Yes, there are people like that who dream and wait for Bitcoin bear season to invest into it, funnily they may end up very disappointed when Bitcoin price fails to fall to their expected price. They may well be referred to as gambling with Bitcoin rather than investing into it. I doubt that people interested in price more than their accumulation target are even able to hold Bitcoin for a long time.
It's funny that these sets of people may well end up not investing into Bitcoin since they wait only for the dip to buy unless the person already has good quantity of Bitcoin and is now being selective on how to further increase his portfolio. Interestingly, if it's a newbie, he has started off his accumulation journey on the wrong foot and may miss out on good opportunities to accumulate with DCA and smoothen the effect of volatility on his investment.
Worse of it all, the funds he is reserving solely for the dip may be overtaken by some other necessities or frivolities and he don't even buy enough even when the dip comes if he ends up buying at all.
Another thing the investor would miss out on if he gets funds weekly or monthly as the case may be is the less stress that comes with spreading your investments over a longer period of time compared to the pressure of having to do it at once. Also I doubt the newbie would be disciplined enough to employ strategic backup funds like emergency fund and the variances of backup funds, these disciplines are perfected with continuous practices over a considerable period of time.
The longer that we are in bitcoin, the more important it becomes to be able to have strong cashflow management practices, so there are plenty of times, even within the first 4-ish years of accumulating bitcoin that any newbie might be forced to sell some or all of his bitcoin based on his failure/refusal to manage his cashflows in such a way that he is not using his actual bitcoin as his emergency funds rather than having emergency funds in some form of cash that is not going to end up cause him to run out of places in which to draw prior to needing to tap into his bitcoins.It's funny that these sets of people may well end up not investing into Bitcoin since they wait only for the dip to buy unless the person already has good quantity of Bitcoin and is now being selective on how to further increase his portfolio. Interestingly, if it's a newbie, he has started off his accumulation journey on the wrong foot and may miss out on good opportunities to accumulate with DCA and smoothen the effect of volatility on his investment.
Worse of it all, the funds he is reserving solely for the dip may be overtaken by some other necessities or frivolities and he don't even buy enough even when the dip comes if he ends up buying at all.
Another thing the investor would miss out on if he gets funds weekly or monthly as the case may be is the less stress that comes with spreading your investments over a longer period of time compared to the pressure of having to do it at once. Also I doubt the newbie would be disciplined enough to employ strategic backup funds like emergency fund and the variances of backup funds, these disciplines are perfected with continuous practices over a considerable period of time.
You are correct that newbies might be more prone to employ cashflow management practices that are insufficiently forward looking and/or sloppy and to end up contributing to their getting into a pickle in regards to not having enough funds to deal with various life circumstances that could come their way with potential variance in income and/or expenses and just that shit happens in life. and those persons who consider having various kinds of cushions in their cashflows (even if they feel that the cash "is not working for them") will end up being way better off by their creating and maintaining such buffers that allow them to make sure that they are not forced to sell some or all of their BTC at a time that is not completely of their own choosing.
Surely, it can be quite difficult for newbies to figure out some kind of a way to balance the level of their desires to be aggressive with their bitcoin investment and at the same time to make sure that they do not overdo it and end up in a pickle.. so frequently newbies get worked up about their emergency funds "not working for them," yet a more solid bitcoin investment approach (and strong cashflow management practices) would end up probably having 10-20 years or more of never ever having had touched their emergency funds...
Frequently if we are having to dip into our emergency funds, then that likely would be sign that we are doing something wrong... since it should really be rare that we would ever have to dip into our emergency funds.. .and surely it can take a lot of practice to ensure that our systems of back up funds are strong enough to endure UPs and DOWNs in the BTC price and other happenings in our life that are related to our income and/or our expenses.
