Re: Buy the DIP, and HODL!

Quote from: promise444c5 on Today at 03:36:15 AM

Quote from: Dailyscript on August 27, 2024, 06:29:19 PM

Unless an investor considers himself an expert (based on experience) in Bitcoin investment and if he has enough funds to invest that is when he can be able to use several strategies to invest in Bitcoin. A beginner in Bitcoin investment will only destroy his investment if he cannot maintain consistency in one strategy.

An investor who have met several cycles of Bitcoin might know how to make good use of several strategies to have a good Bitcoin portfolio. Using several strategies can help perform better based on several market conditions instead of relying on one strategy that works sometimes and other times it dont work.

Don't mix things up for yourself and others Roll Eyes

What will you define as an enough fund ?? It's just like saying accumulating a lot of funds to take on different strategies, is it? ..
BTW that's not my focus, my point is that your post might divert the attention of newbies to other strategies, not bad actually if they know about them but they should know that the best strategy for now is just buying to increase their portfolio and the advisable strategy of buying is DCA[they will have different price entries with this & might enhance their portfolio size within a short range with consistency].

I was about responding to that comment before I saw yours and it seems you already covered some of the things I would have said. However, I want to add a little for emphasis and to make sure new investors are not distracted into thinking that making the investment process complicated by adopting different strategies is a great thing to do... it is simply setting one up for confusion and possibly mistakes. When an investor becomes entangled in combining various strategies there is the possibility of mistakes and regrets. For instance, an investor using the DCA method will easily know how much funds is allocated into Bitcoin and how much to put into Bitcoin at certain times. But when lump sum purchase is added and also buying the dips, when Bitcoin drop rapidly, he might face the confusion of putting more money during the dip more than was budgeted for busying using that method. Rhe same could happen when price is surging and it is looking like price broke out and will never come back.

Investing in Bitcoin is supposed to be the easiest thing to do especially when the aim is to hold for several years. The bulk of the job is never in the method of buying the Bitcoin but how the purchased Bitcoin is managed to ensure its longevity.