Topic: Buy the DIP, and HODL! - page 214. (Read 109074 times)

Everyone is always stuck to his level of understanding about something, until they see someone that will bring them to limelight. and I think you will be in a better position to tell your uncle that trading is not profitable. You must prove some important fact to let him know how important holding is. although I know it might be difficult to change his way of doing things or perspective. But it's a matter of choice. Like me initially when I came to this forum newly I came with the notion of trading and holding shitcoin hoping for a greater days ahead not knowing I was waiting for worst days ahead. And as time passes I realised I was fooling myself all around this year's. Untill I started holding bitcoin . Although I nearly gave up on bitcoin when the price has dip, I would have even sold it off. but as I was coming to this thread I was motivated to keep HODling which I did. Now my btc portfolio is growing impressively and am happy as a holder and I have regretted not using the money I used to buy shitcoin those few years to buy Bitcoin, by now I would have made more profit than ever.

The emergency fund is also another important thing. Life some few days ago I had an emergency call of my sister in-law who was critically ill and was rushed to the hospital, there was no money to commence treatment, no body had emergency fund with them for the treatment to commence so I have to use my emergency fund to take care of the bills without touching my bitcoin HODLing till she came back from the hospital, everyone was asking me where I got that amount from? I was just saying its the lord doing. Where as it was my emergency fund. I now realise the true meaning of emergency fund and how important it is. I am looking up to receive my weekly payments to still replace my emergency fund let it not be dry to the extent of touching my bitcoin holding when it's not yet time for usage.

Before I got into the digital asset space, my uncle was going on and on about having this shitcoin and all that. Trading was his thing and he was in more valleys than peaks, and HODLing didn't make any sense to him. Well in Bitcoin, HODLing is how to do it.

bitcoin has never be the same league with those so called shitcoins, reason why all the other coins are altcoins except bitcoin, they are all alternative coins while bitcoin is the main main...😁

I really do buy to your sentiment here, their is no subtitles to Bitcoin, newbies especially, they think that because alt and shit coin gives better roi, making money out of it is that easy, they don't know that shit coin falls more than they rise, and to me, I sees it as gambling, because they know how dangerous it is and still ventures into it, but with Bitcoin, even though most times the volatility might be crazy, but I believe that your investment is secured if you are a long term investor, because those that will benefit mostly from Bitcoin are the long term thinker.

this is absolutely true.
At every stage of your Bitcoin accumulation journey, there are major factors that could stand to bother you.

At the start, it's more of sorting out the right plan to work with which is basically a function of  your financial strength and you might just need to decide if you're financially strong enough to buy in bulk or settle with the DCA method and when doing this, there is really no need to bother about any sort of emotional or psychological whatever. You have to face the visible fact that your finance is either strong enough to buy in bulk or isn't.

At the point when you've accumulated a good amount of satoshis in your portfolio and then the market is bullish and you're also at a good profit, this is when you've got to work on your emotional and psychological prowess that will help you become disciplined and patient enough to building a good portfolio. It's not always an easy thing to keep your emotions in check when you're in profit and what some persons would normally do is to sell out some of there holding and reinvest it whenever there is a DIP. But the issue has always been if the market will go as DIP as they would normally expect it to and the obvious answer is , even if it doesn't, as long as you're buying to hold for much longer period of time, you're definitely going to be in profit.

Yeah I gat this point correctly,  that is having a certain level of preparedness in terms well planned funds allocation and being much ready in taking the necessary measure as regards to balancing up with your investment in terms of when the price is goes down  and when  the price goes up in order to ensure you are accumulating good size of Bitcoin in your portfolio and seeing that your overall is in profits, that is true when an idea investor takes an appropriate measures in his accumulation process he has the rest of mind needed to grow his asset.

