Pages:
Author

Topic: HODL is purely a mental challenge - page 2. (Read 1421 times)

hero member
Activity: 3024
Merit: 680
★Bitvest.io★ Play Plinko or Invest!
December 30, 2023, 08:35:56 AM
Now that there will be ETF and the financial institutions are already in. This is going to make anyone wanting to hold more of their Bitcoins. While it's totally precious before and there have been folks that keep them reminded not to sell just because it's going down.

The thing here is going to make everyone notice of how much more its importance and significance on the upcoming years.

One has to decide for so many times before the final decision of selling some or even entirely.
hero member
Activity: 2520
Merit: 783
December 30, 2023, 08:31:29 AM
It takes a lot of courage to hodl in the face of Bitcoin price going up and down and I won't blame those who cave in when things get hard because as the Op clearly stated, there's just so much the mind can take, but I feel it's more blessed and rewarding to hodl than to sell Grin. The expectations most bitcoiners have of the event of the Bitcoin halving is to me enough reason to continue hodling.

The prices of Bitcoin and other cryptocurrencies are very volatile but the best approach to raking in more profits is when you don't panic and sell just because you feel the market is crashing. To me panic sell defeats the purpose of hodling.

Sure it really not easy to Hodl due to the market fluctuations but however, a good trader needs to be very hopeful that the future holds more goodies than now so it is advisable not to be afraid of the uncertainty of the future of Bitcoin because so far as cryptocurrencies are concerned, bitcoin being a more volatile asset will continue to conquer and dominate the activities of all other cryptocurrencies.

Being hopeful is not enough for a trader since if they don't bring any good knowledge and experience regarding on what decision they want to do for sure all will fail since those trader can mentally caught up by some challenges they faced and might get affect for some condition that they didn't yet experience then dump their bought coins.

Bitcoin is really a volatile asset that's the reason why its important for us to know the risk and do some research regarding its past and possible future trajectory since for that for sure that if we plan to hodl for sure we can make it then we can surpass those trials like bear market which is actually a huge threat for a persons decision to continue to hodl.

There's huge future about it if people could just have long patience enough and have strong belief about good thing to happen in future.
full member
Activity: 448
Merit: 130
December 30, 2023, 07:33:16 AM
If you invest in Bitcoin today, you must prioritize it for the future. If you save money one day that money will save you. You can save that money in Bitcoin only when you can HOLD it. Many first-time Bitcoin investors are attracted to the potential for quick profits and balk at the traditional psychological challenge of holding onto their investments for the long term. One of the biggest challenges for an investor is to avoid making hasty decisions when prices are low or falling. If you want to multiply your money then definitely HOLD Bitcoin long term.
sr. member
Activity: 420
Merit: 253
December 29, 2023, 11:38:36 PM
It takes a lot of courage to hodl in the face of Bitcoin price going up and down and I won't blame those who cave in when things get hard because as the Op clearly stated, there's just so much the mind can take, but I feel it's more blessed and rewarding to hodl than to sell Grin. The expectations most bitcoiners have of the event of the Bitcoin halving is to me enough reason to continue hodling.

The prices of Bitcoin and other cryptocurrencies are very volatile but the best approach to raking in more profits is when you don't panic and sell just because you feel the market is crashing. To me panic sell defeats the purpose of hodling.

Sure it really not easy to Hodl due to the market fluctuations but however, a good trader needs to be very hopeful that the future holds more goodies than now so it is advisable not to be afraid of the uncertainty of the future of Bitcoin because so far as cryptocurrencies are concerned, bitcoin being a more volatile asset will continue to conquer and dominate the activities of all other cryptocurrencies.
sr. member
Activity: 448
Merit: 354
December 29, 2023, 09:05:37 PM
Maybe you could change the headline and translate it to "HODL is purely a mental challenge" in your native language (headline is still "Pakistan")
Many thanks for providing a translation as well.  Smiley
I am really sorry for that. This was my first time so little mistakes can be done by me. And I know I will learn from my mistakes I have changed the Headline too. Again sorry for that I will try to my best to not make these kind of mistakes again. Now I have changed it according to the topic. Here you can take a look again.
هوڈل واقع ہی ایک ذہنی چیلنج ہے

