HODL is purely a mental challenge - page 6.

paid2

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Quote from: letteredhub on September 30, 2023, 04:34:35 PM

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.

I agree with 1miau's post, and yours too.

The hardest part, and the biggest challenge for me, was not NEEDING to cash out. I'm extremely patient, but to be able to afford to be patient, you need to build up a very stable financial and personal situation.

It took me a while at first to realise that I needed to improve my personal situation to be able to hold out for very long. Patience has a considerable cost: personal stability, which is neither acquired nor free for everyone.

For me, HOLDing is the art of investing as much in yourself as in BTC.

Agbamoni

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Quote from: 1miau on September 30, 2023, 10:47:34 AM

A good HODLer can resist any temptation to make (small) profits prematurely and a good HODLer keeps his Bitcoin.

Bitcoin is revolutionary, and if we understand that feature of Bitcoin, then we would know why we shouldn't sell because of temptation. Selling may offer you instant profit, but hodling will provide you with long term profit.

Quote from: 1miau on September 30, 2023, 10:47:34 AM

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.

it depends on their emotional and self control, looking at chart patterns are important too, but without solid discipline most persons will panic sell when in loss.

Quote from: 1miau on September 30, 2023, 10:47:34 AM

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, this is one of the best precautionary measure to practice as Bitcoin hodler. And as well ensure we are buying it from a legitimate exchange. I've heard many stories of people buying BTC and it ends up being from some untrusted broker which is really just one of those scammers trap that will never let you withdraw the funds.

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.

Nheer

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Quote from: 1miau on September 30, 2023, 10:47:34 AM

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.

Every bitcoiner knows the meaning of HODL but the major problem we face when HODLing is knowing how long to Hodl. Bitcoin volatility makes it difficult for us to know whether it’s early to sell or not. I have not been too long into bitcoin and Hodling but I do wonder when the right time to sell is but i feel it based on individual perceptions of how much temptation they can resist (when price is moving up). When price going down panic sell never an option HODL is the only way.

Quote from: 1miau on September 30, 2023, 10:47:34 AM

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.

HODLing is truly a mental challenge and it takes a strong and determined mind to withstand the temptation it carries. This post will help prepare us properly of what is ahead because HODLing for as long as God knows when is not easy.

Mr.suevie

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Quote from: letteredhub on September 30, 2023, 04:34:35 PM

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

Baofeng

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Quote from: Ojima-ojo on September 30, 2023, 04:16:45 PM

While we prepar for long term hodling we might ought to make provisions and preparation for how best to secure the Bitcoin we intend to hold for so long and having a securely protected personal wallet is the best thing to do in that regard.

Of course, it entails a lot of preparation for being a long term holder. So in order to secure it better, have a hard ware wallet and keep everything there. You just need to backup everything.

Quote from: cryptomaniac_xxx on September 30, 2023, 03:48:30 PM

True, and I will say that the pandemic really thought me a lesson about holding. I mean you are just alone and can't get out, so that's already a mental challenge. But then again, you have a lot of time to think about your bitcoin investment and so with the pandemic, I was able to hold for so months or even years and accumulate decent to good amount of BTC. So it's very hard if you look at it on paper, but I can attest that anyone can do it and HODL for a long time.

Good for you if you were able to get everything started during the pandemic and the positive effect it did bring to you. For my case, I started much earlier to test myself on how to be a holder. And I can also says that it's a mental game as you have to take a grind week by week, month after month just to be able to stay with your goal of saying and accumulating for the long term and it's going to be worthy in the end or at least if you were able to get at "almost" the top price in a bull run.

bhadz

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I was an idiot before when I had my old wallet's private key on my email, yeah that was literally an idiotic move but thanks to the people here like miau who have been reminding everyone that it's not a good practice. Also about holding, it is true that this is a mental challenge you're already seeing the profit if you're going to sell now but then what's next upon selling? Are you going to buy and take those sold Bitcoins of yours or do you have no plan at all because you're just happy holding that cash then? This is the mental challenge that it's gonna make you happy and satisfied upon seeing that stack of cash upon selling but these days, cash is too quick to be gone because of how things have gone up in prices.
I have managed to survive this market and then stayed for a while when I don't feel that it's good for me to look at it once in a while. We need some distractions to get out of the market temporarily based on our attitude towards it. When we're feeling that we should sell because of how bad the market is, you're just being forced to do that and it ain't good at all when you've got a longer term plan which is the better idea that surely will work for me and to everyone else.

letteredhub

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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.

Ojima-ojo

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Question is, will the mental challeges equal the risk of not taking the tough rout of getting the basic knowledge that will sustain you along the line as you accumulate more bitcoin and keep Hodling and reducing the risk of losing control of your funds.

