Well, I've come to understand that some investors are not aware that Bitcoin have features that could help them recover lose
Bitcoin would not help you recover loss because it is neither gambling nor ponzi scheme, your mess with shitcoins stays with you and the funds expended from stupid involvement with it has been lost forever. Bitcoin is a profitable investment on a long-term plan and getting involved with bitcoin with the motive of recovering loss is a trader activity and you might still be disappointed by its volatility. Bitcoin is different, you invest with your discretionary income, employ an accumulation strategy or more than one, have an accumulation target in mind and go on to the long term profitable investment journey in bitcoin.
Yes, you are right, I wasted a lot of time and funds on shitcoins earlier in my crypto involvement and got really messed up financially, would've continued in that direction to recover losses and possibly gone into a deeper shit until someone introduced me into bitcoin and this forum of course and I have really taken my time to read some good number of pages here and gathered enough information on the good patterns of investing into bitcoin as well as the best practices and trade offs and hence my decision to abandon shitcoins, forget about my heavy losses and direct all my energy into bitcoin is a wise choice.
we grow everyday, learn and unlearn a lot of things and make better decisions and one of the greatest decisions I made even before the significant uptrend in bitcoin price is to choose bitcoin over shitcoins this time around and embarking on a log-term plan as against the short-term profit minded I used to be, my convictions are strong and I know the future ahead is greener for me.
I will advise you as a new investor who wants to start his bitcoin journey to first of all figure out how much of your discretionary income that you use to buy bitcoin that will not add pressure on you, so that they can use that amount to buy bitcoin always either weekly or monthly with DCA for 4-10 years and above consistently and persistently so that you can gradually keep on increasing your bitcoin investment overtime.
You also need to set up an emergency funds of 3-6 months of your monthly income to backup your bitcoin portfolio, so that you don't sell your bitcoin when a real emergency happens, like you losing your job or got got sick for few weeks and above. It's not compulsory for you to have your emergency funds on ground before starting, if you already have it currently, that's not a problem. However, if you don't have any emergency funds, you can build it along aside with your bitcoin investment by using the other part of your discretionary income to build your emergency funds till it reaches at least 3 months of your income.
It is good to have various backup funds, after building your emergency funds, you can still channel that same amount to build your reserve funds which is a back up to your emergency funds.
Yeah, thanks man for the few pointers, I gat all that figured out and learned more as I navigated this thread before getting involved in discussion, in addition to that I also learned how to arrange my discretionary income and carve out percentages for my bi-weekly DCA and some for my emergency fund building in Fiat alongside my investment and then leaving some few funds to take care of my little needs as a third backup funds. been going for months now, been challenging but I think it is less stressful compared to shitcoins and I focus more now on my work and only have to make funds available periodically to buy bitcoin and maintain my peace.
I'm more concentrated now on things I do on a personal level against other times when I am continually on the look out for new and better shitcoins to leverage on and giving less time to my career.
After building these back up funds, you can start DCAing aggressively so that you can cover up all the time that you have wastes using to build all these back up funds.
I am not going to only concentrate on building backup funds, I plan building it alongside my accumulation journey, so I don't see any time wastage in my activities. Like you said when I am done with building my backup funds in two months time from my projection, I would merge the percentage for emergency fund building with that of accumulation and channel it to accumulating bitcoin for as long as it takes me to arrive at my accumulation target.
I am fully prepared, got an extra job which I do only four hours a day for the sole purpose of my accumulation journey so you can guess that my mind is sealed on this course. I would continue learning and growing my investment mindset and with time I would probably do better.