 And thankyou for your compliments.
legendary
Activity: 2226
Merit: 6947
Currently not much available - see my websitelink
December 29, 2023, 07:04:52 PM
I have translated one more post in my local language Urdu. And simplified much which can be understand easily. I read word by word and used simple Urdu words which can be understood easily. It takes much time. But it must be shared because these are some basic information which everyone should keep in mind.
Here is my post link:
هوڈل واقع ہی ایک ذہنی چیلنج ہے
Hello Publictalk792  Smiley

Your translation got checked now and it's approved.
I've added it to my list as well:


Languagetranslated byTitle
_______________________________________________________________________________________________________________________
PakistanPublictalk792HODL is purely a mental challenge

Maybe you could change the headline and translate it to "HODL is purely a mental challenge" in your native language (headline is still "Pakistan")
Many thanks for providing a translation as well.  Smiley
full member
Activity: 616
Merit: 191
November 07, 2023, 03:47:12 PM
I completely agree that the real challenge of Hodl is the mentality of the holder himself. Even for those who invest in bitcoin for the first time, many of them fail in this mentality challenge. Because beginners' thinking will usually be like this "Sell when they get a small profit, and hope to buy back when the decline occurs again at a deeper price, but then they panic because the price continues to rise and finally they have FOMO and buy back at a higher price " Grin
This has become a common story that is often encountered by beginners who are learning to invest in crypto and Bitcoin. After repeating the same mistake several times. Only then do they realize and learn from experience and become stronger holders.

This often happens, beginners will definitely make some mistakes so that their mentality will form itself from the mistakes they make.

Indeed, Hodl must have a strong mentality, but without previous mistakes and experiences, our mentality will not be fully formed.
In the end they have this mindset.
People with a strong mentality: "bitcoin = Place to Store Treasure"
For people with a weak mentality: "bitcoin = Trading"

Because they will think that if bitcoin is past one year old, it will most likely not die, even though we are still in the early stages.
legendary
Activity: 3892
Merit: 11105
Self-Custody is a right. Say no to"Non-custodial"
November 07, 2023, 03:07:47 PM
I personally believe that putting good systems in place helps mentality, even if things might not go in your preferred direction, if you have good systems in place, including being both financially and mentally prepared for either price direction, and you are able to act upon movements in either direction, then your ongoing actions in light of anything that happens are likely going to contribute towards your being (and feeling) mentally stronger.
A good plan or as you would put it "a good system" is the only way that one can get his holdings secure and avoid certain drama's and distraction that might lead to tempering with his holding, although such drama's are inevitable in life so only a good system can help you evade or adjust so that much effect won't be on your side. But I would also like to point out that setting a good system isn't just going to cut it as one would still need a certain amount of discipline to actually execute or make this system active because I believe most people lack discipline in sticking to the actual plan and that's the main reason for many Bitcoin investor actually not holding till the end but a good system helps limit the amount of self discipline because a good plan and a keen mind is what is needed as a Bitcoin holder.

It may largely be a semantical difference since I think that I consider one of the differences between having a plan and a system, is that the idea of a system implies the existence of a plan that might get tweaked from time to time under certain criteria, and it also implies ongoing putting the plan into action and trying to learn from mistakes.

I have no problem with the acceptance that aspects of a plan might have some rigid and structured areas, and then other aspects will have more flexibility and there may well be acknowledgements that the system might not be perfect but it is fitting for the current circumstances, and maybe even when it is changed, it is ONLY tweaked here and there.. but there might be stages in which more major changes might be justified.  

In my attempts to follow my own systems, I frequently will find myself making the larger of adjustments after large price moves have occurred, and so sometimes that might be the implementation of a kind of bigger change, and then letting it run for a month or two and then revisiting whether that BIGGER change is working very well.  

Maybe an example might be helpful, here.  

