Topic: HODL is purely a mental challenge - page 5. (Read 1442 times)

HODL is all about mental, I totally agree.

The temptation to HODL bitcoin when the price is falling is whether we will continue to hold it and wait for the price to rise again? How long? or do we cut lose?

The temptation to HODL Bitcoin when the price goes up, do we keep holding it until the price is even higher? or will it go down again? we are confused about what price to sell, too early we will regret it, too long the price can drop again

So HODLing bitcoin is about mental strength, long-term goals and good financial condition. Without it, I doubt I would be able to HODL

It's a difficult question but I wouldn't say HODL involves selling coins necessarily. Some people buy Bitcoins for HODL and don't sell, some people sell after some time. I believe, HODL doesn't has any fixed amount of time. But maybe at least 4 years for each halving cycle? It's up to every HODLer.
HODLer's just sell (or don't sell) after an undefined amount of time.

I saw HODL for the first time here and was thinking it was a typo error until I started seeing it everywhere and ever since I joined this forum
It is interesting to learn what it meant as it is no different from the normal spelling of hold but this 'Hodl' stands to represent saving for a long time or let me say some years before withdrawing the investment.
How to make it till the final year of HODLing is tougher than being said, because in the real world, saving up for the future comes with lots of challenges and bills and denial of gratification, which might be discouraging to maintain in the long run

Hodling is like hoping for the best but expecting the worst, and it's much easier to hodl when we keep in mind that challenges will surface and therefore we have to be flexible with our hodling as too much rigidity can make us to be dieing in the midst of plenty when we can just take a little profit to meet our needs and make life easy for us while we keep HODL to stack more in future. There are challenges that can need beyond our means of income to solve them so tampering out hodling isn't a bad idea in such situations.

Hodling can be viewed as It's like savings they are meant for emergency that are beyond our everyday expenses or income to solve, so what's important is being able to continue to o accumulate after taking a little from it to clear out challenges.

Yeah I think many of us are actually class in that category of holders that do such. I even praise those that were able to achieve such high level of holding,  I mean it's definitely not easy not to temper with your coins because challenges always come although it's advice that a holder needs to have a sufficient means of living so that the thought of tempering with his coins will be at a minimal but even at that I can still say this holding game is still not an easy one

If you are a Hodler, have you determined the price for yourself when you will sell your Bitcoins, or does hodl not involve selling coins at all? And from my experience, I can add that Bitcoins are most often lost when you try to increase their number with the help of trading.

Anyone who has ever heard of Bitcoin may have heard of HODL as well. Because HODL is a very famous strategy to speculate on long-term price gains of Bitcoin, whereby "long term" is not defined in detail, how long it really is.


HODL dates back to a Bitcointalk post from 2013, where it was advised not to sell one's own Bitcoins despite losses, but to wait patiently until it rises again.

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


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.

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.

A good HODLer can resist any temptation to make (small) profits prematurely and a good HODLer keeps his Bitcoin.
A good HODLer stays cool even in case of losses. Best we can do is to move our valuable Bitcoin somewhere where it has a high resistance of being sold.
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).

After all, it's a very important lesson to know that HODL is purely a mental challenge. If you want to HODL correctly, you should know and pay attention to all points mentioned above.  

It's a difficult question but I wouldn't say HODL involves selling coins necessarily. Some people buy Bitcoins for HODL and don't sell, some people sell after some time. I believe, HODL doesn't has any fixed amount of time. But maybe at least 4 years for each halving cycle? It's up to every HODLer.
HODLer's just sell (or don't sell) after an undefined amount of time.

A good HODLer believes even if the price of bitcoin drops their is no permanent loss in his investment because the price of bitcoin will come up even if it goes down.  A true HODLer does not get intimidated by volatility of the market no matter how the price falls their will still be increase by the time he waits for the market volatility to increase again.  Real hodler are not scared of losses, they do not panic of volatility, so patiently waiting for the bull market,  they always succeed because they throughly understand bitcoin market.

You are right, but HODLers are also very careful with their recovery seeds cause if we don't use it more often then chances of losing it.

It's a mental challenge indeed, but I think it's more than that. HODL need a deep understanding on the market, not just believe in product, after all investment is not a religion, it's supply and demand, it's a free market. Understanding when to enter the market, and understanding what is going on with the market will put a HODLer mind at peace.

And on the contrary entering the market and buying any investment recklessly, without understanding, will make HODL very hard even for a mentally strong person.

If it's not too complicated I also suggest after we purchases the BTC we should withdraw it to a private wallet off the exchange to ensure maximum safety in the event the CEX goes insolvent, or trading is halted due to violation of various laws as per the local law enforcement. Its best we withdraw it, perhaps any one is afraid of withdrawing then they should learn it.

Understanding when to enter the market, and understanding what is going on with the market will put a HODLer mind at peace.

Investors now have very little patience to hold. This is indeed a very popular strategy to speculate on the long-term value gains of Bitcoin. However, many cannot define "long-term" in detail, how long it actually has to be.  I think holding that is a huge challenge in itself.  Because many fail to hold long term and most of the time they become unstable.  It is not easy for all investors to hold for a long period of time. It may be possible for those with more capital.

After all, it's a very important lesson to know that HODL is purely a mental challenge. If you want to HODL correctly, you should know and pay attention to all points mentioned above.