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Topic: HODL is purely a mental challenge - page 5. (Read 1414 times)

sr. member
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October 02, 2023, 01:50:01 PM
#48
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

Hodl bitcoin is too difficult to think of,  the bitcoin previously was at a better position of about 60k$,  but with time to time,  it was going down and now it is 28k$. So,  I was telling that if someone was holding it at a price of 40k$-45k$,  he should have to wait now. And his waiting is from the previous 8-9 months. If he sells now,  he would be in complete loss which is not good for the trader at all.


So,  I think trading need Hodl,  and Bitcoin Hodler should need to be emotionally stable if he wants some decent profit,  selling in the area where one are in loss doesn't make any sense. And also the bitcoin Hodler,  should be the best Hodler if they Hodl it for a long term,  instead of being in pain and sad and sell them in loss.
legendary
Activity: 2268
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October 02, 2023, 12:47:36 PM
#47
...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.  Smiley

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?
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.

Obviously, each hodler has already determined the price at which they will sell their Bitcoins and this price may not be related to the 4-year cycle. This may explain this behavior of hodlers, when coins on many wallets remain motionless for 10 years. Perhaps they want to sell Bitcoins when the price reaches a million, or have they simply lost access to their coins?
sr. member
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October 02, 2023, 11:00:10 AM
#46
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

Regardless of the spellings, HOLD and HODL do mean the same thing, that is not to sell in panic and keep on holding Bitcoin for the long term.

I understand that everyone's life is full of challenges and there are times we need to sell our crypto holdings, in order to meet urgent need, but this is expectation and can be avoided if we invest only the extra money in crypto. However, real holding refers to a situation in which you sell out of panic, you see that the market is dumped and the fear of losing your portfolio makes you dump and sell your coins.

Remember one thing, we only lose when we sell, as long as you are HODLing then there is every chance that prices will recover and you will be in profits.
jr. member
Activity: 118
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October 02, 2023, 08:27:51 AM
#45
Let's be realistic and keep grammers aside it's ain't easy to hold for a very long period of years, except there's any HODLer here that will say he he is with no any financial challenges for over the years like in the past 5-10years and hasn't tampered a bit with his HODLing. The mental strength in HODLing is not in a HODLer not taking a profit from his long time HODLing buy him not completely selling it all out of fear or due to a little too up profit made. I would rather be that HODLer that can be taking a little profit from my HODLing to meet my financial challenge while I still DCA when am able to.
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
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.
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
sr. member
Activity: 644
Merit: 262
October 02, 2023, 07:24:44 AM
#44
Let's be realistic and keep grammers aside it's ain't easy to hold for a very long period of years, except there's any HODLer here that will say he he is with no any financial challenges for over the years like in the past 5-10years and hasn't tampered a bit with his HODLing. The mental strength in HODLing is not in a HODLer not taking a profit from his long time HODLing buy him not completely selling it all out of fear or due to a little too up profit made. I would rather be that HODLer that can be taking a little profit from my HODLing to meet my financial challenge while I still DCA when am able to.
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
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.
sr. member
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October 02, 2023, 06:25:55 AM
#43
...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.  Smiley

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.
We all gotta sell at one point on the journey, if you are a good thinker you should know that bull market is the best time to dump all your Bitcoin, this doesn't makes you a betrayer but a smart investor, you just have to wait till the next flush out in bear market and reposition yourself, you will have more money to invest in more Bitcoin by then.

I believe that taking profits is all in the chart, here is my own plan, the last all time high of Bitcoin is always beaten in the next bull market, so my taking profit range is right after Bitcoin grows over $69,000, so I am targeting the 80k range as the max for the next bull market.

It's possible that Bitcoin can do more than 80k but I am not greedy, if bought at 17k and will sell at 80k, this seems fair enough for me, the idea of wanting more have burnt me in the past and I don't won't such to ever happen to me again, it's smart to have a taking profit strategy on the ground.
newbie
Activity: 129
Merit: 0
October 02, 2023, 04:59:29 AM
#42
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.  Smiley


I agree with you when you say hodling is a mental challenge as you can find yourself in a dilemma of selling or hodling. Personally I invested in some earning products https://www.bitget.com/earn  and only take out my interests without tempering with my initial capital this way I am able to earn without having to sell off my BTC. It's either that, or I have to develop a tough skin against selling off especially when you see prices dipping.
hero member
Activity: 2520
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October 02, 2023, 02:24:42 AM
#41
...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.  Smiley

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?
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.

This decision will really depends on the person who decide to do this conditions and usually at the moment people only speculate the halving so most provably Hodlers always prefer the 4 year cycle since the halving event is the only thing they are waiting for. Maybe there are some few people Hodl for long time but there are only few of them and mostly they are the institutions which want to create something big for bitcoin. If someone think they are holder because they hold their bitcoin for one year I think that's fine to call theirself that way as long as they enjoy doing that and just wanna try to see if what happen on their balance on the span of a year. Maybe next to that they could able to hold for more years and can convince other people decide to hold their coins to.
hero member
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October 01, 2023, 05:57:01 PM
#40
Holding of bitcoin for long time is base on someone who had budgeted for that for period of time. I know quite that allowing your bitcoin to stay long for investment is good but anyone who doesn't not another source of survival is not supposed to keep its bitcoin for long times, sometimes some people sell off their bitcoin because of challenges and their is no way of replacement funds whenever they lack funds,so that is while I always emphasising on people who invest and make profit, it depends on individuals target.
legendary
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October 01, 2023, 05:28:22 PM
#39
I think it is not only a mental challenge but also it is an emotional challenge.  Many have the mind set of hodling but most of them give up on emotional challenges due to fear of lossing when Bitcoin plummets to a certain degree.  Also, we know that in an investment and trading, not only mental capability is important but also the emotional capability plays a significant role in how a trader maintant their composure in Hodling.