In early 2022, I had buy orders down to about $21k-ish, and then in around May 2022, the BTC price broke quickly below the 100-week moving average from $37k-ish down to right around $30k-ish, and I realized that if all of my buy orders filled down to the lower $20ks, I would not have any cash left.  So I made adjustments to them, and then when the BTC price broke down in to the lower $20ks I made further adjustments, and I ended up making several adjustments during that time to ultimately get my buy orders to go down to $13k-ish, and part of the idea was that it was not expected for the BTC price to break down below the 200-week moving average so quickly (which was then right below $22k), and once it did several adjustments had to be made to continue to buy and not to panic, and surely there were some folks who sold during that time and some of them were able to buy back in and some of them were waiting for $10k to $12k or even below $10k that did not end up happening.. So we cannot necessarily determine how each person is going to deal with the situation and whether one thing is better than another, and so I did not really start to feel good about my having had made it through the whole thing until the BTC price got back above the 200-week moving average in early 2023, but then there still was some uncertainties about whether the $15,479 bottom was in or not.. so there still would be quite a bit of guardedness, and some ways of dealing with these kinds of times worked better for some folks than others including their finances and/or their psychology..

and surely my assertion is that if you have good financial systems in place psychology will follow and usually I do not worry too much about BTC prices because I have orders set up to buy if the price goes down and to sell if it goes up, but there were a few days in June 2022 or so that I had to cancel my other social engagements until I figured out how I was going to deal with the BTC price continuing to drop, including that it had gotten down to around mid $17ks at that time, and it was not clear whether the dips were going to stop or not.
hero member
Activity: 644
Merit: 520
Leading Crypto Sports Betting & Casino Platform
November 07, 2023, 02:33:49 PM



I personally believe that putting good systems in place helps mentality, even if things might not go in your preferred direction, if you have good systems in place, including being both financially and mentally prepared for either price direction, and you are able to act upon movements in either direction, then your ongoing actions in light of anything that happens are likely going to contribute towards your being (and feeling) mentally stronger.
 

A good plan or as you would put it "a good system" is the only way that one can get his holdings secure and avoid certain drama's and distraction that might lead to tempering with his holding, although such drama's are inevitable in life so only a good system can help you evade or adjust so that much effect won't be on your side. But I would also like to point out that setting a good system isn't just going to cut it as one would still need a certain amount of discipline to actually execute or make this system active because I believe most people lack discipline in sticking to the actual plan and that's the main reason for many Bitcoin investor actually not holding till the end but a good system helps limit the amount of self discipline because a good plan and a keen mind is what is needed as a Bitcoin holder.
sr. member
Activity: 294
Merit: 433
HODL - BTC
November 07, 2023, 01:56:00 PM
#99
I completely agree that the real challenge of Hodl is the mentality of the holder himself. Even for those who invest in bitcoin for the first time, many of them fail in this mentality challenge. Because beginners' thinking will usually be like this "Sell when they get a small profit, and hope to buy back when the decline occurs again at a deeper price, but then they panic because the price continues to rise and finally they have FOMO and buy back at a higher price " Grin
This has become a common story that is often encountered by beginners who are learning to invest in crypto and Bitcoin. After repeating the same mistake several times. Only then do they realize and learn from experience and become stronger holders.
A HODL will be tested in his mentality for a long time, how he trains this patience by facing uncertain market situations sometimes influenced by FUD that comes unexpectedly, so strengthening the mentality is very important and how to overcome this is not affected which in the end you can successfully HODL bitcoin for a long time.

A beginner who is new to investing in bitcoin will experience ups and downs because their mentality is still weak but it can be strong if he learns a lot here about how to HODL bitcoin for a long time without any obstacles, maybe at first it will feel hard for this when the price goes up it feels like selling but when he trains not to sell in the near future then over time he will get used to it as long as you don't panic too much and pay attention to the market every day it's clear that it will disturb your mind to hold it.

I myself have arranged such a strategy to remain HODL for a long time, adjusting the flow to keep buying bitcoin by means of DCA, there is still a monthly income for living needs, the important thing is that you have covered enough living needs, then believe your HODL will not experience such heavy obstacles because there is still spare money that does not need to sell BTC for other purposes.
sr. member
Activity: 812
Merit: 365
November 07, 2023, 11:38:44 AM
#98
~Snip

However, it is indeed essential to wait, because most common errors from HODL are:

- Sold all BTC too early to realize (small) profits
- Sold all BTC too early to minimize losses in case of decreasing prices
I a gree with you. Because it is true that most bitcoin investors who are HOLDERS are tempted by these two factors. Maybe if you think about it at a glance, these two factors lead to the aspect of minimizing the risk of loss. But even so, basically these two factors will be a big obstacle to achieving higher goals in terms of making a profit. So bitcoin investors who are HODLers should not be tempted by these two factors or two situations like that.

