Overall, I like your plan.
The only supplemental suggestions that I would make is that 1) you consider NOT getting so caught up on round numbers or solely a BTC long term strategy that involves only buying BTC on the dip and limiting your entry points and 2) you consider some flexibility on your 6-8 month shaving off of profits plan..
In other words, I would suggest that create a plan to periodically invest in bitcoin, no matter what the price... (aka DCA) such as $100 per month.... or some other amount that you conclude to be both reasonable and an amount that you will not miss in the event that bitcoin were to go to shit...
Even $10 could be reasonable, though since you already have accumulated more than a whole bitcoin, I conjecture that you could reasonably afford much more than $10 per month for such DCA efforts (and not even miss it... the price of two fancy coffees).
Regarding your plan to shave off some profits at 6 months after the halvening, sure that might be a good plan.. but BTC price growth periods of the last couple of halvenings took well over a year to play out and arguably each of them took in the ballpark of 18months after the halvening to really show their stuff.. so you may be selling yourself quite short with such a short 6 month window, and really do you believe $2k is going to make you feel better? sure, maybe it will, but maybe it would make you feel even moar better if that $2k ends up being in the $10k to $20k region in 5-10 years .. which seems to be a way better investment horizon for someone who is just getting in with a bit more than 1 BTC currently.
Thanks for those suggestions and ideas.
The time of 6 to 8 months was just a guess really. I won't take 2k out until btc is at 20k. I will get use this 2k for a couple of alt projects that I was told are promising. I wish to buy my own apartment or home, renting is ok for my age but I would prefer to get a cheap house or apartment to work on.
Several times when bitcoin crashes hard it then reverses and reaches new ATH. I appreciate that the virus is a bit of a black swan.
I follow some of the things my older brother mentioned. He is quite a success ( for our family)and does spend some effort in helping me with useful advice. He told me he was trading some of his bitcoins and the news cadge that silk road was busted. He incorrectly panicked and sold the majority of his holdings. I think it was for around 60 dollars each or something that seems unthinkable now.
He said that he kept waiting to get back in near his exit price, but the price went crazy. Soon it was over 1000 USD. He said he was angry for panicking, and was angry at himself for willing and hoping for bitcoin to crash again each time the media talked about it going higher in value . He never got back in for 60. Even now his mood can darken if the subject comes up. Since then told me never sell. He has accumulated quite a few again by weaving in and out with no more than 10% at a time. He also does not spend on latest phone, car , and these things like before. Every spare dollar is invested in bitcoin, bullion or home improvement. I intended to do as you mention put all spare money each month and put some in bitcoin and other opportunities.
I am rather greedy with getting maximum gains
( now I Have something I really want like to own a house of my own) and impulsive which can lead me to gamble. I was even upset to have entered at just under 5k rather than 3.8k although I know it is still a superb entry that at one point I would have been very grateful for.
I will soon forget this when bitcoin is 20k.
Thanks Icygreen as well for the welcome. Now that I know I will be targeted with crossbow projectiles, I will keep the retired police vest that should repel or prevent the penetrstion required to destroy vital organs.
It sounds as if you are, at least, trying to learn from your experiences and even the mistakes of others, as well as identifying some problem areas that you have, which is maybe an inclination to gamble too much from time to time.
Many people take 20-30 or more years to establish a really decently-sized investment portfolio, and sometimes they do not even reach any kind of decently-sized investment portfolio because they make a lot of mistakes in terms of sometimes gambling too much or failing to capitalize sufficiently or even consuming way too much too soon.
If you are able to figure out a way to use bitcoin to your advantage and even to be able to cut down the time that it takes to build a decently sized investment portfolio, then that will give you a lot of options.
Sometimes you cannot really rush building capital, but once you achieve certain levels of capital, then it can become somewhat easier (at least having more options available) to get your capital to work for you, but it still takes time and continues to take effort NOT to relapse into taking too many chances and putting your capital at too much risk.. so capital preservation continues to be a solid and valid skill that people tend to learn when they are more successful with their investments.
I look forward to your continued contributions or even letting us know how matters are going for you, and hopefully you will not need to break any OpSec in order to share... sometimes we can also talk in terms of strategies without giving away too much information regarding amounts or other information that might be too personal.
