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?
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.
Initially I thought five years timeline will be okay but with your statement I have come to realize that five years will not be tangible to accumulate a good amount of btc, and of course I’m bearly 25years Entrepreneur which means I still have a long way to go , I have a plan of increasing my timeline from 5 years to 15 years or probably 20years since I’m still young and I’m not old neither do I have any health issue .
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).
I’m not actually trying to get in and out of bitcoin with some dollar profit , just that I’m new to the Bitcoin investment and I never knew long timeline will be more profitable than short timeline but with this conversation I have come to understand that investing in Bitcoin in a long timeline is better than short timeline, i wIll try my best to invest Bitcoin in a long timeline .
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?
All I needed was to be enlightened since I’m new into Bitcoin ,I never had in mind to trade in and out of Bitcoin , And I’m not planning to trade but to invest and accumulate a good amount , I have come to realize , and I now have a good knowledge of 10 to 15years investment and the benefits , so I expect everyone to assist and guid me right so I won’t make a mistake that is all .
What are you doing to make sure that your able to invest into bitcoin for the long term? You do not need to give your specifics, but you could still describe if you have started investing into bitcoin and it you are establishing back up funds and maybe
outline some of your individual particulars without necessarily describing your exact circumstances. There are ways to ask questions without necessarily describing too many individual circumstances, and sometimes we might present hypothetical persons too that may or may not have similar circumstances as ourselves.
We could describe someone with $1,000 per month income and $800 per month of expenses, or a person with $10k per month of income and $4k worth of expenses or we can describe a lot of variations of that, including some persons who have income that might vary a lot and expenses that might vary a lot, so they might be trying to figure out how to deal with their variance, including if they might accumulate BTC by lump sum, DCA, buying dips or some combination of those methods.
We discussed in this thread about guys having income and figuring out how to invest within the parameters of their discretionary income, but also trying to employ good cashflow management practices that might also involve creating and maintaining back up funds, while they are still building their bitcoin holdings.. which yeah could take 4-10 years or longer just to build the bitcoin holdings so it starts to potentially get to a meaningful amount - which surely may also depend on your level of discretionary income too.
And, yeah if you potentially have a longer timeline, then you might want to make sure that you are not overly rushing and that you are building the size of your total investment portfolio and not putting your assets (that you built up) at unnecessary risk. Sometimes there are abilities to engage in more risk when a person is younger, yet it still would be advisable to try to make sure that the person is still building rather than ongoingly gambling and having to start over every time that he screws up, and so many times younger folks engage in more risk than they should because they think that they can just start over if they screw things up, which I personally believe is filled with erroneous thinking and bad practices that get embedded into continuing to follow bad practices, even after screwing up there might not be any learning, but ongoing and unnecessary excess risk taking.
We should not be surprised that even as we speak, knowing that the market is pumping and many are into profits for investing earlier before now, some are still there making attacks on bitcoin because they don't invest and wouldn't be happy in seeing anyone that have invested is into profits, but i don't see what pleasure they have seen in attacking bitcoin, which is why we all must know what we are into and learn it to a particular extend beyond any reasonable doubt.
Now that the market is well pumping, we should be getting for more highs and then go bigger into profits as we continue holding, this is not time for us to sell, but we can choose between now or later after the all time high has been achieved.
A lot of people have this mentality about seeingan all time high as an eyardstic for anyone to sell their holding which is good although anyone can do whatever they like, generally an all time high is a prove that Bitcoin has gained a new milestone of the highest price more than that of it's previous highs, while anyone can be happy seeing Bitcoin attaining such milestone it is not a time to consider selling unless who has already been buying and holding for a long time preferably 4 to 10 years or even more, the excitement of seeing a new Bitcoin all time high should not make anyone who has plans to hold for long term to sell for just a few dollar profits.
I feel that the best time to sell part of your bitcoin is when yiu have reach your over accumulation status because accumulating bitcoin is not by the number of years that you have been hodli. Our success in our bitcoin investment should be meeting up with our bitcoin target by keeping our DCA ongoing, regularly, consistently and persistently every week for as long as we can reach our bitcoin target even though it's 10 years and above.
I don't have plans of selling part bitcoin investment because I haven't reached my target and I don't know when I will reach my bitcoin target but all I am doing is to keep on stacking with DCA weekly. There's time for everything selling is always the last through sustainable withdrawal and I believe that brand new investor shouldn't think of profits because that's what can lead to selling idea but rather let them continue topping their portfolio till they achieve their target.
Logically, it seems that many guys who are seriously considering living off their bitcoin, there are likely going to be transition periods between levels of aggressiveness in accumulation and then maybe mostly maintenance prior to starting to employ sustainable withdrawal techniques... and yeah the details are probably going to unfold differently for different guys that are somewhat tailored on their personal circumstances and even their needs to reassess their situation in light of macro-factors that are changing along the way, too.