If horses are true wishes, I'd love to attempt your strategies of investing the little money I have from my job. There should be no excuses for not getting Bitcoin, regardless of one's position or financial stability.
Now that bitcoin is preparing to embark on another bull run, I believe it is now or never to conduct another cost average.
Topic: My Past nine months bitcoin journey - page 6. (Read 2828 times)
Great brother. I am new on bitcoin currency. I really impress with your profitability. I think you are a professional trader of bitcoin. And your profit is really massive. I am trying t know how professional traders do trading. So that I also follow them to earn profit. I am learning technical analysis from YouTube videos to increase my knowledge about trading
The strategies described in this thread are not about trading, and if you had read through any of the substantive posts of this thread (including OP), you should have been able to appreciate that there is a described set of strategies that involve ongoingly buying BTC and accumulating BTC with the passage of time.. That strategy is sometimes described as dollar cost averaging (DCA), and of course, anyone who employs such DCA strategies will come up with variations of such strategy, and surely trading is a different kind of strategy that is not specifically being discussed in this thread.. even though there could be ways that trading could complement DCA -- but that is not what is being discussed here.
In other words, DCA is amongst the most basic of BTC accumulation strategies that historically have been employed in advantageous ways, and trading is a more sophisticated, complicated and advanced strategy - that could end up screwing up the more solid advantages of DCA if various kinds of risks are added including playing around with your BTC stash to sell and try to buy back BTC cheaper.. which has usually proven to be something that has not worked out as well as those who have historically followed a more pure DCA BTC accumulation strategy. There is a familiar expression that "time in the market is more important than timing the market," and DCA allows people to ongoingly put money into BTC as aggressively as they are able to do.. which can help for getting time-in the market.. especially that some people are not able to lump sum invest into bitcoin, so they can just invest what they can on a regular basis.. which is DCA investing.
Great brother. I am new on bitcoin currency. I really impress with your profitability. I think you are a professional trader of bitcoin. And your profit is really massive. I am trying t know how professional traders do trading. So that I also follow them to earn profit. I am learning technical analysis from YouTube videos to increase my knowledge about trading
I appreciate the move that many of you are happy with me sharing this investment with you all and providing some kind of motivation to all not only newbies but the existing holders also that DCA could be boom to your profits if you hold them for long term and can cut your unnecessary expenses to divert them towards what will benefit you all.Yes i can order food online but what's the fun of it if i am regularly eating outside the money is not going to provide any return but can worsen my health conditions and then some diseases can cause healthcare expenses so better be fit and invest for future.
If a person is investing in BTC in the long term, such as 4 years, or 10 years or more, there is really no need to get worked up about whether your BTC holdings happens to be in profits or not in the short term. Of course, there can be some comfort to have some profits along the way, but there can also be some comforts of being able to continue to buy BTC and to accumulate more.
When we set our short term goals with bitcoin price levels and it didn't reach our expected price levels than it could hurt our emotional sentiments and maybe we might not be willing to hold it further more.But if we have long term strategy short term fluctuations don't matter and you will be surprised to know i accumulated more in these dips opposite to those who Panic sell it.So you have to take risks with funds but long term is still better.Not saying the prices will be in millions but still after 5-6 years they will be more than double of current which is worth holding also.Instead of regretting later on be patient and enjoy your life afterwards.We are saying similar things, but I frequently suggest that BTC HODLers/accumulators do not set their expectations too high, whether short term or long term. In other words, there are psychological benefits to setting pretty damned conservative expectations, so that it is becomes way more likely that in the end, BTC is likely to out perform your expectations .. even if in the short term, the BTC price could be going down, your BTC might be in the negative, but if you already expect that could happen, you just develop a strategy ahead of time to keep buying or to HODL through the difficult periods or some combination of strategies that seem reasonable, prudent and appropriate for your own circumstances (psychological and financial).
Part of the reason that it could take 4-10 years just to start to feel quite comfortable in your BTC investment remains that variations of the short-term can end up with the BTC price moving against you for a decently long period of time.. and then there also remains no guarantee that bitcoin will necessarily recover - even if the odds seem pretty damned good, it is never guaranteed, but in either event, you can stick with your BTC accumulation/HOLD strategy and even tweak your strategy from time to time to better suit what is happening with bitcoin and how you are reacting to it and if any of your information has changed about actual BTC fundamentals or your perception of such fundamentals has changed - which sometimes has required a bit of conviction and faith, too... (and also sometimes you are going to make mistakes along the way too, and there are ways to attempt to recover from mistakes without necessarily doubling the risk or ending up compounding any mistake that you made - which is sometimes another thing that people end up doing if they set their demands and expectations too high).
