First of all you need to know that discretion fund is the leftovers amount after your expenses, which means that you have marked out the important ones before you have your discretion. So now what are you planning again with you discretion fund? Because according to your explanation we are talking about discretion fund, and this fund don't need fotjer planning aside Bitcoin investment and any smaller task since the bigger taks has been accomplished.like I said earlier there is nothing wrong having fun and don't use because of investment and deprive yourself of having fun. Life without fun is meaningless. Don't forget that the money we are investing is to also have a better life thereafter but doesn't mean we can't enjoy a little at our youthful age while preparing for the later fun.
You make a valid point,discretionary funds come after essential expenses, so there is already a level of planning involved. But even within that, I believe some structure helps. It’s not about over planning or denying enjoyment, it’s about finding balance.....We can enjoy life now and prepare for the future. A little discipline in how we use our discretionary income whether for Bitcoin, small goals, or fun makes both present and future more secure.
Ive been hearing about situations where someone buys a coin for a certain rate and not quite long after, the said coin drops in value, or someone sells his coin for a certain rate and then it appreciates just after.
What's your take on this? Given the period we're in is it buy time or sell time?
Well, that just shows that the market is unpredictable.
You can't time the market because it's very unpredictable. You might see it's price going up for a few hours then suddenly, it will go down. Just look at Bitcoin's price a few days ago when the Coinbase anomaly happened. It went down from I think around $68,000 to nearly $59,000 in just a span of a few minutes.
What's my take on what's happening right now? We're in a time where we need to wait for the market to correct before entering. We have been seeing the market going up for days already, and I don't see any reason for me to enter the market when the market is on the green. I mean we want to buy coins at a lower price, so it's better to just wait until the market corrects then that's the time for us to buy.
A lot of people don’t talk about enough, Timing the market is a gamble, and most of the time, emotions get the best of us either FOMO or panic selling. I totally agree with you patience is key. Let the market breathe and correct. The goal is to enter smart, not fast. It's better to be late and right than early and wrong.
Patience is very important as long as long term investment is concerned. Investing in bitcoin for a longer term requires patience in other to be able to hold and to avoid making impulsive decisions based on market fluctuation. Just like you said timing the market is gambling and it is mostly those that are into bitcoin for short term goals that prioritise waiting for the price to dips.sometimes during bearish season most investors used to sell there bitcoin at loss.
Investing in Bitcoin is a real investment, if you do not have patience during a recession, then where will you have patience? When the Bitcoin market is in a recession, we should hold on to Bitcoin more tightly and continue to buy deep or buy Bitcoin weekly according to the DCA method. Then our best way to invest in Bitcoin will be, you should never consider yourself a casual investor in Bitcoin, because the Bitcoin market can go up and down at any time, so you will never be disappointed.
Before investing in Bitcoin, you must make a plan and you must hold on to Bitcoin investment in order to implement the plan. It is also most important for you to set an emergency fund in case you are faced with any other situation without planning.
Absolutely spot on, Bitcoin is not for the faint hearted it rewards patience, especially during downturns. The DCA strategy builds discipline and resilience. Having an emergency fund is equally vital so you are not forced to sell when things get tough. Treat Bitcoin seriously, plan well, and stay the course. Long term conviction always wins.