Quote from: SuperBitMan on Today at 02:29:55 PM

Quote from: JayJuanGee on August 09, 2024, 10:36:48 PM

Quote from: SuperBitMan on August 09, 2024, 12:20:55 PM

Quote from: BITCOIN4X on August 08, 2024, 07:35:39 PM

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Quote from: Agbamoni on August 07, 2024, 10:38:26 PM

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What you said is quite cool and makes sense because no matter what, beginner investors will not be able to ignore basic knowledge, patience, risk management, and investment time if they invest in Bitcoin. Because all of these are important things that need to be understood and also passed by every investor who wants to get rich with the investment that he has entrusted based on his own decision, namely Bitcoin. In addition, at this time there are many investors who are being tested for their level of patience in holding and maintaining Bitcoin so that they do not immediately sell it because they panic when they see the decline in the price of Bitcoin on the market.

You may be right, but not all investors actually put their knowledge into practice when the market is not in line with their wishes. I can give examples of several cases from my friend outside this forum, he is a bitcoin investor who understands the basics of investment, but what he regrets most is that he couldn't buy when the market was down.

He knew exactly that accumulation was good and DCA was useful, but the lack of additional capital made him have to accept reality and let the opportunity pass him by. Basic knowledge is indeed important in investing, while risk management is equally important, but preparing a backup plan should not be ignored.

When it comes to bitcoin investment there are things which are very important to have or do if one wants to be successful which are.
1. Patience

2. Consistency

3. Backup funds
This 3 things most be in place if you want to succeed in your Bitcoin investment.
Now for backup funds, if you don't have any backups you can start accumulating it along side with your Bitcoin, then when you accumulate ur backup funds to a point you feel is okay then you can live it and then focus on your Bitcoin accumulation.
Without having a backup funds you will surely dip hands into your Bitcoin as time goes on, some people feel they are been paid very well and they can settle everything they need with there salary, that may be true but the reason why it is advised to have a good backup funds which comprises of emergency, reserve and float funds, is because of unexpected occurrence or emergency issue, such as being sack from work, having accident, sickness, etc. Backup funds are security for your Bitcoin.

I don't disagree with what you are saying; however, it does seem that you skipped the most important consideration, which is investing within the boundaries of your discretionary income..., which also should mean that the discretionary income that you use is income that you don't need for 4-10 years or longer.. which means that it is also money that you are willing to completely lose in the event that bitcoin were to go down rather than UP.

Sure no one invests in bitcoin or in any other kind of an investment with an intention of losing money, yet part of the way of assuring an ability to stick with an investment through the ups and the downs is to use extra money that you don't need for expenses.

Yeah you are right, when one uses such income to invest it will enable one hold for a very long time without wanting to dip hands into his or her Bitcoin.
When you use income that you need in the next year then your Bitcoin investment is not secured.
This you have mentioned is part of bitcoin security measures every investors should take very seriously in other to succeed in his or her Bitcoin accumulation.

Yeah and That`s why is not encouraging to accumulate your emergency funds, to prevent youself from making such mistake like selling your bitcoin stashes too early inorder to cover the expenses your emergency funds is meant for . So tha your bitcoin investment that`s meant for longterm holding wont endup being your emergency funds. Is good to be aggressive in your accumulation but always try not to over do it .

Because is always nice to see your bitcoin stahes growing, but what is nice the most is hitting your goal no matter how long it may take just keep accumulating and doing the right thing to secure a smooth investment .