So I am not even saying that getting involved in bitcoin and building various strategies and following the various strategies while tweaking from time to time is going to end up being easy, but there are ways to attempt to tailor in ways that allows you to keep stacking sats whether it is cutting back your expenses in various ways, as you mentioned aysg76 or if there might be ways to improve your cashflow in various ways in order that you have more value that you are bringing in that you are going to be able to invest into bitcoin too.. without necessarily becoming too overextended either financially or psychologically.
I appreciate the move that many of you are happy with me sharing this investment with you all and providing some kind of motivation to all not only newbies but the existing holders also that DCA could be boom to your profits if you hold them for long term and can cut your unnecessary expenses to divert them towards what will benefit you all.Yes i can order food online but what's the fun of it if i am regularly eating outside the money is not going to provide any return but can worsen my health conditions and then some diseases can cause healthcare expenses so better be fit and invest for future.
If a person is investing in BTC in the long term, such as 4 years, or 10 years or more, there is really no need to get worked up about whether your BTC holdings happens to be in profits or not in the short term. Of course, there can be some comfort to have some profits along the way, but there can also be some comforts of being able to continue to buy BTC and to accumulate more.
When we set our short term goals with bitcoin price levels and it didn't reach our expected price levels than it could hurt our emotional sentiments and maybe we might not be willing to hold it further more.But if we have long term strategy short term fluctuations don't matter and you will be surprised to know i accumulated more in these dips opposite to those who Panic sell it.So you have to take risks with funds but long term is still better.Not saying the prices will be in millions but still after 5-6 years they will be more than double of current which is worth holding also.Instead of regretting later on be patient and enjoy your life afterwards. Now it has been proven that bitcoin investment in the long term can be profitable, if in 2018 yesterday I invested bitcoin then I would get a lot of profit, I will not repeat the same mistake I have invested in bitcoin in the last three months I will save bitcoin in the long term I make assets for the future.
Past performance does not prove (nor guarantee) future performance.
Now it has been proven that bitcoin investment in the long term can be profitable, if in 2018 yesterday I invested bitcoin then I would get a lot of profit, I will not repeat the same mistake I have invested in bitcoin in the last three months I will save bitcoin in the long term I make assets for the future.
good experience, by investing bitcoin then you have chosen the right thing. Investing bitcoin and other cryptos in my opinion is a profitable investment as long as we can manage and utilize our assets properly, the results will also be satisfactory. a strategy in investing bitcoin is needed in order to get an increase in profit as stated above. so it all depends on someone to be able to manage their bitcoin assets well or not.
If a person is investing in BTC in the long term, such as 4 years, or 10 years or more, there is really no need to get worked up about whether your BTC holdings happens to be in profits or not in the short term. Of course, there can be some comfort to have some profits along the way, but there can also be some comforts of being able to continue to buy BTC and to accumulate more.
When target have been set in the long term then short term volatility may not have much effect on them. I've seen so many wallet that haven't sold their bitcoin holdings in 5-10 years and some of them are still active enough to collect more. I know that it is basically these people who will ultimately win in investing. There is so much investor confidence in bitcoin that they are willing to hold on to it long term and they will get a good return on this investment. [edited out]
Looking at the current price of course you get a big profit, the highest price you bought was $41k and now the bitcoin price has reached $56k, but I recommend holding it because I believe that bitcoin will continue to skyrocket so you can get bigger profits.
If a person is investing in BTC in the long term, such as 4 years, or 10 years or more, there is really no need to get worked up about whether your BTC holdings happens to be in profits or not in the short term. Of course, there can be some comfort to have some profits along the way, but there can also be some comforts of being able to continue to buy BTC and to accumulate more.
In other words, it can take years and years to get to a comfortable accumulation level, and for someone who might feel that they are are in the early stages of BTC accumulation, the feel good aspects of "being in profits" is likely to be more of a "paper tiger" concept rather than an actual dynamic that is likely to be acted upon.. a kind of double edged sword.
