Post
Topic
Board Speculation
Re: Buy the DIP, and HODL!
by
Tamaperdana
on 30/11/2024, 13:03:35 UTC
[edited out]
Considering my situation, your advice is quite reasonable and effective. Because I live with my family although I am not dependent, I have to be accountable to them for the family income, this is my hereditary principle. However due to my job, I can save even a small amount but the amount is very small and I can deposit it continuously. As a result I have invested some amount in Bitcoin earlier. I have some more savings which I am going to invest now. But I think that after one or two years from now if I can save more, can I invest in Bitcoin again with that? This Bitcoin has already motivated me. So I regret a lot for not being able to invest now or a little earlier, although I had nothing to do. And maybe I will regret it again two years from now. But I am constrained by the current situation. Anyway, I am very satisfied with your statement.

I don't know why you are asking whether to invest or not.  That is your choice, and there are consequences whether you choose to invest or not to invest, so if you are going to invest, you have to figure out your position size. .and yeah, 2 years sounds like you are planning to trade rather than to invest.

In bitcoin, you probably should be considering putting money in for 4-10 years or longer if you are wanting to consider what you are doing to be an investment rather than a trade.

Do you have money that you can spare for 4-10 years or longer or not.  If you don't then maybe you should not be putting your money into bitcoin until you are able to figure out your discretionary money to such an extent that you know that you have extra money that you can put in.

I doubt anyone convince you what to do but yourself.

There are sure a lot of low coiners and no coiners in the world who are choosing not to invest into bitcoin, and do you want to be one of those?  Maybe you don't know and you have to figure that part out?  The longer you wait to get into bitcoin has its own issues too, so many guys can learn as they go, so you just pick your investment size and you continue to study bitcoin, whether you are able to begin with $100 per week or $10 per week or some other amount that you consider to be in your budget and you are not going to need that money for 4-10 years or longer.

By the way, some folks have considered bitcoin to be the best place to put your extra money, yet if you have not figured that out or you don't believe it, then you have to figure out your position size in accordance with your beliefs, including figuring out whether you are going to wait (and if you believe waiting is a good investment strategy) or get started and start buying regularly, consistently, persistently and ongoingly while you are also figuring out your own financial and/or psychological situation.
You are absolutely right that my investment will depend on me whether I invest or not or where I invest. But since I have little investment experience or knowledge of Bitcoin and digital currencies, that is why I am asking so much about investment. I really believe that I can explore the right knowledge and principles on this board and there are many wise people on this board including you from whom I can find the right advice because as I have already said that my experience or knowledge is very little.
And I believe in your words with all my heart that my own enthusiasm will be more effective and reliable than the enthusiasm of others to do anything in this world. But for that I have to gain knowledge myself first, and only then can I make the right decision myself. That is why I have approached you so that I can follow your experience and move forward.
I thought that I would get a good profit from Bitcoin investment after one or two years. But in the light of your kind opinions and experience, I now see that I was completely wrong. I have to plan my investment for a longer period.
Now I can reorganize my plan and get out of a serious situation. This is my biggest achievement.
What you are doing now is very right, friend, because you dare to ask and also discuss first before deciding to invest in bitcoin. Because there are quite a few people who don't understand Bitcoin, but immediately invest in it under the pretext of wanting to quickly double their money by investing in the short term of 1 to 2 years (or what could also be called trading). But you don't seem like that kind of person because you studied or asked first before starting to invest in bitcoin. So now according to my assumption, you already understand what the difference is between investing and trading. Therefore, now you just have to look for money that can actually be invested in Bitcoin (cold money). Then if you already have it, I guess you can just buy bitcoin on an exchange and keep it in your wallet safely.

And I remind you, if you have bought bitcoin and stored it in your wallet. Don't forget to write your wallet phrase and keep it in a safe place. Then the paper containing the wallet phrase code must be laminated directly. So the paper is not eaten by termites and remains safe even if stored for years.