While we prepar for long term hodling we might ought to make provisions and preparation for how best to secure the Bitcoin we intend to hold for so long and having a securely protected personal wallet is the best thing to do in that regard.

1miau

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Quote from: tvplus006 on September 30, 2023, 12:09:14 PM

Quote from: 1miau on September 30, 2023, 10:47:34 AM

...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.

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.

Quote from: Stepstowealth on September 30, 2023, 12:43:32 PM

Quote from: 1miau on September 30, 2023, 10:47:34 AM

After all, it's a very important lesson to know that HODL is purely a mental challenge.

But what I need to ask is, how long should I keep holding to show my mental strength? It should be until I get to my target right? or do we just keep holding and holding? because of not wanting to sell early to make better profit. Bitcoin value will keep increasing, so when is the right time?

You can HODL as long as you want to HODL. And about a certain target: it depends on every HODLer.
Personally, I don't have any target for HODL, just a veeery long time.
But to consider it "HODL" I would say, a HODLer needs to hold at least 4 years, which is 1 halving cycle.

It's up to every HODLer.

Quote from: Bobrox on September 30, 2023, 03:13:33 PM

Have difference spell or meaning between HOLD or HODL?

HODL is based on a Bitcointalk post, where OP misspelled HOLD: https://bitcointalksearch.org/topic/i-am-hodling-375643

cryptomaniac_xxx

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Quote from: Bobrox on September 30, 2023, 03:13:33 PM

Have difference spell or meaning between HOLD or HODL?

Not sure though if you are aware of the origin of that word? If not then here is it, I AM HODLING

Quote from: 1miau on September 30, 2023, 10:47:34 AM

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.

True, and I will say that the pandemic really thought me a lesson about holding. I mean you are just alone and can't get out, so that's already a mental challenge. But then again, you have a lot of time to think about your bitcoin investment and so with the pandemic, I was able to hold for so months or even years and accumulate decent to good amount of BTC. So it's very hard if you look at it on paper, but I can attest that anyone can do it and HODL for a long time.

Bobrox

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Have difference spell or meaning between HOLD or HODL? which one both words are trues, I don't think about mentality challenge when holding inside bitcoin or another coins assets depend with how urgent for taking profit and less get risk if later price drop drastically. I don't agree with holding is about mentality challenge because taking profit early how to make maximize for losing in the future, can't make stable on higher price always and moment for dump is waiting for us and take profit early than prefer for holding is not true all mental challenge. More technical and manage less risk when taking profit early although in the next time have possibility with price will up or down.

Not bad ideas with holding and good luck for all holder.

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Quote from: 1miau on September 30, 2023, 10:47:34 AM

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.

I believe almost every aspect of the Bitcoin investment is purely a mental challenge and the last time I checked 95% of all BTC investors and holders barely have enough sleep ever since they joined the market.
One of the ways to resist selling early for a small profit or in the case of emergency financial need as a good HODLER is to lock the BTC way for some years.

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Quote from: BlackHatCoiner on September 30, 2023, 12:04:42 PM

In my humble opinion, as a self-proclaimed Bitcoiner, HODL means "no return back". When you HODL, you expect that the rest of the populace will follow on a Bitcoin standard, sooner or later. HODLing isn't to merely keep a bitcoin for a couple of years, just to sell it back for fiat (which is considered long-term for many).

I don't want to be called a toxic maxi, but it's just the way it is. If you don't think the people will treat Bitcoin seriously, then you don't either.

Hmm, do agree with it that it's a one-way, believe it or not. 80% of the Bitcoiners who really consider themselves as Bitcoin Hodlers are just money seekers who are waiting for a good exit, whenever the circumstances suit them they will, all the way to that exit point they will show others that they hate fiat, they want to get rid of this system they want freedom and blah blah they don't care because they want to approach some of their luxuries with a shortcut ride on the BTC.

I also consider myself in this same category but I do agree that I'm with the constant vision I can be a good Hodler, I do realize that my experiences will push me to be a good Hodler. Trying to get over my emotions (Short tempered Greed).

goxcraft

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It's not only a mental challenge but also a fight with yourself. It takes so much patience to HOLD. I have seen many give up in the middle or sell BTC for small profits, sometimes to avoid loosing all fund. I knew a person who had a lot of assets in different crypto currency, mostly BTC. He was doing well, everything seemed fine. Then suddenly, one day the whole market crashed. (I don't remember the year). He also lost 70% of his whole funds. You know how BTC works! When BTC goes down it takes others with it. As a result, all the other cryoto he had or holding or investing also went from green to red. It was the worst year for him. Later he cashed out the remaining 30% of his fund, in fear of loosing everything. For me, I think we shouldn't just focus in one place when finance is involved. Rather our investments should be wide spreaded like in real state, property, stocks, crypto etc. That way the risk of loosing everything at a same time decreases rapidly. Of course, you have to knowledgable in these sectors or you won't able to survive.

