It has often been the message that dollar cost averaging is one of the best strategy to invest in Bitcoin but a challenge to dollar cost average for this our country can be the economy making individuals who are interested in investing in Bitcoin not have a stable size of income and forced to invest sizeable amount of money they get occasionally into cryptocurrency trying to cover the gaps of not investing regularly in bitcoin through dollar cost averaging.
Do you agree with me that the economy na challenge to the plan to try invest for bitcoin through DCA?
In fact, to manage DCA properly, first of all you need to have a stable income, if you cannot maintain DCA regularly, then it is not possible to achieve anything good by investing in DCA. The DCA strategy works successfully only when investors are able to invest a certain amount of money regularly. If the income is irregular, you will not be able to maintain DCA regularly, and in the case of DCA, Moreover, some other things need to be paid attention to, namely emergency fund, if your emergency fund is not ready, the holding may be disrupted in unexpected situations, which may cause you loss.
Therefore, the investor must first secure a good financial condition, from which he will regularly receive a stable amount, and accordingly, a certain amount of money must be invested regularly. A flexible DCA strategy must be adopted in accordance with the overall financial condition. When an investor maintains DCA regularly, it is possible to take advantage of average buying in the market.
Despite economic challenges, it is possible to continue DCA well through proper planning and build a strong portfolio.