Additional mistakes can be dangerous coin storage practices, for example on a file-sharing platform, which is increasing risks of getting hacked. But in my post and for advanced Bitcoin HODLers it is assumed our coins are stored properly, which HODL also invites us to do, because HODL only required to transfer our coins on very rare occasions (if at all), which minimizes transferring or storage errors.
~Snip
Therefore, when starting to invest in bitcoin in the long term, we must have a definite goal regarding at what price we will sell the bitcoin. Because if there is no price target, I think it will most likely affect our mentality. Especially if you want to transact bitcoin and look for short-term profits, in my opinion this is not recommended if we invest in bitcoin in the long term. Because as OP said, we only need to send the bitcoins we have at certain times. In my personal opinion, this only needs to be done if the target selling price has been achieved.

So in conclusion, I agree with OP's opinion that HODLer bitcoin is indeed a mental challenge. Because if a HODLer doesn't have a strong enough mentality to face conditions such as falling prices or wanting to quickly make (small) profits. I believe investors who have that mentality will likely never get the most out of bitcoin.
legendary
Activity: 3892
Merit: 11105
Self-Custody is a right. Say no to"Non-custodial"
November 07, 2023, 10:49:03 AM
#97
Within reason, I personally don't mind the idea of overly investing into bitcoin, but each of us needs to try to make sure that we have our emergency funds covered and our cashflow, so that we do not get into a financial and/or psychological pickle because we had been overly investing into BTC.
I guess this is something most of don't get, invest what you know you can afford while still being able to live your life the way you live. Bitcoin investment is not ponzi schemes that would crash, so you don't need to panic buy or sell but no body should still be having this mentality,
It's been a year since the FTX crash the term bitcoin is doom is over but bitcoin is still bitcoin with this and the previous challenges bitcoin will rise above all and soon people will see no need for CEX because bitcoin has overcome all the challenges CEX to the crypto world and so opt for DEX and non custodian wallet and it will be bitcoin or bitcoin investment.
Sometimes the biggest issues is during the bull run, though your plan was to HODL for 2 years and suddenly like 6 months time, the process surge some might be tempted to sale even before it reach their expected ROI.

For sure bitcoin investors can do whatever they like when it comes to the creation of longer term plans and whether they abandon those plans (temporarily) because they believe that they are catching some kind of a price wave and expecting a correction. 

I understand the inclination to get into bitcoin and to believe that a 1-2 year plan is long term, when the fact of the matter still remains that bitcoin has had 4-year cycles and is likely going to continue to have 4 year cycles (until they stop), so even when I got into bitcoin in late 2013, I was thinking that my minimum investment time was going to be 1-2 years, so maybe I was saved from myself by the BTC price going down for my first 2 years in  bitcoin rather than it going up.. because surely I am currently thinking that any newbie to bitcoin should be able to come into bitcoin with a 4-10 year or longer plan in order to attempt to help to keep them in an actual longer term investment framework rather than something that is not really long term and is just going to tempt them into playing the price waves.

It is really hard to know how a person can create a system in order to keep themselves from being tempted by attempting to play BTC prices waves which is likely going to end up causing them too much stress when maybe they need to spend their first 4-10 years in bitcoin just building their portfolio, and if they happen to reach some kind of higher than expectations goals, then maybe they can start to consider various ways to cash out.. so for example, anyone who is just starting to invest into bitcoin or anything else is going to take 10 years to get to the point of investing 1 year of their salary if they are merely investing 10% per year, and getting to fuck you status will usually require 20-30 years of salary(living expenses), so surely it can depend on goals, and people will sometimes think that they need to make short term profits so that they can consume or buy a house or a nice car, so I cannot say that I really know how to get them into thinking in terms of real long term rather than their usually wrong thoughts of something less than 4 years as being sufficiently long term and then even ending up playing the waves in even shorter periods of time (such as 6 months like you suggest) merely because the BTC price might have had ended up going up a lot.
Holding your investment for a long time is really stressful.

It seems that if you continue to accumulate bitcoin, then the longer that you are in something like bitcoin, you will likely become less and less stressed from the likely to continue to be volatile price moves. 