Many investors gave in to fear and became weak hand, selling their stash the moment the price of Bitcoin take a dip.  FUD will never be called FUD if it does not affect the emotion of a trader.
sr. member
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October 01, 2023, 02:23:44 PM
#38
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.

From this, you're saying a true HODLer is devoid of emotions and that's not entirely true.
You can get scared of losing your Bitcoin when the price dips. You can get worried but the ability to control those emotions and hold on is what determines a true HODLer. I don't believe there's anybody that doesn't give a shit about the price.
We all do but we control our emotions, that's why it's a mental challenge.

To be a good HODLer you need to have a lot of trust in Bitcoin. Market analysis is good, but if you don't trust the coin it will be so hard to see a coin drop down from $60k to $19k and not panic. I said trust because even if it's a certainty that it will go back up, you don't know when you can only speculate.
It takes a lot to HODL Bitcoin and it's truly a mental challenge.
hero member
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October 01, 2023, 01:28:43 PM
#37
HODL only required to transfer our coins on very rare occasions (if at all), which minimizes transferring or storage errors.
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.
I disagree with you on this, not using your recovery seed often is even the best, and that doesn't mean that you won't always or once in a while check where your recovery seed is to see that it is still safe from third party since you know that you are hodling for long and your recovery seed is your funds. When you are only hodling it less the risk from Hackers as said by the OP. The way you do keep your recovery seed of the wallet that you are using to sell your coins and make profit is the same way you would keep your recovery seed if you were a hodler.

Hodling is the most difficult thing when you are not prepared mentally and financially for it. If you have a target amount of bitcoin that you want to accumulate, this can also help you hodli because you will be busy piling up your coins until it gets to that level. Even when it has gotten to that target amount, you might still choose to increase your bitcoin investment portfolio, and this can make you continue hodling and jeep on accumulating to your new target. The challenge that some hodlers are facing is that they bought bitcoin too aggressively and when they are short of fiat, they sell and lose focus of the original idea which is to hodli.
legendary
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October 01, 2023, 12:44:51 PM
#36
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.
legendary
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October 01, 2023, 12:22:21 PM
#35
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 you are buying an asset for the long term, then everything is important, starting with a thorough study of what you will invest in, and an understanding of the market, its cycles, and everything that concerns it.

In addition, the holder must be prepared for the fact that the market may change, cycles may increase significantly when the asset rises in price. I think the more expensive Bitcoin becomes, the more difficult it will be for it to rise in price, in addition, now many people believe in the cyclical nature of Bitcoin and will wait for the cycle to repeat in the coming years, but what if the cycle does not repeat itself, but instead the next bull market increases significantly will begin not in a year, but in 5 years, how many holders will remain who will wait all this time and wait for Bitcoin to reach a new ATH?
legendary
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October 01, 2023, 12:11:20 PM
#34
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.
Of course, it's another big advantage of HODL vs. Trade. Traders need to have their coins on an exchange to be able to make trades and that's always a huge risk. While in opposite, HODLers can just send their coins to an offline wallets, where it's very safe (cold storage) compared to an exchange (hot storage). HODL is beneficial from many perspectives.  Smiley

Understanding when to enter the market, and understanding what is going on with the market will put a HODLer mind at peace.
But HODL is also a good strategy, when we don't know when to enter a market. For example, in 2022, at 50k USD, it was impossible to say if Bitcoin will increase to 100k or if it would be going down to 25k USD next (it's never possible to make a safe prediction). In such situations, HODL might be our best bet because HODL is a long-term strategy.
hero member
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October 01, 2023, 09:33:06 AM
#33
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.
There are many long-term investors who know very well how the crypto market actually works and what to do to stay in this market. Those who are short-term investors who tend to make various wrong decisions to make quick profits, because they have limited knowledge, do not try to learn about Bitcoin. Before investing in any sector, it is the most positive thing for an investor to try to know about that sector well. And this is why a crypto investor should also try his best to know about the crypto market so that at least he knows about the crypto market before investing.

In fact, those who come to invest in short-term bitcoin, have little idea about bitcoin, they come to invest after hearing the name of bitcoin from different places. As a result, inexperience makes them suffer in many ways.
sr. member
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October 01, 2023, 09:19:06 AM
#32
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.
full member
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October 01, 2023, 07:27:23 AM
#31
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.
hero member
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October 01, 2023, 03:32:27 AM
#30
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.  Smiley

It takes the strong to keep HODL even in daunting times where the market is threatening with a falling profit. Imagine seeing the profit you've made over a few years HODL going all the way down due to some uncommon market news while you watch. It takes only those with a strong mental psychology to not only pay attention to all the points OP stated but to also keep to it in such conditions.

That's why it's good to have a good understanding and knowledge about past and current events in the market they could always be a reference point to help keep our resolve strong not to be forced to sell but to keep HODL extensively cause the market will absolutely rise again no matter how long it took the fall.
legendary
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October 01, 2023, 03:28:16 AM
#29
From the word HODL, it means long-term hold. So if someone panics when seeing the price drop significantly and decides to sell his Bitcoin, that isn't its characteristic. The same goes for investors who sell when they see some profit, as they are afraid the price will drop.

I think the most important factor to consider when HODLing or holding for the long term is to be specific with your target.

It's undeniable that no one would hold forever. While we are still alive, we like to enjoy the profit from holding. So without a target, it might affect our decision-making in the long run, as you know, emotions could affect our game plan or investment strategy.
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