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I also think so. I do not support Bitcoin trading or holding for a short period of time. Without a long-term plan for Bitcoin, we cannot make real profits. Therefore, we should buy Bitcoin with the mindset of holding for a long time. It is better to adopt the DCA method. It is better to adopt the method that is best for us. It is better to buy according to our own wishes, buy when we want, but we have to stay on buying. Bitcoin has already reached an all-time high. We hope that something good will happen very soon. If we buy Bitcoin, it will not lose, we just have to wait for time. I think we can buy Bitcoin and sleep peacefully, and after two, four or ten years we will see that we will get a lot of profit.
It's not necessary to sleep soundly after buying Bitcoin for the long term, even if we store it in a safe place, especially if we buy a small amount. But for those who can afford to buy a large amount at once, perhaps they can take a nap to rest their minds, because the next day they'll have to think again about buying Bitcoin and storing it in their personal wallet. The more frequently and consistently we buy Bitcoin, the better it will be for us, as a larger holding of Bitcoin clearly has the potential to yield more tangible benefits. So, let's keep working on the path we've been on so we can more regularly set aside money to buy Bitcoin, regardless of the price. Our goal is long-term, so we don't need to focus so much on the price, even though Bitcoin has hit new highs several times this month.
When I was in my earlier years of BTC accumulation like 2014, 2015, 2016 and perhaps even into 2017 and 2018, I used to set various kinds of bitcoin alarms, so I think that I tended to be watching the price more than I am now.. and so I think that sometimes when we are first building our bitcoin position, there can be a lot of tendencies to watch the price.. and even to get emotional about it.
Yet, I also think that we can learn to be less emotional about it, yet at the same time, bitcoin is so volatile and so curious of an innovation, invention, discovery, so even when we might build up our investment systems in order to try to be less emotional, we can still be sucked into watching it a lot and thinking about if there might be ways that we can tweak our various plans based on what the price is doing.
At the same time, we likely still have to develop some sense of where we are at, how we got to where we are at and where we plan to go, even though we cannot know any of it with any exact certainty. We can ONLY attempt to control the aspects of our bitcoin investment, our cashflow management and various aspects of our psychology by the parts that we can control, which is our own actions and having some plans that we don't necessarily need to have in the very beginning, yet that we can build along with building our investment into bitcoin... which like I frequently suggest getting through a whole cycle is likely quite helpful to any of us.. to help to orient us in terms of also considering how much of a bitcoin stash we might have had accumulated in our first cycle that might affect the extent to which we might need to adjust anything in what we are doing in terms of accumulating or maybe we have to accumulate for another whole cycle and then reassess after two full cycles.
Even with you, iamsange, you have more than two full cycles in bitcoin,.... even more than 9 years, so you are not very much behind me with my 11.5 years in bitcoin, yet each of us has our own ways of starting out and maybe taking some time before we might become more bitcoin focused and maybe less inclined to trade, but surely we each have our styles and sometimes we make changes, and other times we just build and tweak various aspects of our original paths to account for our financial and psychological circumstances and our learnings along the way.
You've hit the nail on the head. When a person is first starting out with Bitcoin accumulation, it's normal to get glued and continually monitor the Bitcoin's price chart and get emotional when there's a sudden movement in the market, but the more you proceed and gain more experience, you'll be able to develop your own personal strategy that'll help you manage your emotions and focus more on the areas of your investment that aren't really beyond your control as an investor.
I also love the fact that you laid emphasis on having a solid plan and being aware of you own actions and psychology. It takes a lot of time to build a solid Bitcoin stash and it's more than okay to tweak and make necessary adjustments as you proceed. It can be incredibly helpful to get through a whole cycle because you'll be able to orient yourself and make more better and informed decisions about your Bitcoin portfolio.
I also love how you took out time to highlight the uniqueness of each person's journey with Bitcoin. Everyone starts out differently and we all have our own special and unique financial situation and approaches. Some people might see the need to indulge in trading, while others might focus more on long term accumulation of Bitcoin. It's all about discovering what really works for you and suits your own unique financial situation and also being flexible with your approach in order to be able to make necessary adjustments and changes when needed.
Your points about controlling what you can control, managing your emotions and having a flexible plan that is capable of changing and evolving overtime is absolutely notable, and yeah having more than one cycle under your belt can be pretty helpful as it can potentially provide valuable insights and perspective to the investor.