When it comes to BTC, it's not like any other shitcoins which comes for some months and then disappeares. But still I would consider plan B, plan C... That way I won't have to rely on only one person.

darkangel11

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Most of us made some mistakes with bitcoin. Over the years I've learned that we grow into hodling. It's very rare for someone to be a hodler from the start as most people come here get either hit by early euphoria or fear, depending on what part of the cycle they face right after buying their first bitcoin.

In my case we were in a post GOX bear market with bitcoin at -70% from its ATH, so obviously I thought bitcoin was cheap ($400) and it was a great idea to buy some. Next thing, it was down 40% and I was literally sick. Yea, I couldn't sleep, was waking up early in the morning every day to see the charts and seeing the price was making me depressed. I didn't sell. I felt so bad that I told myself - go ahead kill me now. If my investment's destiny is to keep going to 0, so be it. A year later it was at $500 and I was up on my money, which is when I became more relaxed about all of it, but it did not stop me from taking profit all the way up to 20k, which I now regret, but it was different times.

Good luck with HODLing!

mk4

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Investing in itself is a mental challenge. Like, even the best stock/asset picker can perform really badly when he/she's not mentally ready for actual 'investing' a.k.a. long-term holding. Like, even me myself — I'd be far better off financial today if I just held everything and never sold since the first time I held BTC.

Woodie

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Honestly hodling was so much easy for the first generation investors as it was easy to buy a whole Bitcoin for say $10, $50 or $200 or perhaps anything less than $1000 without having a mental challenge to forget about these coins for a while...

But with prices playing around 27,000 dollar's today, tbh you can't just buy such an asset and choose to forget about it because this will always be in your back of your head reminding you to always check and see if you can take any small profits and walk away ...otherwise to hodl=big boy/whale's games atm(mental challenge), better yet holding is for the financially disciplined Roll Eyes

Quote from: Odohu on September 30, 2023, 01:14:33 PM

Quote from: komisariatku on September 30, 2023, 11:49:39 AM

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

Indeed a great deal of mental preparedness is needed to HODL Bitcoin in both bull and bear market but in all, the level of faith and believe in Bitcoin is what will guide our decision.

mental strength comes easy when you are also financially stable not having to think about your stash..or coins you hodling.

Odohu

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Quote from: komisariatku on September 30, 2023, 11:49:39 AM

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

I think the temptation to HODL when price is rising is far higher than when price is falling. I don't know if others experience that as well but personally, seeing my portfolio in profits of multiple of my investment could be so tempting to sell and take profits. It takes a great deal of courage and faith to hodl and not sell at this point.
On the other hand when is falling, people rarely sell except some panic sellers or big playings that will dump the price so they buy cheaper. There is even this popular saying that "you only loose when you sell"

Quote from: komisariatku on September 30, 2023, 11:49:39 AM

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

Indeed a great deal of mental preparedness is needed to HODL Bitcoin in both bull and bear market but in all, the level of faith and believe in Bitcoin is what will guide our decision.

Stepstowealth

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Quote from: 1miau on September 30, 2023, 10:47:34 AM

After all, it's a very important lesson to know that HODL is purely a mental challenge.

It is a strong mental challenge where a holder who is not mentally strong will fail to keep holding because there always will be temptations or fears that can make a holder stop holding. Investors in bitcoins with poor mental strength will have to work hard to improve their mental strength if they have the plan to hold their bitcoins for long. But what I need to ask is, how long should I keep holding to show my mental strength? It should be until I get to my target right? or do we just keep holding and holding? because of not wanting to sell early to make better profit. Bitcoin value will keep increasing, so when is the right time?

Findingnemo

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Quote from: 1miau on September 30, 2023, 10:47:34 AM

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 also high so it is important to keep the recovery seeds in physical form and somewhere secure.

Quote from: 1miau on September 30, 2023, 10:47:34 AM

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.

We didn't lose anything until we sold the assets which may be really hard to understand for someone who is new to the investment but once they get used to it I mean at least a cycle then they will realize what they can potentially make at the bear run if they are prepared to accumulate more coins at the highest possible discounted price.

Quote from: 1miau on September 30, 2023, 10:47:34 AM

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.

Anything related to money is just a game of our emotions so one who knows how to control it when the market goes other ways will succeed more than those who will react to everything and fall for the traps of whale's traps.

Topic: HODL is purely a mental challenge - page 6. (Read 1442 times)