Usually the best way to deal with fear is position size, so if you are trying to be aggressive with your BTC investment, you still likely have to not be so aggressive that you end up feeling uncomfortable... so ONLY you are going to be able to figure out that balance or even how much you might not want to say to others since your investment is your choice, but yeah, sometimes you want to share things with others close to you too. I know that I was called stupid by a lot of nocoiners and low coiners for 2-3 years and even more than that, because even when my BTC investment became profitable, I was called stupid for not cashing out in the big price rise of 2017, for example, and the same was true in the big price rise in 2021, why not cash out. So people are going to second guess you and you can even end up showing that the investment continues to go up, and they will still say it is dumb..and what happened in the past cannot also guarantee future performance that is even going to be close to past performance, but that still might go to getting comfortable with a position size... and maybe no matter what there is going to be some discomfort in regards to whether you put in enough or if you might have put in too much...and I am not sure how long it takes for those feelings to go away or to be sufficiently reduced.. maybe with such a volatile asset such as bitcoin that is almost inevitably going to continue to be volatile, uneasy feelings will never go away completely, but they can be put into some kind of a comfortable place that surely feels better when you are in profits as compared with being in losses, and even Michael Saylor (and MSTR) was in losses in regards to his bitcoin investment (with an investment average that was in the upper $20k and in the lower $30ks, depending on when you assessed his holdings) for a decent amount of time between mid-2022 and late 2023
I mostly don't care about what people would say with respect to this decision I've made, and if I end up on a profit or loss is not of their concerns too. From what you've said to me before now, which I'm standing on and I feel would work best not just as a strategy but also as a mindset, I would keep on buying and trying different things out until I've got that pattern that gives me that comfort and balance. And I plan not to go to aggressive till I end up in regret, cause I really want to hold, I'm not really looking for a short term profit from this action. If I'm able to keep on accumulating at a steady pace which I can increase as I know my numbers better and my emergency funds grow larger I believe I would still be at a the winning side on the long run, just that the only mistake I can minorly make is too end up accumulating a small percentage at a higher price when If I had given the market a different approach I would have end up accumulating even better.
And as continue to study your examples, I keep on seeing reasons why a good strategy and emergency funds can help me accumulate more for a lower average investment than even aggressively buying. And I believe as I continue to get acquitted with the experience, the feeling would reduce and confidence would replace fear. The fear or unease I'm feeling right now is coming totally form my lack of experience and when I get more experience, confidence would totally or I'll feel more comfortable with any challenge that comes my way.
I am not sure if I get exactly what you are saying, yet having a plan is very helpful and sometimes having some flexibility is helpful, too. So yeah you can buy right away with some and then you can have some funds for buying on dip and also some funds that you add to your emergency fund, and once the emergency fund gets to a certain comfortable size, you likely would not need to keep adding to it, so then new money coming in would be able to dedicate to buying bitcoin DCA or holding for buying on dips. I recall when I was having some cashflow problems in mid 2015, there were several times that I was getting some extra $20 or $100 or some other random amount, and so I had expenses, so usually when that money came in, then within a day, I would spend half of it on buying bitcoin (no matter when it was confirmed to come in, either hit my bank account or I would receive in cash), then then the other half would just go towards expenses, so at the end of the month or whenever my various expenses were coming due, I could reassess based on the half that was building up if I had anything left that I would be able to use for buying more bitcoin, otherwise that extra money would just sit in my cash account an wait for various bills to come in and sometimes the certain bills would be expected to be a certain amount, and when they came in they might be more or less than expected, and some of the reserve funds would go to that if the bills were higher than expected, and if they were lower then expected then the money in that fund would be available for buying BTC... so yes, maybe you are saying something very similar, and after you practice such a thing several months, then you will get more used to what works for you and the ways that your cashflows are coming in. My situation was different in 2015 than it had been in other times based on some problems that I had with a business partner at the time that caused me extensive uncertainties, expenses but then uncertainties in my cashflow too.
