investment healthy for long run. If I’m not mistaking Katherine_Alicia is making use of dca and buying the dip from what I read it’s actually nice if an investor have the available money to invest on regular basis and still keep up with buying the dip, that’s a unique way of growing little investment but, firstly having an extra money to buy during the dip is not actually a force as everyone have their differences and situation, secondly the charts is a personal decision if an investor can successfully watch the charts without being tempted or panic but personally I will advice investors should not show concern when it comes to price movement or should we be talking about charts when investing for the long run? Because I feel it’s not necessary attaching bitcoin chart and investing when there’s nothing common between both.

Yup, I`m doing both the regular (automated) DCA, as well as buying dip when the happen, for instance there was a dip last night UK time and bought some extra even though my next DCA buy isn`t until the 15`th Aug, That`s why I like having a realtime price update on my shelf, I can see the current price as easily as looking at a clock. I agree it`s not for everyone though, some will panic when it goes down, and it`s my job to buy their fear.
I think it`s critical to always have some cash in place for emergencies so that you`re never tempted to dip into your BTC or investments, that cash protects your holdings, and those holdings protect your cash (from inflation), it`s the perfect setup IMO.

That's true the emergency funds are very crucial for successful investment and holding Secondly a source of funds should also be there also. If we focus only on the keeping emergency funds without having a good source of funds, it will come a time when our emergency funds provision will be used up and when that happens our investment will be in danger. Source of funds is the pillar that holds our investment and our emergency funds. If possible multiple sources of income is encouraged.

There is need to have a reliable source of income before venturing into Bitcoin investments because for someone who is using the DCA strategy and it got to a point when you are unable to continue due to financial constraints, it often results to selling off your holdings since you have no other source of income and it is always difficult for anyone to have funds somewhere and not able to make use of it. Bitcoin investments is considered to be a long term investment growth so it requires preparedness before one can be able to hold for a long time. It will even be difficult for someone who don't have a good source of income to even keep emergency funds because of the little amounts they earn and it is also very good to have different sources of income so that if one fails you can still manage the other to be funding your DCA.