Re: Buy the DIP, and HODL!

I like the contribution that you people are making here especially the contribution of Sir JJG in regard to young people. However, young people especially those they don't have good career are face with so many challenges that requires smartness, determination and resources to train themselves and acquire skills and knowledge that will enable them to be able to get some income. But one of the problem some young people are having is that they undermine the power of little begining, they want to make it big before thinking investment without knowing that they can start making discret investment in Bitcoin by DCA with the little resources they have and by so doing with good planning, patience and consistency they will possibly have good starch of Bitcoin in the future that will give them good income.

I don't know how much you read the post you quoted before posting this. It's true that JJG spends a lot of time on this topic and posts a lot of helpful stuff, but everyone needs to have the desire, interest and patience to understand what he's trying to convey.

Crypto can change the lives of many. I can tell you from my own example that I have been with Bitcoin and the entire crypto world for almost 7 years. Although I came to this forum later, I have gained a lot from crypto, money, knowledge, and respect. Because with the money I have earned from crypto, my daily expenses run very well and I can use expensive things, due to which people in society respect me. And all this has been possible through buying and selling crypto at the right time. You always have to make your own efforts to research the market. Some people can give you some advice for a while, but you have to fight your life's battle yourself. And to get something good, you have to create different strategies. We all know that if you buy a coin at Dip and sell it at a higher price, you can profit from it. But how many people know which price is best Dip price

We are not talking about crypto (shitcoins) in this thread, and we are also not talking about trading in this thread. Some guys get mislead by the title of the thread to think that we are talking about trading, when really we are talking about investing.. which is different from trading (gambling).

Bitcoin is an investment and not a trade, and it is not a shitcoin, either so we need not talk about shitcoins when we are talking about bitcoin. Anyone in their earliest years of accumulating bitcoin should be focusing on just buying bitcoin through DCA, lump sum and buying on dips... those are the three ways to accumulate bitcoin. Trading (or selling) is not a good way to accumulate bitcoin, since if you sell you have less bitcoin and then you take the risk of having even less bitcoin if the BTC price does not end up going down. So buying BTC on an ongoing, persistent, consistent, regular and perhaps even regular basis is the best way to assure that you are continuing to grow your bitcoin stash while you are still in your accumulation journey. Once you get to a status of overaccumuation then at that point you might consider selling, but that could take 4-10 years or longer depending on how much a person is able to invest in bitcoin and/or if a person is able to front load his bitcoin investment.

I agree, using DCA and holding Bitcoin for long time is the best way but everyone need to know the difference between shitcoins and Bitcoin. Most shitcoins go to zero.
But, I think it's okay to sell sometimes. Taking partial profits can help if you need money for living expenses.

Taking partial profits to maintain living expenses is a testimony of the poor foundation of your accumulation journey, to start purchasing bitcoin, you need a source of income that can take care of your expenses, your expenses is very important, so you should plan for it first and be sure to have a means to maintain it. what is left of your income after taking care of your expenses is regarded as discretionary income, That is where you should take out some part of it and invest into bitcoin consistently.

Even your discretionary income shouldn't be invested totally into bitcoin. You need to build an emergency fund to tackle unforeseen circumstances that can arise in your accumulation journey and you should continue building it alongside your accumulating bitcoin until it is enough to service at least 3 - 6 months or more of your living expenses. having built out your emergency fund, you can choose to pause it and channel the money used in building the emergency fund back into accumulating bitcoin to increase your aggressiveness until maybe there is an emergency and it depletes or you spend from the emergency fund and you need to rebuild / update it.

Also you should build up variances of backup funds to tackle recurring needs that are not emergencies and not part of your constant expenses. With proper cashflow management, you would not necessarily need to touch your holdings just to service your living expenses, unless you have a very fatal financial challenge and run out of options, even then you should have plans to replenish what you took and better continue from where you left off when you bounce back on your feet.