Quote from: len01 on Today at 09:14:29 PM

Quote from: Ruttoshi on Today at 06:42:48 PM

Quote from: Solodoski on Today at 06:12:12 PM

Quote from: JayJuanGee on Today at 03:00:05 PM

selling to buy back cheaper is a dumb idea, and it is contrary to what any newbie should be doing. We should tell them that is dumb.

Selling lower than you bought is a dumb idea, so we should tell them that is dumb.

Failing/refusing to continue to buy at a reasonable rate is a dumb idea, so we should tell them that is dumb.

It is good that you are saying this, even if it sounds like a bitter truth, and most newbies must have fallen victim to this in a bid to think that they are being smart.

Rushing to sell below the price at which one bought his Bitcoin is dumb. Even from basic economics, when the selling price is less than the cost price, it is only foolish to sell at that price except you are dealing with a perishable asset that can't stay after a certain time. Is Bitcoin in that category? For Bitcoin, even letting it stay is the best way to remain in profit, which makes it dumb to think of selling too suddenly.

Even if you're in profit i.e the price off bitcoin is higher than your entry point, you shouldn't think of selling until you have over accumulated more than enough Bitcoin in your possession. Any investor in his accumulation journey shouldn't sell buy only to keep on accumulating without relenting. This is why DCA method is very convenient because it gives you the opportunity to continue buying weekly or monthly regularly irrespective of the price of bitcoin.

-snip

What I understand from @JayJuanGee's statement, "a beginner must know the basics of saving".
It means to keep saving (buying) consistently according to the initial plan that has been determined previously. No matter how much the price is as long as it has not reached the planned target as said by @Ruttoshi.

Always thinking about current profits can destroy our initial plan to get profits in the future. Of course that is very dumb and beginners must realize that.

I think it is necessary for categories of investors that are still in their accumulation stage and not just the beginners, because this set of investors are supposed to focus on buying Bitcoin and not their current profit until when they feel that they have accumulated more than enough, then they can consider their current profit and probably a withdrawal strategy.