Surely in the very beginning of your investment into bitcoin, you might not give too many shits about the price moves because you have hardly invested anything into it, but as your investment grows then you might have more expectations that the BTC price goes up in order to put your investment into profits.

We cannot know what bitcoin's future is going to bring, but if there are greater levels of profits, then perhaps some of the stress might go away, but there still could be some questions about what to do with profits and whether to diversify into other assets if your bitcoin investment becomes too great in comparison to other assets in your investment portfolio, including if it is the ONLY investment (besides cash).

When you invest and hold your investment for a long time, you have to face various challenges. Due to the volatility of the market you may see a lot of money loss temporarily if you are mentally broken then you will not be able to hold on to your investment but when you are mentally strong and these temporary losses will not affect your investment much but  you are successful.

I cannot really disagree with any of this part, except maybe to attempt to clarify that each of us should be attempting to put systems into place in order to help us to deal with bitcoin's volatility, which is likely one of the things closest to inevitable in bitcoin.. we cannot necessarily know the short to medium direction of bitcoin's price but we should be able to expect that it is nearly inevitably going to be volatile in one direction or another and it is not necessarily going to be in the direction (UP) that we prefer it to be volatile.. even though historically BTC's price has tended upward, the upward movement is not guaranteed, even though there are ongoingly great systematic factors that are continuing to put upwards pressures on its prices.

Achieving success by investing and sustaining that investment for a long time is the next step for people to achieve success mentally first.

I personally believe that putting good systems in place helps mentality, even if things might not go in your preferred direction, if you have good systems in place, including being both financially and mentally prepared for either price direction, and you are able to act upon movements in either direction, then your ongoing actions in light of anything that happens are likely going to contribute towards your being (and feeling) mentally stronger.
 
An investor will succeed psychologically only when his mind does not stop him from holding the investment for a long time and he will hold his investment despite facing hundreds of challenges. 
Holding is a mental challenge that every investor must succeed in.

A person can have various plans that do not necessarily include HODLing under all circumstances, and so there might be plans to accumulate bitcoin up to a certain point and even to have various accumulation practices in place that connect with the person's cashflow situation, but then there also could be scenarios to deal with BTC price volatility, and if a person has already reached sufficient levels of BTC accumulation through DCA and other methods, then the next portion might just be dealing with price movements, so if the price goes down to buy and if the price goes up to sell.. but no need to sell very much because none of us should want to deplete our BTC or even to run low on it, even if the BTC price goes up a lot...

On the other hand if we are buying on the way down, we may well run out of money to buy, and then we either have to choose to revert to DCA buying or to just HODL, and HODLing does seem to be a better strategy for when we run out of money and the price is going down, but it does not seem to be a great strategy for when the price is going up, except to make sure that we are not selling too much BTC if the price is going up. .., so frequently people resort to HODL when the BTC price is going up because they frequently have difficulties understanding ideas of moderation and devolve into thinking that if if they sell, then they need to sell large amounts... which seems to me that anyone who understands BTC would want to make sure that they never sell all of their BTC and probably not even large parts of the BTC, even though it should be understood and accepted that selling parts of your BTC holdings is a prudent way to manage your BTC once you have reached higher levels of BTC, but if you are in early stages of BTC accumulation, then selling is not a method to accumulate more BTC.. so then HODLing would make sense for any one who is relatively early in their BTC accumulation journey, which may well take 4-10 years or longer to reach BTC accumulation target levels.

Holding is a mental challenge that every investor must succeed in.
Is it all?, I think it depends on what they plan. All I know, don't have to hold back for long. Investors have their own techniques.
But if indeed he plans for the long term, maybe Hold is a good option. But indeed they must master mental emotions. They must learn to be patient. In addition, they must also have a target when they should take off. Because I know, there are those who hold back but they don't really understand when to sell.

Part of the question is also how much to sell... because there may be no reason to ever sell more than half of your bitcoin  (or whatever amount that you don't want to sell until much further down the road), but at the same time, if someone does not manage his/her holdings by including selling on the way up, then that person is likely to put themselves in higher mental stress. 

