Investing in Bitcoin according to the DCA strategy is easy but if we want to sustain it in the long term, it is most important to have an emergency fund. Because danger can come at any time, that is why you have to be ready to face danger from the beginning, so that it does not affect your Bitcoin investment. This should be given the utmost importance.
Normally, Before investing in Bitcoin, it's important to have a steady source of income. This allows you to make good plans for your investment and set aside an emergency fund, ensuring you don't rely solely on your investment. Having a stable income and a solid plan for managing your funds, such as using the Dollar-Cost Averaging (DCA) method, makes investing easier. With a reliable income, you can afford to invest only what you can spare. without proper money management, investing can become challenging.
Anything that involves investment need enough backup funds for it to keep going smoothly.
The mistakes many investors make is to invest their insufficient funds and after a while, looking for fund to pay their bills and take care of their curial needs. Our plan as an investor should be to buy and hold, not to buy and sell immediately after making peanut. Just like we have in trading, their are some traders that are scalpers, day traders and swing traders. Everyone has there own timeframe and the kind of market they trade which also depends on their capital. Capital is very important when it comes to making money from the market. Those that have less capital tend to make less profit compared to those that have huge profits.