I don't know if I will actually be successful one day if I invest in Bitcoin. I continued to invest in Bitcoin for many years but did not get any good results then everything was in vain.
Sincerely, it's a sad feeling and experience, feel your pains. But then again, let me ask these questions?
Was there a set plan or target, I mean years for accumulation? What strategy was used for accumulation, was is the DCA strategy or which? Did you accumulate using your discretionary income or what?
Bitcoin accumulation can be so demanding and knowledge seeking. There could be different ways and strategies to be used while investing in Bitcoin. You might fail in your journey if you use a bit not reliable strategy. From studies and research, the DCA strategy which allows an investor accumulate Bitcoin in little fragments weekly or monthly using your discretionary income has proven reliable and also suitable for Bitcoin investment. This has been possible because you don't have to invest in Bitcoin with all your savings or Income. You only invest with the little you can using your discretionary. This allows you to avoid panicking or invest under pressure.
Your discretionary income is the income left with you after sorting out basic necessities or expenses that will be needed. After taking care of all these needs, you can now use the DCA strategy to accumulate Bitcoin with the discretionary income. At this point, you are sure to invest in likely a peaceful manner because there will be no pressure from basic needs because you have sorted all that out already. Secondly, when the price of Bitcoin DIPS, you wouldn't Panic to sell. Also put in mind that long term investment is the GOAL! If you hold Bitcoin for long, let's say 4-10 years or above, Dips time wouldn't be a problem because it already past of your initial plan to hold for long, and again, you understand that fluctuation is the nature of Bitcoin, and over the years, have always risen above that level after dips. So with all this knowledge and everything planed out and follow, am sure you wouldn't have a bad investment journey. Am sure you are not giving up? Goodluck on your next investment journey.
the panicking aspect is what I don't understand, why will anyone panick, if you are such investor that has been investing with DCA method,
You should know that each an everyone still have their decision to make including selling out of panic. Everyone can not be thesame their must always be traders, FOMOers and (FUD)“fear, uncertainty, and doubt” all you just need to do is to abstain from this category of people because they can do anything just for short term profit.
When they are done fucking around with bitcoin and selling early, they come to regret their actions after a long while when bitcoin price increases very well
There are two kinds of people that I know who regret their actions in bitcoin
- Those who remain speculators and watches bitcoin climb numerous milestones
- Those who actually bought and settled for short term gains
That's why research and gathering of knowledge is generally important in whatever we intend doing. A business coming into a new line of business must first make proper research, ask questions and get answers to know the right thing to be done to avoid great loss or immediate breakdown. Overtime, it has been opined that long time investment has been the best and has proven reliable both for newbies of already existing investors. Accumulate and Hold, simple! And you know that for you to hold for long without pressure, the DCA strategy must be employed using your discretionary income. This allows investment moves smoothly and with ease without pressure.
Discipline and patience should be worn like clothes while accumulating. I feel short time is never the real deal for real income in nearest future. Buy and Hold!