Topic: How to HODL for long. - page 3. (Read 840 times)

Wetin you talk nah true, but while you set those short-term goals inside your long-term investment, you go try dey focused make your attention no go shift from the main goal wey be long-term because of the petty profits wey fit come from the short-term goals wey you don achieve, cos sometimes all these investments dey Sabi play tricks on person and you fit easily lose focus before you even know.

Let's say you plan to HODL BTC for the long-term ( maybe 5 to 7 years na e be the initial plan) and then along the line after a year or two, you come dey see the small small profits wey dey enter there, then you decide to shorten the goal by taking small profit while still determined to HODL for the long-term.
But all of a sudden when you don start to dey collect those small small profits, you come dey feel like say you don arrive and say na there the main thing dey, small small your attention go dey divert from the main goal and then you go start to pull out any small profit wey enter on top.

This thing don happen to so many investors wey enter bitcoin investment with long-term goals, due to this main reason them don fall by the roadside, forgetting say that thing wey dey sweet well well, dey also bitter too, because when some kind DIP go hit the market, DIPs wey your long-term goals supposed shield you from, fear go come enter your body then make you go take decisions wey go fit affect your investment and possibly incur even more losses wey go pass the small small profits wey you take initially.


This na why the DCA strategy dey always dey come in handy for situations like this, because e just be like say you dey comot small money from your salary dey throw for saving box, saving box wey you no plan to break anytime soon, and by that time you go don get other mediums wey go dey sustain you, just incase the need for urgent 2k come, you go fit chest ambulance without even thinking about the investment wey you get.

Make we say for instance, person wey dey earn like 50k every month, as month finish and you collect your salary, you don drop like 10k for your investment knowing fully well say the remaining 40k go fit carry you till month finish again, na this one we dey call DCA.
To even make the whole matter easier for you, inside the 40k self wey remain, you fit dey keep like 10k for your emergency fund, then use 30k take guide till next salary show, you go see am say if emergency lap, instead of to run go meet your investment to collect money there, you get another alternative, wey be your emergency fund, the thimg go come make your investment safe and go dey steadily dey grow for you, and any awoof money wey enter your hand too, you fit split am, put some for investment and some for emergency fund.

E dey very important to take emergency fund seriously o, because na the only thing wey fit pose threat to person investment, so yes, emergency fund dey just as important as person investment because without am, the investment self fit no stand.

I was shocked to see the current price of bitcoin when I woke up today. My first thought was of long-term investors, and I said to myself, wow these investors will hit the spot in this halving.
Investing in bitcoin can be challenging, particularly for long-term holders. However, you will find it easier if you set goals and have a direction for your work.

Don't make it mandatory for yourself to hold for a long period if you know you lack the capacity or can't control yourself for that long period. That's why there are two options: short term and long term. You can benefit from your short term investment too, but everyone knows that long term investors are more profitable, which is why people always recommend it. However, both are still possible if you adopt the DCA method..
whether you are making a short-term or long-term investment. It is crucial that you set aside emergency cash, separate from your Bitcoin investment, and have a source of income that you can use to cover expenses without having to touch your investment.

To hodl for long no really dey easy ooh enough patient go really dey involve because Bitcoin investment is more profitable when it is been sighted for a longer term like 4 to 10 years and above and for this to be achieve patient must be involved, and it also advisable to invest that which you can afford to loss and for one to achieve holding Bitcoin for long one must set aside a reserve, emergency and float fund in case there is any unforeseen circumstances that may arise so you won't touch your Bitcoin hodling when this needs may arise.

Na true talk you talk, e go even better say as a starter you start with short term investment so you go confirm am well say true true this thing good and en go even better say person hodl for long. When you done confirm am with short term investment when you enter long term nothing person fit tell you way go make you pull out because you done see the good result before through the short term investment you been do.


I agree with watin you talk. Any body way they go into Bitcoin investment no suppose use money way en go dey in need of the next month because Bitcoin no be Ponzi scheme. Any body way won investment on Bitcoin make en prepare for am save out money way go be for the investment and also make sure say en salary money they come too so that en go use am settle challenges way come without dipping into the investment.

To put it in simple terms we can keep apart a decided amount for DCA on Bitcoin, will make on lumpsum Investment during the dip and set a target for that lumpsum investment of atleast 2X profit and leave it, Also keep accumulating Bitcoin through the DCA but the most important thing is these amount should t be affecting your daily expenses else you will end up selling it off hence need to increase the income by having better paying job to ensure a right balance is maintained.

