Hello guys, I’m new to the thread and I want to understand more about buy buy or sell sell , I want to know more about buying and accumulating Bitcoin, I will be glad if you guys can help and reply or give answers to my questions
Thank you .
You should provide some information about yourself and your goals and perhaps you can provide that information without getting into too many specifics.. perhaps talk in terms of hypotheticals or maybe percentages.
Have you bought any bitcoin?
Do you have other investments? how about debts and expenses?
Do you have a steady income? Are you expecting your income to change? Do you know your discretionary income? is it steady or does it vary?
Do you have emergency funds? or other kinds of back up funds?
What are your thoughts about bitcoin as compared with other places where you might invest?
What is your investment timeline?
Sorry for my late responses, I would have replied you earlier before now but due to tight schedule I couldn’t reply at the appropriate time, below are my answers to your questions
No I haven’t bought any Bitcoin
Yes I do have some other investment that are part of my financial strategy. As for debits NO I don’t owe any debts , expenses are just the regular expenses which includes the usual necessities like housing, food, transportation and my investments which I’m working on optimizing my budget to achieve my financial goals
I do not have steady income and yes I’m expecting my income to change .
Yes I am aware of my discretionary income and I try to manage my finance accordingly, I prioritizes essential expenses and them allocate my remaining income towards savings , investment and discretionary activities, and yes it Varys .
Yes I have an emergency fund,I make sure I save a little from my investment, I know the importance of having a savings set aside for unexpected expenses or unforeseen circumstances, so I ensure I prepare for unexpected situations that may arise .
Bitcoin is popular, Bitcoin is a good investment site that helps and guild one right depending on ur financial goals , Bitcoin has a good value than other places where I have invested and I wish I started bitcoin early enough when I was told about it I would have gotten higher value than other places I invested on.
My investment time is less than 5years for growth,stability and wealth accumulation.
It is hard to treat you like an investor if you have less than a 5 year investment timeline, and you did not say that the reason for such a short investment timeline was because of either health and/or age.
It is hard to treat your ideas of investing into bitcoin seriously if you cannot establish a longer timeline... and so you are merely wanting to get into bitcoin and then get out of bitcoin with some dollar profits, and you will likely miss out on a likely compounding value that comes from holding bitcoin longer (such as for a lifetime and then potentially converting into sustainable withdrawal at some later point).
How do you expect any of us to help you with figuring out strategies that you might be able to apply, if you are merely planning to trade in and out of bitcoin?
You might want to consider if you are able to invest on a longer time horizon.. and to just figure out some amount that you would like to put into bitcoin, to the extent that you want to maintain your other investments. I tend to suggest that newbies consider investing 5% to 25% of their income into bitcoin, which the level of aggressiveness you choose would depend on how bullish you are about bitcoin, and surely if you are still not sure how much to start with, then you likely would error on the lower side while you are figuring out your particulars,
yet still getting started investing into bitcoin tends to be an important first step, and of course, any amount that you do end up investing into bitcoin, whether weekly DCA or otherwise, or perhaps you want to combine DCA with lump sum buying and/or buying on dips, so you can figure out your strategies and your amounts depending on your level of conviction about bitcoin and also to increase with time, and of course, needing to stay within the reasonable confines of your discretionary income...and the more convinced you are about bitcoin and the stronger your cashflow management, then the more aggressive you can be in regards to spending large portions of your discretionary income on bitcoin investment.. but yeah at the same time, there likely are needs for balancing other places that you may choose to spend your discretionary income.
If you also want to make sure that you consider
all of your relevant personal factors, then you might want to consider them as well and to tweak them along the way while you are learning and getting more comfortable with your own variables as they apply to your views on bitcoin and your other psychological and/or financial matters.
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I understand and I agree with this statement but what I said earlier does not refer to purchases but to the definition of aggressiveness because I previously discussed aggressiveness so I gave more explanation because aggressiveness is not only buying a large amount directly but in the end aggressiveness can also refer to continuous purchases without knowing the time as I mentioned earlier. That also refers to the definition of aggressiveness in a purchase but the reference is only that it does not refer that we have to make such investments if we are not able to because of course all purchases must be adjusted according to our abilities in this sense refers to the economy where income and expenses that do need to be considered including for investments made.
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If talking about the issue of agreeing or not, of course I would also prefer to make regular purchases without having to make aggressive purchases so that we still feel comfortable with the purchases we make and do not feel burdened by it but in the end if someone really wants to do aggressively then as long as they are able to why not, but that does not mean all have to do that.
The key is back to finance because after all we have to measure the capacity we have in this case especially for investment matters because this is not just a toy to save money but there is hope that with the investments we make now there is hope that we can get optimal results in the future from the results we get from what we sowed before.
In the end, we are not necessarily going to agree how aggressive a person might want to be, and surely the level of aggressiveness is always within the scope of the person to figure out how much he wants to balance his investment into bitcoin versus various other competing places he can put his money in regards to current consumption and/or even other investments and/or having some assurance that if he invests less aggressively, then he would be able to keep more cash in reserves. There is no exact correct answer, yet anyone could end up considering that he is merely being aggressive, and then he ends up overly doing it. No one is going to rescue another person when he has made the mistake of being overly aggressive... so you could be correct that it might be better for some folks to make sure that they are not being overly aggressive and perhaps even having some extra cash cushion available so that they are less likely to end up being overly aggressive.
Otherwise there are some folks who choose to be less aggressive about bitcoin because they are not sufficiently bullish about bitcoin, so they end up erroring on the side of keeping extra cash. These are somewhat individualized choices, yet they likely could have pretty major differences in outcomes for the person who could have had invested $100 per week, yet he chooses $10 per week because he wants to keep extra cash available for other priorities that he has.