On the other hand, once a person feels that s/he has reached high and adequate levels of BTC accumulation, then at that point there might come some zen moments to sit back and appreciate the extent of the profits (whether they are going to be acted upon or not).... So one of the tough aspects of ongoing investing in BTC is that cashflow can take a real long time to come in and to allow for reaching decent amounts to be stashed into BTC... many of us older investors have felt such dynamics of having had largely reached target accumulation levels - and for sure the longer the time that your investment builds, the more comfortable the feelings about having had historically stacked to get there.
nice move, congrats. You make this profit little by little. it will certainly make a lot of people excited to achieve their goals. that's what other people want too which is to get periodic profits. in crypto investment we must know the flow and also the goals to be achieved. keep an eye on the market movement and make analysis with it. it will help us in deciding the time to sell or buy crypto. if we can manage our assets well of course it will be profitable and I think bitcoin investment is also good for long term investment to guarantee life in the future.
By the way, I had a similar situation as you in terms of my getting first involved in Bitcoin towards the top of a price rise (mine was the 2013 price rise), yet none of us can really know if we are at the top of the price rise when we are in the midst of it, but one of my advantages was that I was already in a position to be pretty aggressive for the next year - that started out as a 6 month authorization for buying/accumulating BTC and then expanded into a year... but surely it could be questionable about whether all my aggressiveness in buying in the first year of 2014 while the BTC price was falling had really put me in any kind of advantages place because aspects of my previously purchased BTC were largely in the negative for nearly 3 years with an average cost per BTC in the upper $500s in late 2014 that I was able to bring down to around $500 by the end of 2015.. but as we know the price of BTC had floated in the mid $200s for most of 2015. One of the advantages was that my persistence did start to pay off in late 2016 and for sure in 2017 and for sure, even the 85% price dip from the $19,666 BTC high in 2017, still did not come even close to less than 4x in profits for my overall BTC, and these days, I just like to round my overall cost per BTC to $1k per BTC to make calculations a bit easier, even though sometimes there could be various ways of accounting.. but if there is a profit cushion, then there is flexibility and less stress - both psychologically and financially.
Not only could we never know but for normies as I was and still am,,, we could never even know if there was going to be a rally or a cycle. Only 2 cycles had happened when I came and now I have the experience of living through one entire rally/winter cycle,,, I still cannot know for sure if this is another cycle or if we have a new paradigm of market behavior.
I am very happy to read it worked out for you and most importantly that you had the persistence to stick with it.
I read about others as old as you in this world but who gave up after the last rally thinking that was it
Initially, in late 2013, I had not known my investment target, exactly. I initially authorized myself a lump sum amount to spread out during my first 6 months investing, so I just took the amount and divided it by 26 weeks, and that was my allowance for each week. At the end of the 1st 6 months, I authorized myself to continue another 6 months with the same amount, and at the end of the 1st year, I thereby established my goal of getting 10% of my total investment portfolio into bitcoin....
I had already considered that I was not investing more than I could afford to lose because I had other investments and also I had all my expenses covered with my other monies and cashflow, but I did appreciate that my investment allocation was somewhat aggressive in terms of overall prudence of what regular people might consider.. but I still think that I always suggested that people who were less aggressive (or less of a believer) should allocate lower on the spectrum of maybe only 1%, so in that regard, I had always had some kind of recommendation that people should consider a 1% to 10% investment in bitcoin in terms of all of their investments, and surely since late 2013 (or even since late 2017) the investment thesis for bitcoin has gotten a quite a bit stronger in terms of likelihood for success. of course, the upside potential is likely NOT as great as it had been with a lower price, but the solidness of the investment thesis got better in terms of how various governments had been reacting (up until then or up until now) and also in terms of other ongoing developments and surely the resolution of the 2017 fork wars in terms of attack vectors against bitcoin had been fairly clearly resolved in favor of bitcoin.
Furthermore, even these days, there is nothing really strongly taking away from bitcoin's investment thesis in spite of some hostilities from China, but there are other bullish factors including El Salvador adoption, other countries considering similar measures, and some of the onboarding of pretty BIG players and financial institutions. so there always have been negative information in the mix, but that negative information should really be informing guys/normies in terms of how much to invest into bitcoin (whether taking a 1% allocation, or a 10% allocation or some other amount), not whether to invest into bitcoin.
Surely, some people choose not to invest in bitcoin at all, which surely is a mistake that a lot of people make by considering 1) how much and 2) whether as if they were the same question... kinds of all or nothing thinking that does not really serve the individual interests in terms of there is always going to be risks to any investment or ways of allocating value whether in bitcoin or some other investment(s) - even though bitcoin still remains amongst the best of investments that is still available out there... whether others recognize and appreciate such ongoing upside potential or not.