If you no set goals you never start be that. Every achievement starts from goals setting as e go give you directions and any distraction wey come your way you go fit avoid dem because e get wetin dey your mind wey you wan achieve. The goal setting needs to start from the quantity of Bitcoin wey you wan get and how long wey you wan hodl am. Sometimes e make sense to have short term plans while you still get long term plans because some long term plans dey feel Impossible to achieve but if you get other small small targets e fit make you achieve your goals quickly and you no go even feel am say na that impossible goals wey you been dey see so na wetin you dun achieve already.


Dem say make you no do pass yourself, make you no go invest inside Bitcoin with important money that'll be needed urgently. Na only spare money go well or money wey be say we dun keep aside say na for investment na wetin we suppose to dey use and the percentage from your salary no supposed too much. The thing be say Bitcoin investment no be cashflow investment unless na trading wey you dey do for here or other various means of receiving cashflow for the industry. If na strictly investment wey you dey do then you need to plan yourself well so you go always dey get urgently 2k dem wey go dey bail you out of problem because dem go always dey around as for you dey alive.

That part of the thread is the most attractive one to me because many people wey dey clamour about bitcoin investment e no dey think of setting up a goal to achieve their aim. Before you invest in bitcoin you have to sit down.ans bring out a book and start your plans wey or how you want so am. First you ask yourself if na short term investment or long term investment. And if it is any of those periods then what are you doing to embark on the bitcoin investment.

Because if you no dey do anything before going into investment whether short or long term investment you no go survive and you go chop everything finished so you better do some extra so dat your investment fo reach the stated goal. Op I must tell you the truth e no dey easy to set aside emergency funds in Nigeria if not to create thread or say it in theoretically to at least encourage people to do e no dey easy oh. But do something so that your investment go last.

Truth be told there is no way family can be ignored especially when they need our help just imagine one of our family members are sick and they need money for bill. will you tell me that you will stick to your holding and wont do anything. it wont be possible. and i know how it feels but family is still very important and they are people we can not do without.

And that is why i would even advice the holder to have another source of income, and that way the holder will have more for upkeep. and that way you wont touch your holding because having only your holdings will only make life difficult, and having a source of income will only make things easier for you to hold. because if you don't have source of income you might even end up selling the bitcoin your holding because you wont be starving when you have bitcoin.

Saving money for Bitcoin na personal something especially when e don reach time wey you put to sell am, although me no be specialist but I know say Bitcoin dey always go up after the four years circle is completed so nai make many investor dey put their investment plan to be four years because dem dey always sell off because during that period Bitcoin dey dip well well so wen dem sell wen e dey up dem go come buy again when the price don drop well well again.

Holding Bitcoin for long term means say the person dey well prepared.E just be like soldier wey dey embark on a war no prepare how to crack gun e con dey go learn am for the battle field,at that point e enemies go just take advantage of am because him wasn't prepared for the war.Similar thing just apply for holding for long term,thing wey dey hinder people from holding unto their coin for long term na
1.Dem no get investing goals
2.No emergency fund
3.Dem dey depend on the profit of their investment.
All these attributes wey I list if any long term investor dey possess am then e go hard for the investment to hold him/him coin.

I actually don't see family issues to be only considered here the most. Investors can as much be tempted to spend on luxuries or pleasures, he can as well be left with no choice to sell his assets at personal emergency needs just at @AVE5 has said, the remedy to take precautions to keep holding is setting up other source for income being aware that you will be in need of funds to solve your financial requirements.

Yeah, there you are! You can indeed growing your assets values by accumulating more through your generated profits. It would as well increase your portfolio to higher revenues of income

Get a good job and do DCA and also keep reserved fund set aside to assist your unforeseen situation. Most times people do over looking all these things and think they can hold for long without them setting bases where they could start dipping hands to spend at their later ends when market seems not bright and as holdler you need the set a goal on how long you could hold be it short or long time but let it be that you planned on long term instead of short time.

Actually all the point you made where cool and that is the reason why long term investors or HODLers where able to have achieved their target and became who they are today. There is no successful person without a goal, aim and porpos of life. Without having a long term goal and having a steady income to back your long term journey up, am afraid you are going no where. just like a person who is travelling from pH to Lagos will have to fill the tank of his vehicle so that I will last long to be able to reach it destination so is to have an emergency and reserved fund is. You wouldn't have a long term goal without having a backup for that long term. Those who don't have backup for that long term are those who eat up there HODLings along the line. And inasmuch as we talk about investing in bitcoin, we should also apply with caution in a way that we wouldn't spend more than we can invest, like aggressive Investment. When they talk about aggressive investor, they are those that invest more than what they should have invested and later sell off, due to lack of proper planing. Your Investment on bitcoin should be lesser than your regular expenditure like, your house hold expense, reserved and emergency all together should be like %75 while your bitcoin Investment should either be %25 or %20. Sothat even if you Invest, it will not be an aggressive one. Or not over doing it.