Well I understand concept, but still is not their fault if you advice them and they still insist to continue, because one may have been into investing in shitcoins for long so it won't take just an advice to convinced that particular individual to see the risk attached to what they are doing, just As @ultrloa said one need to be consistent and show some proof and surely they would have a change of mind (or make some adjustments) , to stop risky their funds in some shitcoins and start accumulating bitcoin for long-term purposes (thanks ultrloa) . While those that still continue will only endup learning in the hard way ( which is from experience) and I would say sorry for your loss after getting yourself reckt.

bitcoin has never be the same league with those so called shitcoins, reason why all the other coins are altcoins except bitcoin, they are all alternative coins while bitcoin is the main main...😁

Some people are so adamant about this shit coins of a thing. No matter how you advise them to leave shitcoins and turn their investments to bitcoin they won't agree until they run into troubles, by losing their funds. Some of them usually draw this line because they might have seen someone who got lucky with one shitcoins investment after losing several times and finally made small money. so those who are following their footsteps won't ever listen when you are telling them to leave shitcoins and come to bitcoin where there is life and more peace of mind, they won't ever hear. While I attribute some of their actions to ignorance.

again bitcoin has come to be stand firm all this years making it way out from all this shitcoins you will buy waiting for miracle to happen one day for you to earn much from them my dear comrade I will advise us not venture our money in any of this shitcoins roaming everyday in the crypto market or depending on any of them

Yeah I gat this point correctly,  that is having a certain level of preparedness in terms well planned funds allocation and being much ready in taking the necessary measure as regards to balancing up with your investment in terms of when the price is goes down  and when  the price goes up in order to ensure you are accumulating good size of Bitcoin in your portfolio and seeing that your overall is in profits, that is true when an idea investor takes an appropriate measures in his accumulation process he has the rest of mind needed to grow his asset.

Some people are so adamant about this shit coins of a thing. No matter how you advise them to leave shitcoins and turn their investments to bitcoin they won't agree until they run into troubles, by losing their funds. Some of them usually draw this line because they might have seen someone who got lucky with one shitcoins investment after losing several times and finally made small money. so those who are following their footsteps won't ever listen when you are telling them to leave shitcoins and come to bitcoin where there is life and more peace of mind, they won't ever hear. While I attribute some of their actions to ignorance.

I can see you're now getting the gist , at first try and arrange your post quoting properly, that why I told that most people use shit Coin for short term profit during trading cause of the risk, yeah there people who are making from trading and all that but before getting to that stage , you don't want to imagine the Shit you going to pass through, and it take alot of practicing and skills to get there. But in investing you just need basic knowledge and you good to go with your accumulation. Like when I was still into trading due to the losses I didn't have the guts to recommend trading To my friends but I can gladly recommend them into holding of bitcoin and doing so, I don't have to stress my self to say too much , bitcoin growth as already made it obvious on how amazing bitcoin is . So if you still insist in trading I would advice you to trade wisely and as trading try accumulating more bitcoin ( for holding not trading) and don't let your trading affect your bitcoin accummulation.

yeah you can get some profit or less profit (or non profit or might endup with losses) , try to get my point trading shitcoins is less risky than holding them you should know . Most people trade shitcoins for short-term profit, accumulating and holding shitcoins is a complete waste , why waste those funds while there's is an epic investment like bitcoin. So I will say try and minimise the urge of trading shitcoins ( or gambling with your funds), by focusing more on accumulating bitcoin, to be in the safer side where you can be ease when accumulating and hodl.

I think that if you are able to put your finances in a comfortable place, then you likely do not need as much discipline regarding the psychology, and the psychology will follow from having your finances in good order, and also psychology follows when you have built up a good sized BTC stash and you are in profits.. but until you get to that point, your building of your financial systems should be helpful in terms of giving you peace of mind that strengthens your psychology.. since you will more likely have systems in place in which you are prepared for the BTC price to go up or to go down or to go sideways.

I think that if you are able to put your finances in a comfortable place, then you likely do not need as much discipline regarding the psychology, and the psychology will follow from having your finances in good order, and also psychology follows when you have built up a good sized BTC stash and you are in profits.. but until you get to that point, your building of your financial systems should be helpful in terms of giving you peace of mind that strengthens your psychology.. since you will more likely have systems in place in which you are prepared for the BTC price to go up or to go down or to go sideways.

