Topic: What should be my fear? - page 2. (Read 960 times)

There is nothing wrong (and certainly anyone can make profit from trading) with short or mid term trading provided you have got the training of using technical indicators/charts and well aware of risk and money management tools which most important to take entry and exit at right time and securing your trade with stoploss to prevent liquidation of account.

Trading is never fearful job for those who are professionals, and they enjoy doing it.

For a HODL investor there is no reason to be fearful right now. In my opinion the Bitcoin price at the moment is relatively cheap and buying some coins for long term holding is a good idea. If like you said that you don't need the capital right now for spending, than investing it makes a lot of sense. The best argument for me to buy more crytpos at the moment is the double digit inflation rates. You are losing on average 10% purchasing power of your FIAT money by only letting it sit in your bank account. So why not invest the money and participate of the next bull market? And there is nothing really to fear about, because even prices will drop for bitcoin further in the short term, as a long term holder this is not going to affect you.  Crypto currencies like most other assets tend to move in cycles, so it's just a matter of time for the next rally to come.

Maybe it's because the people we meet are not the same, the people I meet don't choose to trade to increase bitcoin but mainly accumulate on a regular basis. I also have friends who are traders, but they don't trade to increase the number of bitcoins. They trade with the goal of making a profit, they also invest long term in bitcoin, but they accumulate bitcoin every time bitcoin has a good entry point, or they will deduct part of the profit from daily trading to buy bitcoin every time bitcoin drops more.

What I fear the most and is usually feared by beginners is being easily influenced by bad news (fud). so that emotions and mental uncontrollable. panic and fear sometimes overwhelm us. and that's what we have to realize. therefore it is important for us as beginners to dig up more information and knowledge related to bitcoin in more depth. so if any fud comes . we become less affected. because important capital in long-term investment is mental resilience. that is what I feel.

I also continue to set aside my money to buy Bitcoin in stages with the DCA strategy. but if the OP did use Cold Money. then I think your mentality can be more awake.

There is some trader psychology that we must build within ourselves as beginners in the crypto world. as I read from a source ie

-Passion
we have to have passion in the field we are going into like crypto or bitcoin. so there is no compulsion in doing so. so that we are always eager to explore this field.

- courage
Building courage in trading is not easy. but still we have to dare to make our own strategy and don't just always follow what other people say.

- Discipline
Discipline in carrying out the plans and strategies that you have made, don't get consumed by the hype and stay on the track that has been planned. this will make psychology more awake.

and many other things that I read when I studied trading psychology. which I also use in long term investing.

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sourch : Link

Incorrect. A few hundred dollars or a few bitcoins can also be a long-term investment, now it may be just a small amount, but when bitcoin hits 100k or 300k, it won't be a small investment anymore. In addition, if you do not have much money to buy bitcoins once, you can also accumulate monthly, yearly and your bitcoins will not be small.
Not everyone knows about trading, and not all small investors want to trade to increase the amount of bitcoin that many are still accumulating.

There is nothing to fear of, if you are willing to buy Bitcoin because it is the future of money, its limited supply of 21 Million makes it deflationary which is its major strength, no matter how much it falls during the bear run, it will bounce back and make new ATH . Please don't make all your buying in one go, buy in at 3 steps on dips hold it for long term.

The only fear you should have is losing your wallet, which you won't if you keep back up your wallets and keep it safely. If you were planning to hold short term, you should have fear about about making losses because the market is very volatile and the price can take a huge dip within few minutes. But since you are planning to hold long term, I don't think you should fear anything. If you are still scared, look at the chart and you will know what you are doing the right thing. But only invest what you can afford to lose. And better learn a little about crypto currencies. It will help you make investment decisions.

If you don't have any budget but you really wants to buy bitcoin, then do something about it, look for a part-time job if you're a student, or maybe look for another way to earn money if you already have a job right now. The only reason I only think for you to be afraid is when you will spend all of your money in bitcoin leaving you nothing, what I mean by that is that you will have nothing left to pay the bills and to buy your food, because you think that bitcoin will give you a large profit overnight, or even more silly.

But if you don't want to look for another job, look for someone like a relative or friends that are wealthy enough that is willing to lend you a certain amount of money that you desire to invest in cryptocurrency that will not give you a limited amount of time to pay back what you borrow.

If we didn't see bitcoin as an investment in the first place, we wouldn't be motivated to invest in it. I get what you're to say, but I think it should still be considered an investment, but an extremely risky one and we need to determine that in addition to the opportunity to make a profit, we can also lose that investment. We should consider not only the profits but also the risks faced. That way, we will have a comfortable position in investing and making more informed decisions.

None.

You have little knowledge in cryptocurrency, but you want to invest into it? Learn the basics.
You are asking what you should you fear about? I don't think that you should've something to fear about. Maybe you are experiencing fear because you're a newbie. If that's the case then learn, research and apply. You are afraid because you might lose your money? Just look at the history. Just look at how Bitcoin moved from 2008-present.

When I was like you, I didn't fear anything because I didn't invest any money at all. I spent my time learning at least the basics and how to not be carried away by volatility. I didn't fear at all because I know that if I learn something, that will help me to make better decisions in the future. Don't invest first but learn and you will not experience fear at all. Set aside your interest in buying first and learn at least how to be patient and emotionless.

I guess you must have heard the word FOMO which means the fear if missing out. This term FOMO is used in a situation where in a bit not to miss out from what the market has to offer, one jumps into the market out of the fear of missing out.
From what you said about, you're not certain of what you're about getting into which isn't actually the best for you because Bitcoin shouldn't be treated as a game but rather an asset or a digital currency and as such should be treated with caution.
Now is one of the best times to get into crypto (not a financial advice ) but first I will advice you to gather all the necessary information and knowledge you need to gather such as the basic knowledge for wallet, bear and bull markets, etc before diving into the future (Bitcoin) as no one will guaranty you success because everything lies in your hands.

If the purchasing of bitcoin is not in your spendable budget, then you shouldn’t be purchasing any bitcoin at all. First off bitcoin is inherently not an investment, secondly it’s likely to have a lot of volatility for quite some time, so if you do purchase some make sure you expect it to go to zero. That way you won’t technically have to worry about it taking a big hit downwards.

On the time you have stepped your foot into this market then you should really be making yourself prepared.Mistakes and errors are common because we cant really be directly be
that being pro on the first time we do engage things that we havent encountered before.In a market like this where prices are too volatile and unpredictable.
In the time you do make out investment decisions and as long you are only making use of money which you are only be able to afford to lose then you wont really be
panicking in case you do see some negatives.

Fear is a normal human response when we don't understand what it is, so to not be afraid, we need to understand it. OP should equip themselves with bitcoin knowledge so that they don't have to be scared every time the market has Fuds.

Another thing is don't invest with money you can't lose, bitcoin can give you profit, it can also take your money, in investment, profit and risk always go together.

When the new people come to know about bitcoin, they are no longer new people.They get to know about bitcoin by the people who was influenced by bitcoin. Holding is essential one to learn trading. Because many miracles happen in bitcoin in a short period. So kindly buy and hold it for 6 months atleast to get good money as a profit.

You should:

Fear of being among the weak hands
Fear having not much information about Bitcoin
Fear of not having trust in the Bitcoin market
Fear that you will chicken out the moment the Bitcoin price plummet.
Fear that you don't have enough patience to wait for the next bull run and new ATH of BTC.
Fear that you would listen to all the FUD and negative sentiments of Banks and Anti-Bitcoin groups

In short, there is nothing to fear as long as you have patience and trust to what you are investing.

If this is a long-term investment, then we are probably not talking about a few hundred bucks, and these funds need to be protected as hopefully as possible. Therefore, there should be no compromises here, only the most reliable methods, if it is possible to exclude as many dubious points as possible, then this must be done for your own peace of mind.

As a newbie your only fear would be to avoid a panic sell because of the dumps. All the other things can still be improvised over time.
But you can't do anything if you can't control yourself from selling your own coins.
So stay calm and know that bitcoin is here to stay and it will definitely rise up when the time is right and you need to hold strong.
Other than that you just need to be aware and pay attention on storing your coins in a non-custodial wallet and keeping your keys secure.

The fear of the unknown market was the major reason why  you were asked to invest what  you know you can afford to loose. Bitcoin was initially invented by Satoshi Nakamoto to be a currency in its own alone which would be used for transaction or invariably payment for goods and services rendered but however, people turned it to an investment which became the norm about Bitcoin. Since then people thinking Bitcoin is for investment purpose which is contrary to the invention.

Back to your question of what should be your fear. There are lots of things you should know about Bitcoin before purchasing it. At first you should know that the Bitcoin market is volatile of which you know what it means being volatile. You should be able to know that the funds you are using to purchase Bitcoin should be what you can afford to loose but be it as it may, if you are buying to hold for a long time, there is no issue as you can hodle it for a long time till you get your profit.  Lastly, you alone should  know that only you should have access to your own wallet hence the slogan you always hear or see onboard this platform " not your keys not your coin" key your key phrase safe to protect your assets.

If you believe that Bitcoin price that is currently at 16800 dollars is higher for you than you should not invest and go to bank and deposit there.
For a long term Ido not think that Bitcoin price is higher cause more you hold more the price will be up. If we believe in Cryptocurrency than we will be able to generate good amount of money from Cryptocurrency. Newbies only loose their money at the end.