Normally as an Bitcoin investor one should set a goal to meet , like for instance we all have our accumulating goal (like the number of Bitcoin we wanna have ), like most people goal is to have like 2 or 4 and above bitcoin stash in their portfolio. But actually get there one should be consistent with their accumulation, that's why is always advisable to accumulate with the amount of money you know you can easily afford without putting your hands in your emergency funds.

Because most usually make the mistake of going all in without having a back off funds (like emergency funds), to take care of expenses while they hold.  Which most time may only endup with them running to their investment, and withdraw it without thinking twice , whenbit haven't yield them any profit or just little. So to avoid such always make proper plannings on how manage your investment, e.g like having a good emergency funds.
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If u want to hodl your BTC for long, don't put your family issues for head no matter d love u have for d family, which is d best way to hodl BTC long to make wat u have never make before in d bull run

No dey use all your profits wey u make, if u want to hodl your BTC for long because d profit dat u are saving will b wat will help u to sustain during d difficulties for u not to sell Wetin go mak u regret in d future.

Make sure u have different sources of income, which is another method of hodling BTC for a long years before u can sell because u can use other sources to solve other problems to ensure u fulfill your purpose of hodling d BTC for long.

You can become successful as a long term hodlers, if you have already made a proper plan on how much your discretionary income is, and how much that you will invest into bitcoin without it affecting your monthly needs and expenses. Which means that you must have a means of income to enable you invest in bitcoin for long.

Emergency funds should be your priority when investing a d hodli for long so that whatever emergency that occurs during this time, you use the funds as back up in order for you not to sell your bitcoin when it is not the right time that you intend to. Have a reserve funds too to help you not touch your emergency funds only when a real emergency arises that if it is not taken care of, it will lead to damage of life and property. For instance, a great storm pulled off the roof of your house.

Have a bitcoin target and use a cold storage wallet to store your bitcoin, since you are only hodling and not selling, it is better that at the same time as you are hodling if you don't have enough Bitcoin, you should also keep on accumulating with DCA regularly weekly or monthly.

From your story you say u been de safe little by little for a year during your school days, it means that you were not really into anything that will be earning you money, who knows maybe you been de save from your pocket money. Well, at least you later archive your goals. I will never advise anybody to go into investing of bitcoin or even cryptocurrency at large without him having a steady income. I go prefer make you get something de do wey go de give u steady money wey go de help your through your bitcoin journey. Let take the current market as an instance, imagine say person wey no de get steady money invest for bitcoin since January by now him go don sell or even go de very tempted to sell. See as things come hard for the country join again but if u get where you de get your money you fit even forget say you invest till maybe you come hear from dem bitcoin expert say bitcoin don de rise you come come recall say you even get bitcoin. So it always advisable for you to have something doing before you go into bitcoin investment. Or better still if you are to safe before you invest then safe for emergencies too and miscellaneous expenses too.

For you to invest in Bitcoin first of all you should know your risk tolerance level and your goals should be defined, you should be able to know if you can withstand waiting for a long term, this will enable you to take your final stand on what to do, personal research apart from the mentorship gotten from whoever preached the investment to you is also a good starting point, every potential investor should remember to have emergency fund or other investmemt that they can lay their hands on if the need arises becuse hence you have decided to hold for a long term many waves may come but the only way ro overcome them is when you have alternatives means to salvage the situation as they are.
As a hodler you should stay tuned and be able to always have a first class information about the market to avoid being moved by the fluntuation of the price that may lead you to make a regrettable decision by making  shorterm decision because of the uncertainties facing the market in the time being.

For one to be able to hodl his or her Bitcoin for long first of all what he or she needs to do is to make sure there a steady flow of income that having like one or two source of income that will enable you not to temper with your Bitcoin holding one can easily go through there in other to settle some unforeseen circumstances that may arise.

Through the source of income you can decide to set aside some reserve fund and emergency fund incase any need arises you can also use the DCA method which help you accumulate more Bitcoin little by little either weekly or monthly as the case may be.

Being clearly stated, setting up a goal earlier on before you invest in the bitcoin would help you stay disciplined and unwavering that on no account would you temper with that your Investment until you hits your target.
It's not mostly about being determined to keep holding nomatter what the temptation could be, it's mostly about your endivoirs to setup an alternative for source of income by which you earns to sort your financial challenges otherwise, you'd be left with no choice that disrupting your investment goal.