On the other hand, even though there might be stress from highly volatile price moves, but if someone is still within the first 4 years of accumulating and either has not even gone through a whole BTC cycle while accumulating BTC or did not front load a lot into the investment, then there is likely no reason to sell any BTC while trying to build a position. 

Once the position is built, then that might be another story... so for example, regular people might take 30-40 or more years to get to fuck you status, and surely many people never get there... so if someone is new to investing expects to get to fuck you status in less than 10 years, then they may well be living in a fanatasy.. but if they are considering getting close to fuck you status in half the time of regular people such as 15-20 years, then that might be more realistic kind of preparations, and surely there can be ways to deal with BTC portfolios that involve selling that comes prior to reaching fuck you status as forms of managing the holdings, but it still seems to be better to build a decently sized position first, whether that is 50% of annual income/expenses or maybe 1x to 2x of annual income/expenses or perhaps some higher amount.

So, selling BTC on the way up might not be a good way to accumulate more BTC it could be a good way to manage BTC holdings and/or psychology, and there can be some challenging balancing in terms of considerations how to treat one's BTC's holdings if they might still be quite a ways away from still reaching their BTC accumulation levels... and we are not all going to reach the same conclusions on how to make those kinds of trade offs, including considering how to manage and/or play the inevitable upcoming and ongoing BTC price waves.
hero member
Activity: 896
Merit: 586
Leading Crypto Sports Betting & Casino Platform
November 07, 2023, 10:44:47 AM
#96
Holding your investment for a long time is really stressful. When you invest and hold your investment for a long time, you have to face various challenges. Due to the volatility of the market you may see a lot of money loss temporarily if you are mentally broken then you will not be able to hold on to your investment but when you are mentally strong and these temporary losses will not affect your investment much but  you are successful.
To be mentally strong in hodli, one must have a proper preparation and make up his mind that he will be hodling for a long period of time and also have a bitcoin target goal. If you are not well prepared by making the calculations of how much you will use to DCA regularly that will not affect your cash flow and also know how much emergency funds that will be kept incase an emergency occurs, you shouldn't use funds for other responsibilities like basic needs to invest in bitcoin if not, you will be trapped with your emotions and sell when it is not at your will of selling.

 When you don't prepare yourself and you think that you can just buy bitcoin and hodli, you will be faced with so many challenges that can end up ruining your plans to hodli for maybe 4yrs and above. The dump and pump is not a problem for someone who uses 10% of his income to DCA weekly or monthly, because he is more focus on accumulating irrespective of bitcoin price at that moment. I will say traders and short term hodlers are the ones that panics in any small fluctuation in bitcoin price. Long term hodlers always win if you can be patient and disciplined.
sr. member
Activity: 1246
Merit: 262
November 07, 2023, 07:41:31 AM
#95
No doubt with HODL is purely a mental challenge, I think not all investors or trader have holder mentality exactly when looking opportunity with bitcoin on higher price and prefer sell it early before reinvesting later when bitcoin have drop. I have bit mistake although as long term holding but I made investment on altcoin and more than three years have been loyal hand keep hold my altcoin assets. Looks have different condition if I choose bitcoin as my holding assets and I believe today have been raise higher price and earn more than 50% profit.

Hold is mentality challenge when some people can't controlling their emotion keep hold their bitcoin fund and never to sell it will be the winner later with their assets going to higher price, but if can't controlling emotion and greedy difficult have holding mentality and will be disappointed one day later when bitcoin raising to most highest price.
sr. member
Activity: 1386
Merit: 406
November 07, 2023, 07:39:22 AM
#94
By being mentally tough we mean being normal in all situations. No matter how unfavorable the situation is, you must mentally try to make the situation favorable from Stong. A person is physically strong as can be seen from his physical structure but mentally strong person is one who can handle all the situations properly and can take decision in any situation with a cool head.  

Being mentally strong is so important that the armies of various countries are given special training to be mentally strong beforehand. The physical pressures may be solved with the help of others, but the mental problems that will come in life must be solved by oneself because one can never solve one's own mental problems.

Holding one's investment for a long period of time is very stressful. Not everyone can take this stress. Those who overthink their investments and those who are emotionally weak will not want their time to pass after investing. After investing, they will monitor the market every moment and if the market changes even a little, they will be very broken mentally. If a person who is mentally strong invests in Bitcoin and then if he has a plan to hold his investment for a long time then small changes in the market will not affect him much. Also, since he is very strong mentally, he will not worry much about the market.