It's a great day because the value of bitcoin continues to increase, i suggest to keep buying and holding because tomorrow or the day after i'm sure the price of $60 will be reached, today i have bought about $128 when the price was $56k and now it has reached $57300, bitcoin investment is proven be the most profitable.
By the way, I had a similar situation as you in terms of my getting first involved in Bitcoin towards the top of a price rise (mine was the 2013 price rise), yet none of us can really know if we are at the top of the price rise when we are in the midst of it, but one of my advantages was that I was already in a position to be pretty aggressive for the next year - that started out as a 6 month authorization for buying/accumulating BTC and then expanded into a year... but surely it could be questionable about whether all my aggressiveness in buying in the first year of 2014 while the BTC price was falling had really put me in any kind of advantages place because aspects of my previously purchased BTC were largely in the negative for nearly 3 years with an average cost per BTC in the upper $500s in late 2014 that I was able to bring down to around $500 by the end of 2015.. but as we know the price of BTC had floated in the mid $200s for most of 2015. One of the advantages was that my persistence did start to pay off in late 2016 and for sure in 2017 and for sure, even the 85% price dip from the $19,666 BTC high in 2017, still did not come even close to less than 4x in profits for my overall BTC, and these days, I just like to round my overall cost per BTC to $1k per BTC to make calculations a bit easier, even though sometimes there could be various ways of accounting.. but if there is a profit cushion, then there is flexibility and less stress - both psychologically and financially.
Not only could we never know but for normies as I was and still am,,, we could never even know if there was going to be a rally or a cycle. Only 2 cycles had happened when I came and now I have the experience of living through one entire rally/winter cycle,,, I still cannot know for sure if this is another cycle or if we have a new paradigm of market behavior.
I am very happy to read it worked out for you and most importantly that you had the persistence to stick with it.
I read about others as old as you in this world but who gave up after the last rally thinking that was it
The value of bitcoin continues to increase so seeing balances and price increases is very pleasant, although sometimes prices drop but I am always optimistic and patient that bitcoin investment is the most profitable type of investment. I will make bitcoin for long term investment at least 2 years from now.
It's possible that the top of this cycle could come at any time, including that prices could stay low for 2 years or longer.
Alternatively, it is possible that we could get another ATH and then some kind of peak to this cycle and such peak could take 2-12 months to play out.. and thereafter to have a correction...
In any event, 2 years seems to be a strange kind of minimum investment timeline because we could be in a correction period in 2 years, which would be a a strange time to get out of such investment.
Currently, I am recommending that newbies into bitcoin consider 4 years to 10 years as their minimum investment timeline. Of course, each person retains full discretion regarding getting out early.. but it still may be good to consider coming into bitcoin with at least a 4 year minimum timeline or 10 years is even better, and if your timeline is less than 4 years.. and something like 2 years, you may need to be very careful in terms of actually expecting to be in profits during that time.. quite unknown if BTC will be in profits.. and of course, no time is really known to be for sure guaranteed to be in profits, but so far in bitcoin we have had cycles that have been lasting around 4 years.
The value of bitcoin continues to increase so seeing balances and price increases is very pleasant, although sometimes prices drop but I am always optimistic and patient that bitcoin investment is the most profitable type of investment. I will make bitcoin for long term investment at least 2 years from now.
Congratulations, OP!
This is a great idea of how we can invest bitcoin in small amounts that in the long term will represent the best choice. The advice is excellent to cut down on unnecessary expenses and instead invest for the future. I share the same idea because for two reasons in which I believe: First, bitcoin is the leader in the crypto market 42.7% while we buy more bitcoin we give it a boost and the market is bullish and the second reason my investment is totally to long term.
If we want to copy OP and try to be better, maybe we can follow what OP did but we put more money in it to be able to make much more profit than OP, the only problem is that there's an unlikely thing that might happen and that you're not going to have the same situation that OP has.This is a great idea of how we can invest bitcoin in small amounts that in the long term will represent the best choice. The advice is excellent to cut down on unnecessary expenses and instead invest for the future. I share the same idea because for two reasons in which I believe: First, bitcoin is the leader in the crypto market 42.7% while we buy more bitcoin we give it a boost and the market is bullish and the second reason my investment is totally to long term.