Couldn't agree more. What you said about trading shitcoins is total truth. The risk involved is too great a risk that the success rate in it is a mirage. It should be basic knowledge that investing in shitcoin is considered gambling. As for Bitcoin where HODLing is the best move to make, in shitcoin, it's the reverse where holding on to them is foolishness as you have to sell your coins as soon as possible to avoid losses, but nobody should get me wrong, people make their 'profit' and all that, but then look at the Bitcoin side. Can you honestly call that profit?

Before I got into the digital asset space, my uncle was going on and on about having this shitcoin and all that. Trading was his thing and he was in more valleys than peaks, and HODLing didn't make any sense to him. Well in Bitcoin, HODLing is how to do it.

.... disciplining oneself to have a good psychology, inorder to build a good portfolio .

Lump summing right away would be front-loading the investment, and saving it without investing (and maybe preparing for a dip) would be lump summing on dips, but again, I personally tend to think that it is better to spread out your buying on dip purchases, but if you are more bearish than me then maybe you spread those buy orders to lower amounts and hope that you are not left holding a bunch of fiat that you could have had otherwise bought bitcoin with.. again, there is no perfect answer.

If we build up our investment in bitcoin, then we have more of a responsibility to have organized finances (and psychology too) that will prevent us from ever having to cash into our bitcoin unless it was on conditions that we had already established for ourselves, and if we are a new investor, it is more likely that we would be waiting many years.. maybe even 4-10 years or longer, just to build up our BTC funds before we might start to consider strategies that might involve selling some of our BTC

This is damn impacting , breaking down in a way even some one new to this space would get it once . Now those that normally mistake emergency funds for reserve would get the difference now. Where most people missed it is that whenever there's decrease in price one would take as an opportunity of using lump-sum strategy to buy the dip using their emergency funds instead of having a reserve funds for such occasion. Which may lead to one not able to meetup with his expenses and endup developing the habit of tampering with their investment, I've already Started reserving some funds already, but I always make my emergency funds more without letting it affect my DCAing .

This is damn impacting , breaking down in a way even some one new to this space would get it once . Now those that normally mistake emergency funds for reserve would get the difference now. Where most people missed it is that whenever there's decrease in price one would take as an opportunity of using lump-sum strategy to buy the dip using their emergency funds instead of having a reserve funds for such occasion. Which may lead to one not able to meetup with his expenses and endup developing the habit of tampering with their investment, I've already Started reserving some funds already, but I always make my emergency to be more than my reserve funds, without letting it affect my DCAing .

     Shit coins shouldn't really be compared to bitcoin, and that's incorrect. It seems like this: do we think that a lawyer will be allowed to debate with a non-lawyer? He won't agree because he's not at the same level as the one who can debate, right? It seems that in boxing, the person who will fight him will be beaten immediately, even if he has not punched yet.

     Same with Bitcoin vs. Shit coins. The problem with others is that even those that are not shit coins are said to be shit coins. It seems that they are all in, which is not correct either; instead, identify which are the shit coins that are being said and not all of them.

I wonder why you would even consider or compare Shitcoins with Bitcoin, however one thing you most understand is that Bitcoin is not a get rich quick investment because like every other normal business investment it has to do with long term process with a lot of patients and consistency and at the end you will see the reason why is good to hold Bitcoin, so I would strongly advise that if your main purpose of investment is the possible profits you could get within a certain period of time you should have a really deep thoughts about it because the possibility of getting what you want on Bitcoin within the certain period may likely not going to be certain. However if you check very well the only people who still choose Shitcoins are people whom there only goal is to become rich overnight without knowing that investing on Shitcoins is like a gambling that you are not sure of what the outcome will be, so it surprises me to see that most people are preferring Shitcoins when they know that so many people has falling a victim of Shitcoins, well my only advice is that asides from the possible profits we may realize in Bitcoin after holding it remains the most trusted coin and can never be compared with any other coins, so in terms of investment Bitcoin is the best.

I don't know if I can help you because you have to figure out some of these details yourself because I don't know your details.