Since holding one's investment for a long period of time is a mental challenge, every investor must first have the ability to take on the highest mental challenge. If an investor can take the maximum emotional challenge then the investor can definitely hold his investment for a long time.
hero member
Activity: 952
Merit: 779
November 07, 2023, 03:46:31 AM
#93
I completely agree that the real challenge of Hodl is the mentality of the holder himself. Even for those who invest in bitcoin for the first time, many of them fail in this mentality challenge. Because beginners' thinking will usually be like this "Sell when they get a small profit, and hope to buy back when the decline occurs again at a deeper price, but then they panic because the price continues to rise and finally they have FOMO and buy back at a higher price " Grin
This has become a common story that is often encountered by beginners who are learning to invest in crypto and Bitcoin. After repeating the same mistake several times. Only then do they realize and learn from experience and become stronger holders.
sr. member
Activity: 448
Merit: 354
November 07, 2023, 03:11:06 AM
#92
I have translated one more post in my local language Urdu. And simplified much which can be understand easily. I read word by word and used simple Urdu words which can be understood easily. It takes much time. But it must be shared because these are some basic information which everyone should keep in mind.
Here is my post link:
هوڈل واقع ہی ایک ذہنی چیلنج ہے
hero member
Activity: 1400
Merit: 770
November 07, 2023, 01:29:25 AM
#91
Holding is a mental challenge that every investor must succeed in.
Is it all?, I think it depends on what they plan. All I know, don't have to hold back for long. Investors have their own techniques.
But if indeed he plans for the long term, maybe Hold is a good option. But indeed they must master mental emotions. They must learn to be patient. In addition, they must also have a target when they should take off. Because I know, there are those who hold back but they don't really understand when to sell.
sr. member
Activity: 882
Merit: 215
#SWGT CERTIK Audited
November 07, 2023, 12:07:52 AM
#90
As a conclusion we should keep in mind: most common mistakes of HODL are quick sales of our valuable BTC. So, we have to be aware and know that HODL is purely a mental challenge.

It's true that HODL is purely a mental challenge where the money market requires us to be able to face unknown financial seas. It's like being the captain of a ship in the middle of thick fog, it will feel awry if you do it or not at that time and your psychology is working.

And we shouldn't store it on file-sharing networks anyways and also not on centralized exchanges because we don't have our private key on such platforms (not your key, not your coins).


Yes. Not only is bitcoin highly volatile, but investors in it and other cryptocurrencies are often targeted by criminals.
sr. member
Activity: 686
Merit: 286
November 06, 2023, 10:28:23 PM
#89
Being a holder is a talent where you could literally say thay you are a brave person. Some people might fall into such panic when everything tremble in fear but honestly how could you resist those heartbreaking paper loss? Its quite hard right, since its literally something you could not just handle easily. OP is right on the part that to avoid those panic selling is to put up your bitcoin to some wallet that arent prone to direct liquidity like an exchange or wallet app where it can be converted right away since its a temptation we are prone to make.
Stress is a very difficult thing for a person to bear. But those who can withstand stress can achieve success in life. Coping with stress is not only applicable to investing but every activity in human life is equally involved in coping with stress. You will do a job and everyone else including your neighbors will laugh and make bad comments about you for that job. Such bad comments from neighbors will definitely set you back a lot in your work but if you are mentally strong and don't listen or pay attention to these words of people and if you focus fully on your work then success will be yours. When you succeed in your work with hundreds of stress, you will find that those who were criticizing you and those who were making bad comments about your work are praising you. 

Holding your investment for a long time is really stressful. When you invest and hold your investment for a long time, you have to face various challenges. Due to the volatility of the market you may see a lot of money loss temporarily if you are mentally broken then you will not be able to hold on to your investment but when you are mentally strong and these temporary losses will not affect your investment much but  you are successful.

Achieving success by investing and sustaining that investment for a long time is the next step for people to achieve success mentally first. An investor will succeed psychologically only when his mind does not stop him from holding the investment for a long time and he will hold his investment despite facing hundreds of challenges. 
Holding is a mental challenge that every investor must succeed in.
Pages:
Jump to: