what is the key to your success investing in bitcoin.. - page 5.

lizarder

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Quote from: Solokan on January 11, 2023, 05:34:19 AM

: buy at a low price sell at a high price.

That's how most people invest in bitcoin, buying when the price is low, then selling when the price is high. But if we are able to take advantage of any conditions, bitcoins can be bought even if the price is slightly higher.

Suppose you buy bitcoins at a higher price, the pattern you have to do is wait for the increase from the previous purchase price and that's why bitcoin is considered a long term investment.

Quote from: Solokan on January 11, 2023, 05:34:19 AM

: must hold strong, and do not sell it when the price drops.

That's the mistake people often make, selling bitcoin because they experience panic when prices start to fall against the correction process.

Quote from: Solokan on January 11, 2023, 05:34:19 AM

but in reality there are so many people who sell when the price drops, even though they have to take the risk of loss.

What causes people to sell bitcoins when the price drops?

Panic and do not understand the bitcoin cycle

Trying to cut losses with the wrong pattern

The lack of knowledge that can stifle excessive worry about the state of bitcoin during a correction.

Quote from: Solokan on January 11, 2023, 05:34:19 AM

I, who don't have much experience in bitcoin, want to ask what is the key to your successful investment in bitcoin?

The key to successful investing in bitcoin, simple enough?
"Keep calm and don't panic".

Solokan

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Quote from: crwth on January 15, 2023, 09:11:11 AM

I think the key to successful investing in bitcoin is knowing that bitcoin is worth more than you think it is. Imagine believing it is worth $100,000 and you selling it for $20,000 is a huge setback. You would feel dumb and sad and probably regret that you have sold it in the first place, so it’s better that you see it as more valuable than it is now so you wouldn’t have to sell it. It’s just like how some collectors profit as well.

Your opinion is also good and at the same time reminds of the journey of people who invested in the past, namely in 2009 and sold bitcoins in 2021 when the price was high. means the point is we have to be strong to survive, and not to sell before big profits.

crwth

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I think the key to successful investing in bitcoin is knowing that bitcoin is worth more than you think it is. Imagine believing it is worth $100,000 and you selling it for $20,000 is a huge setback. You would feel dumb and sad and probably regret that you have sold it in the first place, so it’s better that you see it as more valuable than it is now so you wouldn’t have to sell it. It’s just like how some collectors profit as well.

posi

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Quote from: Woodie on January 15, 2023, 07:00:32 AM

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So my key to successful investing is knowing how to read charts!

I want to ask, does your chart reading indicate that bitcoin has spiked in the past few days? As far as I know, the rise in the price of bitcoin has taken everyone by surprise, and almost no one has made an accurate prediction of what bitcoin has done in the past few days. I am not saying chart analysis is useless but it is not the key to success. Many investors don't know how to analyze charts, and they are holders, they still succeed with bitcoin.

Kryptowerk

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Disobey.

First response was:
Buy low, ~~sell high~~ dont't sell at all (aka hodl).

There is more to it however:
- Don't chase quick gainzzz. 99% of projects and coins etc are vaporware, scam, total bs or just unecessary.
- Have a "strategy" that you stick to. In this way, you can and should resort back to it when you are tempted to make a quick, possibly irrational decision. Just generally, unless part of your strategy (for example "buy if below xyz $") don't make any quick decisions at all.
- Don't try to be a trader (unless you enjoy paying rent for the 0.x% of actually successful traders out there) - have a good doller-cost-average buying strategy over a longer period of time. You can slightly adjust whenever there are dips - but neither panic-buy or panic-sell. It all comes back to my previous point.
- Have at least a real job or better yet several sources of income and don't put everything on one card/coin. Only put a tiny percentage of your earnings into crypto. Diversify.
- Be patient and use your brain. FOMO and FUD should be identified quickly and avoided.

yazher

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You can spend some spare money and buy a little amount of bitcoins whenever you have already spent your money on your essential needs. in this way, you can support bitcoins and also minimize the risk of being a failed investor because you are aiming to hold it for a long time. This is the safest method you can follow because others are extreme and they even take a long to buy some bitcoins others go overboard where they sold their house just to join the trend of holding bitcoins. Yes! they might become the luckiest men alive when the price will spike shorter than they expected. but it's better safe than sorry to make things easy for you while you live your life to the fullest.

xSkylarx

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Buy and set aside your emotion! It would be easy to say but difficult to do as we all have these kinds of emotions, we tend to panic sell and we are greedy. Most of our decision when it comes to holding is that our emotions, we hold but later a few weeks we saw that the bitcoin keeps dropping we tend to sell it in loss but if we set aside our emotion if we hold it whether the price drops keep it for a couple of years then for sure there is a profit that is why other holder controls their emotions, others are not checking the price and other forget it so that they won't trigger their emotions

Woodie

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When I got to know of bitcoin a few years back, people have always preached to buy low and sell high or buy the dip and hodl but unfortunately this alone doesn't just work!

To be successful with crypto investments one needs to know how to actually read charts, interpret candlestick movements and all the fun stuff and once you get to this level then you are ready to make sound decisions with the backing of your chart reading skills.

So my key to successful investing is knowing how to read charts!

bitzizzix

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Successful investing in bitcoin in my opinion, first you have to have a job or steady income. Because with this you can invest by doing DCA every time you get income and do it after you meet your needs and you can invest the rest, and you don't need to invest large amounts of money and do as much as you can and with your money you can lose, because with small capital if done regularly it will be big.
and do everything for the long term because in the long term you will earn good profits and bitcoin is a very reliable investment for the long term, and it also requires a lot of patience during falling prices to stay calm and take advantage of the downturns to increase buying.

worle1bm

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The main point for me in case of btc investment is how you safely keep your funds in your custody after you have risked the investment in it because as we all are aware there are many scams and chance of losing your funds apart from dips and market crash.So at last it matters a lot as you will earn rewards for the time you hold your funds.The second thing is you must invest extra so in case of dips you shouldn't get panic attacks having source of income apart from your investment to backup you which is also important.So keep such things in mind always.

hZti

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The best strategy for bitcoin was always to buy as much as possible and not sell any! Bitcoin is not to be compared to other assets, because it is new and can not be traded successfully if you ask me. It can however be gambled Cheesy

Dzwaafu11

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For you to be successful in investing in bitcoin you must be very patient because isn't something that you'll put and invest today or tomorrow, I call it slowly but surely 😊 then put the amount of money that you'll be able loose......
You've to be careful of scammers and other things.

boldandbrave

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People who sell bitcoin even though they know they are losing money it seems they don't use extra money to buy bitcoin so they panic when the price drops.
I always use the DCA method of investing while still observing the market chart. I can't say I'm successful in investing in bitcoin and I still don't have much experience in the cryptocurrency world

Vaskiy

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Quote from: serjent05 on January 14, 2023, 04:09:24 PM

Knowledge is one of the important factors of success in investing in Bitcoin. With knowledge comes faith in technology. Since we will know the potential of the technology we will believe that it will become successful thus having faith in the success keeps us holding Bitcoin. This also triggers patience since being informed that one day the price of Bitcoin will increase, and having faith that it will, we are tend to have patience and hold our Bitcoin until the day our target selling price is met.

Knowledge is important for a person to make him successful in life. With the knowledge he had acquired through different ways help him take the right decision and move on the right track. To be successful out of bitcoin investment knowledge isn't much important, even with the basic information about bitcoin you can succeed. All that required is the patience and the belief over the growth.

serjent05

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Knowledge is one of the important factors of success in investing in Bitcoin. With knowledge comes faith in technology. Since we will know the potential of the technology we will believe that it will become successful thus having faith in the success keeps us holding Bitcoin. This also triggers patience since being informed that one day the price of Bitcoin will increase, and having faith that it will, we are tend to have patience and hold our Bitcoin until the day our target selling price is met.

Oneandpure

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Based on my experience about what is the key become success investing in Bitcoin depended how your patience and emotional controlling, some many investor losing their investment assets in Bitcoin due greedy and never have management controlling about how much profit available for selling their assets and try to be long term holding although price going dump.

Don't blame with CZ word about "if you can't hold you can't be rich" that not always true, many time altcoin investing drop drastically after long term holding and better take profit as soon possible when having opportunity after price going up.

The Cryptovator

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When you are an investor, patience is essential to your success. You cannot earn or make money from cryptocurrency if you lack patience. You chose to buy it because the price you paid was your dip. So you must remain calm as prices continue to fall. We must remain strong until it recovers. If you panic and sell at a loss, no one will be able to assist you. Only patience can assist. So, before you jump in, give it some serious thought. You should not be sorry later.

pixie85

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Quote from: Anonylz on January 14, 2023, 12:36:04 PM

Knowing when to buy and when to sell is the key to being successful in this space. Buying btc at ath and expecting the market to maintain its price is impossible, you will end up holding for another 2 to 3 years before you are able to sell with a good profit. so it is very necessary to understand the market trend and know when to get in and exit. This I have learned over time.

I don't agree. You don't have to be a trader to be successful.

Would you say that early investors had to know when to buy and sell?

I bought my coins years ago, earned some along the way. I think I'm somewhat successful because my bitcoins are worth much more than when I got them. I don't know when to buy or sell, I just buy whenever there's a big drop in price and I try to get as much bitcoins as I can. I don't sell them, It's a wealth allocation strategy.

I'm planning to hold as long as I can and if I'm lucky bitcoin is going to be worth hundreds of thousands of dollars before I start thinking of using it. If it takes 10 years, so be it.

famososMuertos

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The question does not have to be restricted to bitcoin... let's start there, as any asset and investment requires general knowledge in investments, skill and generally knowing your weaknesses well.

That is, sometimes it is not treated as in this case of bitcoin, the individual in his actions is part of the success.

Quote from: Solokan on January 11, 2023, 05:34:19 AM

...
but in reality there are so many people who sell when the price drops, even though they have to take the risk of loss.
---....

That should not be something instinctive, in fact it is a technique and widely used, selling at a loss is part of the skills of knowing "when...?"

BITCOIN4X

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The main key is to have funds, buy, hold in the long term.
But for anything, the risks of investing in bitcoin should not be ignored. Wallet security is the responsibility of the users themselves, besides that they must also be able to control their emotions towards price volatility.

All of us just need to understand that whatever we believe is profitable, there is always a risk of loss. The volatility of the bitcoin price is one of the reasons, so this can only be done for the amount we can afford to lose, nothing more.

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