Quote from: Derekfunds on Today at 12:00:08 AM

Quote from: edy_58 on March 15, 2025, 08:34:23 AM

Quote from: laijsica on March 15, 2025, 06:07:26 AM

It is a simple consideration that an investor should have alternative sources of income and also if you have extra money to invest then Bitcoin would be the best venture for you. Your objective is to hold Bitcoin and your effort to be long term is DCA or single investment. Bitcoin is only recommended for newbies who do not bear additional risk in DCA strategy. The review of discretionary income source that you mentioned is that it is a long term investment endeavor where an investor is looking for a great strategy for his future.

I agree with you if you want to be able to carry out investments well on Bitcoin then we must have some sources of income to be able to maintain the assets in the long run because if the income we have hanay enough for needs is certainly not possible to run the investment because it takes a time that is not a short time to produce profits from the investment.
When someone wants to survive in the long run, it will certainly be very good in using the DCA method because they can always buy consistently according to their abilities after fulfilling all the needs they need because it will be very unlikely to survive if the necessary needs have not been fulfilled properly.

You are absolutely correct but sometimes it is not about having a source of income because some people who have source of income are still going the wrong way in this Bitcoin investment. Bitcoin investment should be something we have made up our mind to venture into, and having the long term in mind because this investment is not something one will invest overnight and be expecting profit the next day so it is possible one will have a source of income and yet not prepared or not interested for the long term so a successful investment is a function of our source of income, determination, consistency, discipline etc.

You are actually right that determination, consistency and discipline is very vital in Bitcoin investment if you must succeed on the longer run, but take note that you might have the will and all these in place, but if you fail to have a source of income, an emergency funds that stands as a shield against any unforseen circumstances that may arise in the future, and possibly a backup fund, all your determination, consistency and discipline will be laid waste because you fail to channel all your energy in doing the right thing, by managing your finances rightly, which I think is very much important when investing in Bitcoin.
That's why you will see someone that has been holding for some time now, because the will and determination is their, but due to lack of proper management of funds, they end up selling of their holdings because in as much as they are determined, consistent and discipline, they still lack the right knowledge on what is required for them to be able to hold successfully.
So in essence of what am trying to say is that, having the right knowledge on what is required to hold, is the main key thing that will complement your determination, consistency and your discipline, without having the right knowledge on all that it entails to hold successfully, is like doing the right thing the wrong way, which cannot give you the best possible result.