Regarding setting personal goals regarding how much BTC to accumulate or how much dollar value that might be worth, there are a variety of ways to set such goals, and I frequently suggest to set those goals to be relatively modest (and reachable), and sure you could establish a tier of goals, so that once one goal is accomplished then you shoot for the next level higher up the tier... and with the passage of time you can measure your progress.. and even within the goal setting, it is going to be good NOT to put unrealistically high expectations on yourself or your BTC's performance, and to realize that in normie land it can take 30-40 years for people to get to decent financial security - and sometimes even a decent number of those people who are prudent and work hard towards building financial security do not end up being successful (at least not in a kind of getting to fuck you status that allows them to really live financially independent).. so if you actually can get anywhere close to reaching fairly high goals that you have over 15-20 years, then you would have been successful in cutting in half the timeframe that it frequently might take normies to reach such goals.
For sure, BTC seems to be a great vehicle for such.. even if it is NOT all of your investment vehicles....or maybe in the beginning BTC would be all of your investments, but as you increase your values, then you might choose to spread out some of your investments into properties or some other reasonable other investments so that all your value is not in one thing.. perspectives are going to vary regarding various reasonable and prudent measures to take in a variety of possible diversification and balancing directions (thinking both psychological and financial measures).
For sure, BTC seems to be a great vehicle for such.. even if it is NOT all of your investment vehicles....or maybe in the beginning BTC would be all of your investments, but as you increase your values, then you might choose to spread out some of your investments into properties or some other reasonable other investments so that all your value is not in one thing.. perspectives are going to vary regarding various reasonable and prudent measures to take in a variety of possible diversification and balancing directions (thinking both psychological and financial measures).
When I first got into it, and even by the time I actually got around to deciding how much I should aim, 1 Bitcoin was actually a realistic target for me. I cannot exactly remember the price but it was not yet even $3000 as I can recall. Which is a big amount for me, but something I believed I could accumulate in 2 years or so with normal forced savings (using it to DCA).
The "problem" with Bitcoin was it got much higher after that:) And the "funny" thing is that most of my DCA buys are heavily above the 10000 price range,,, which would have quadrupled my original 2 years estimate for 1 BTC. It was difficult for me to adjust goals but still I maintained my 1 BTC, keeping the milestones to targets on the way to 1 BTC. Signature campaigns have really helped (they reduce the need to buy), and unrelated winnings in Bitcoin gambling also, so it has cut short my estimate and I believe I can get my target by the next halving.
Balancing is definitely important,,, and constant fine tuning, and ensuring your personal situation does not suffer as a result. People forget to take care of the mind's situation also when it comes to money. You cannot eat ramen for 6 months to buy more BTC, for example.
Fair points regarding how long it might take to achieve a goal that you had set in terms of BTC may take longer when the BTC price is going up. There are currently a lot of normies - especially normies who are new to BTC - who are not going to ever be able to accumulate 1 BTC, and there will be needs for many of them to set their initial goals more realistically such as 0.21 BTC or in terms of satoshis 0.21 BTC =21 million satoshis... and if the BTC price keeps going up, initial BTC accumulation goals might gravitate towards 1 million satoshis or less.
For sure everyone has to set their goals within their own various parameters and plan and adjust their strategies in terms of their cashflow, other investments (if any), view of bitcoin as compared with other asset classes, timeline, risk tolerance and time, abilities and skills to plan, learn, strategize and tweak along the way which may involve rebalancing their allocations along the way and perhaps trading or using various financial instruments (that might involve leveraging or use of margin) - of course the trading and using various financial instruments are more advance skills in which there are likely benefits to working on more basic skills, learning about oneself and finances before employing the more advanced tactics.
By the way, I had a similar situation as you in terms of my getting first involved in Bitcoin towards the top of a price rise (mine was the 2013 price rise), yet none of us can really know if we are at the top of the price rise when we are in the midst of it, but one of my advantages was that I was already in a position to be pretty aggressive for the next year - that started out as a 6 month authorization for buying/accumulating BTC and then expanded into a year... but surely it could be questionable about whether all my aggressiveness in buying in the first year of 2014 while the BTC price was falling had really put me in any kind of advantages place because aspects of my previously purchased BTC were largely in the negative for nearly 3 years with an average cost per BTC in the upper $500s in late 2014 that I was able to bring down to around $500 by the end of 2015.. but as we know the price of BTC had floated in the mid $200s for most of 2015. One of the advantages was that my persistence did start to pay off in late 2016 and for sure in 2017 and for sure, even the 85% price dip from the $19,666 BTC high in 2017, still did not come even close to less than 4x in profits for my overall BTC, and these days, I just like to round my overall cost per BTC to $1k per BTC to make calculations a bit easier, even though sometimes there could be various ways of accounting.. but if there is a profit cushion, then there is flexibility and less stress - both psychologically and financially.
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