Now I get, I was initially thinking I would continue adding to my emergency fund like forever, that's why I've asked some time ago what's the use of emergency fund. Now I've got a clearer picture here. I think when I done building my emergency funds i would direct that money for dip buys sunce it would put me at a better profit, since I'm actually buying BTC at a lower price, I'll still adapt a little but flexibility so a little lump sum would not be that bad too with that extra going into my investment.
Well use whatever you are able to use. I do find Excel to be very powerful to keep track.
But you could come up with various paper versions, even though the problem might be that you have to continuously rewrite everything once you change a variable or two. One good thing about excel is that you change one or two variables and then all of the numbers will be adjusted accordingly, so sometimes you can have several different variations of similar things that help you to figure out various scenarios and to incorporate them with copy and paste..and maybe just change a few of the variables and get a whole different set of numbers that you can compare scenarios.
Thanks for the update, I'll start doing it now so i can get used to it. I guess having different senerios planned out and me tracking my progress in numbers would help me have a detailed documentation of where I am, where I aspire to be and where I'll be in a few months or so. This tracking process would really help me out in case I make mistakes I could know in details how I got there and I could easily analyse it and also learn from it. I guess this would be really fun. Starting to get fired up All over again.
Nothing wrong with that... You should be at a point that you are comfortable anyhow.. so if you start out with $25 per week even though you could do $100 per week, you might feel more comfortable, and even if you have $1k available that you could lump sum, maybe you decide to just lump sum $200 at some point that you are ready and to hold the other $800 in reserves.
Yeah my comfort is all that should matter to me, and having a good reserve for a start would keep me at peace in case the price start racing against me.
You also know more about yourself if you invest 3 months and then 6 months and the 9 months and then a year. So as you are investing, you get to know yourself better.. you get to know your balances, and you become more informed about your investment, especially if you are having some troubles with the theory sinking in, after you have some of your own experiences, then you have some stronger reference points in which to compare what you did and where you are at and what you might do into the future based on what you did and also where you are at that had hopefully changed, especially if you are reassessing a year or even several years down the road... Sometimes it can seem that the progress is taking place so slowly, especially in the beginning the amounts might seem so low... but if your holdings are growing then maybe it still seems that the amount that you are adding is so small compared to your total investment, but you also realize that if you spend years and years and years adding certain amounts, the total starts to build and even what you added might end up having some compounding effects later down the road.
A journey of a thousand miles begins with a step, although I'm not acquitted with the road, I'm ready to keep walking until I'm used to it. In essence it's all about having a steady investment into bitcoin that can continue for years than to go aggressively and end up not been able to continue and probably because of poor initial planning and just diving in with reading what the sign says on the road. I'm here so there are mistakes that I can be saved from when I share my problems.
It seems that we are potentially in an upward trend this year and next year, but sure that is not easy to know. Probably the best that you can do is to project how much cash you are going to put into bitcoin rather than how much bitcoin that you will end up getting from that cash injection.
And with an Excel spreadsheet you could plot out the various kinds of scenarios in regards to your expected progress for this upcoming year, and 2025, 2026, 2027, 2028 and maybe additional years. Of course, you can do it on paper too, but it also seems to be one of those kinds of things that is constantly adjusting, which is one of the powers of the Excel spreadsheet, so you could even have some projected percentages of how much cash you might plan to spend to get BTC and also how much BTC you expect to get from each of the purchases, so you could have today's prices, and so as the price changes, the projections would change. .. so some scenarios might be BTC prices going down and others with BTC prices going flat and others with BTC prices going up, but I think that the most realistic is the scenarios of BTC prices going down, and so you might have some parts of thses projections that you change every month or whatever in order to project the future based on ongoing updates.
Wow neva thought of this. This is more accurate than the way I planned on using excel. That means I could plan up to even 10 years ahead putting numbers in place helping me to better guide my steps. With all this different senerio I'll be ready for anything that way I won't worry much about anything.