One of the main ideas of buying BTC regularly by using DCA, Lump sum investing and buying the dip, you should be using your disposable/discretionary income.

So if you have an income that is between $600 and $2k per month (and maybe most of the time it is $1,200), and your monthly expenses are $1k per month, then most of the time, you only have $200 left over for investing, which is your disposable/discretionary income and you can use that for buying BTC.

However, some months you have lower income and some months you have higher income, so you have to build up your reserves and your emergency fund and to manage a good cashflow float in order to be able to continue to buy bitcoin when your income might be low or at least not have to sell any bitcoin for 10 years or more.

Emergency funds would not be used to buy bitcoin, but they are available in case your income dries up or your expenses out pace your income.  The more that you have investments, the more that you need emergency funds that are in cash and 3-6 months of your expenses.. so that you are not using your investments as your emergency funds.

Reserve funds can be built up for buying on dips, and you can already set orders for buying on dips - perhaps you could have orders for every $2k drop down to the $200 WMA.. and the 200-WMA is currently just below $32k.  You have to figure out how to allocate between your lump sum, DCA and buying on dips based on your budget, which is part of the reason to not be fucking around with shitcoins because it can take quite a bit of capital just to have a solid bitcoin buying approach and to protect yourself from getting reckt.

So, yeah, if you do not have good financial structure, then you could be forced to sell BTC at at time that is not of your own choosing when you should have had been ongoingly buying.. and buying in such a way that you don't end up recking yourself... whether you have to start with $10 per week rather than $100 per week in order that you have your other financial matters in order... and the better that you have an emergency fund and reserves, then the more aggressive you could probably be in terms of how much of your income you are allocating to bitcoin whether in a DCA manner or lump sum investing or buying on dips.

DCA is the better of any of the accumulation methods because it allows you to pace your buys, but if you are able to have sum lump sum come available, then you could consider the lump sum in each of the three categories.  Let's say that you just found out that you got a $2,400 bonus, and so all of that money could be dedicated towards buying BTC, but if you already have an income that you are buying regularly with DCA, then you may or may not DCA with the bonus money and maybe you just divide it into lump sum buying right away and the other half is buying on dips.  You have to figure out the allocations and which ones make the most sense to you... including what you think about BTC as compared with other possible investment (not referring to shitcoins) is only one of the 9 factors to consider and to get in order.

If the BTC price is continuing to move up then usually front-loading your investment helps to prepare you for up, but usually you still might have to have some money in reserves if the BTC price moves against you, including going down.

And, yeah when it goes down it might keep going down, so you don't necessarily know how much money to keep in reserves in order to keep buying as the price is going down... no one can tell you.. you have to figure out for yourself where and how you want to set and/or execute your buy orders if you are going to try to employ buying on dip techniques.

Most likely if you don't know what the fuck you are doing, then you should just start out establishing a budget for yourself regarding how much bitcoin to buy every week (or better said how many dollars that you have available for buying bitcoin every week) and then just do that, which is DCA.. and maybe it does not matter how much the BTC costs at the time that you buy it since your goal should be to just keep buying for the next 4-10 years or more while you might figure out at some point along the way if you might employ some other strategies from time to time... and ultimately you are responsible for any BTC accumulation strategy that you employ or don't employ, so don't come crying to me if you believe that you followed what I suggested and you end up feeling like you lost money because of your choices in your BTC accumulation direction.


Emergency funds are not for buying BTC.. it is to use in case your income dries up or your expenses increase to higher than your income.. so that you do not have to sell any of your BTC...

You can hold money in reserves for buying BTC on dips and also for buying when your income fluctuates.  There are a lot of strategies to structure these kinds of matters, yet usually the better of strategies is to ongoingly buy BTC on a regular basis using DCA, and yeah you can supplement your strategy with the other techniques, but you might not want to overly think the matter, especially if you are in your early stages of BTC accumulation, you likely should just be regularly accumulating, but you still have to figure for yourself how much of a budget you can make for regular buying and if you want to hold some of your money in reserves for buying on dips.