The more uncertainties we have with our income and/or our expenses, the more emergency funds (and other forms of back up funds) we are going to need to deal with ongoing variance that we may well already know that we have, and surely there could be ways to buttress up our back up cashflows by increasing our income and/or cutting our expenses, yet there also is likely some balance that we need to attempt to reach and some kind of a learning that comes from several years of practice, and it could surely take us 1-2 whole bitcoin cycles in which we really are able to gain meaningful confidence that our various back-up fund systems have been put through the ringer and put through the test so that we start to gain more and more confidence in regards to even being able to increase our bitcoin investing (buying) aggressiveness based on increased confidence that we are better aware (through our own experiences) of knowing where the boundaries are at, and even I have been investing more than 30 years (more than 20 years prior to getting into bitcoin),
....and from time to time, I even find myself making mistakes, yet surely the longer that we invest and build good habits that are investing rather than trading or gambling, it likely becomes much more likely that any errors that we make are not going to end up taking us out of the game, like the errors of newbies will sometimes cause a lot of damage to their making progress if they cannot figure out ways to be as aggressive as they can, yet without over doing it, since in the beginning they likely are going to need to temper any of their BTC accumulation with making sure that they have sufficiently good systems of back up funds in place and that they are not putting their prior accomplishments in too much jeopardy based on their own desires to want to get rich as quickly as they can.. but then end up getting too greedy and not realizing that sometimes a more prudent and conservative approach will end up having better long term payouts both in terms of developing better habits but also to be able to see ongoing growth in the BTC stash, which ultimately is likely going to be the part that ends up paying off, even if some weeks the addition to the BTC stash might be relatively smaller compared with other weeks.
It really took time to reach some kind of maturity of good cashflow management practice and I had to change lots of tactics on the way including splitting my discretionary income into various backup funds after removing the portion for my DCA and depositing them to the appropriate bank accounts even before I spent a dime from the whole income. It prevented wastage since I know what I have left after separating the funds with respect to the variances of backup funds and I made do with what I had left.
It sounds good that you are figuring out ways to improve yourself and to make sure that you are lessening the odds that you are going to make the same levels and kinds of mistakes in the future... sometimes we might fix some previous mistakes, but then we end up making other mistakes, yet if we are continuing to progress, we likely become better at even identifying areas that are risky that we might not have had identified without ongoing practicing.
I got better at managing my cashflow and for the first time, I had good savings and could even save for Christmas spending classifying it as a variance along the way. It was a joyful thing to me and I know I wouldn't have been this responsible if I had not learnt to manage my cashflow very well. It was a challenging learning process, but it is surely beneficial and I remain a student of it.
So I can comfortably say that having a good cashflow management ability is very instrumental to being a consistent and committed bitcoin investor.
So I can comfortably say that having a good cashflow management ability is very instrumental to being a consistent and committed bitcoin investor.
It is great that you are actually concretely witnessing that you have improved upon your earlier less good practices, and surely one of the BIGGER tests seems to be getting through a whole bitcoin cycle, and surely based on your forum registration date, you are not quite one year registered on the forum, so it can take time to build up and also to make sure that you have actually improved upon your past mistakes. It is so frequently that so many folks will feel like geniuses during a bull market (including that we have been in a bull market for two years), yet there can be a lot of challenges to get through a whole cycle without getting distracted into trading, gambling or the premature employment of selling tactics to try to increase your bitcoin stash size.. and so there are plenty of forum members who proclaim that they are investing into bitcoin, yet they cannot even make it through a whole cycle without selling BTC, even when they may well had not even accumulated any kind of meaningful BTC stash.. so yeah, individual circumstances vary, which seems to be part of the justification that we should not be proclaiming ourselves to be BTC "investment" geniuses prior to getting through a whole cycle and potentially having actual past practices in our history to see how we might have had dealt with the whole cycle or even a couple of cycles if we are not really in any position to front-load our BTC investment in any kind of meaningful and/or materially significant way.
We do not necessarily need to disclose specifics of our own personal finances or our OpSec kinds of matters in order to be able to analyze some of the meaningful practices (and progress) of 1- 2 whole bitcoin cycles.
Literally I just had to follow up all your post
You must have been in crypto for long. You literally just know how address issue
It not easy though, am new to it but buying and holding for long you would need to be strong
I remember last year when bit coin was $69000 I had a good fraction of it and it was to me like it not going anywhere I swap it to BNB and boom bit coin went up to $100000
I was so pissed
