When to buy - question to Hodlers - page 7.

LUCKMCFLY

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Quote from: xxjumperxx on April 27, 2020, 03:21:37 AM

~snip~

The most effective way to do it is when the price is falling or it is very cheap, but taking into account the COVID-19 effect it is a great time to do it, since many have been selling in panic, and the market is moved by whales and emotions If you buy now when weak hands sell, this is the best time to do it.

htsy585

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Quote from: xxjumperxx on April 27, 2020, 03:21:37 AM

Hi fellow Hodlers,

Im just asking because I want to know if there is a more effective way to do it

tl;dr When do you buy your Bitcoin?

I believe everyone will tell you to always but at the bottom or when the price is extremely low, but the big question is, when is the buttom or when is always the price at lowest. I guess no one will ever know unless you guess. This has been the ways of cryptocurrency market, you might think your are buying the bottom but you'll discover that the dip keep get deeper. I guess that the reason behind the risk of cryptocurrency investment

justdimin

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Check out the history of bitcoin and you will see that there are many days when bitcoin price goes down more than 30%, there are days that is even higher but the realistic speaking 30% drops are a lot more common and a better timing. So, when you see one of those 30% drops because something huge happened, remember that whatever has happened, no matter how bad it is, no matter how hard it looks, no matter how many people says bitcoin is dead, do not EVER worry about bitcoin and just buy it.

If you buy it when bitcoin drops more than 30%, you will get in at the perfect time, everyone will be looking at bitcoin like it is dead and everyone will talk about how there is no way it can ever recover again, the market will be doomed and basically all kinds of bad things while you are buying, that is the toughest challenge, but in the end you will laugh at those people when you profit.

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Quote from: xxjumperxx on April 27, 2020, 03:21:37 AM

When do you buy or do you spread out buying Bitcoin with FIAT?
I myself buy Bitcoin every month no matter the price for a set amount from my paycheck, in hopes of averaging the price I buy for.
Before doing that Id wait and hope to catch it at a lower price but that always seemed to go in the wrong way, aka. price went up =)
Im just asking because I want to know if there is a more effective way to do it?
tl;dr When do you buy your Bitcoin?

I buy bitcoin when the price is down. But if every month, bitcoin price can be down, I will buy more bitcoin because that will be my best time to have bitcoin at a low price. I already suggest some of my friends purchase bitcoin every month, no matter how much the price of bitcoin but they should use the same amount of Fiat to buy bitcoin.

I think you did the right thing to buy bitcoin, at least that is work for you. You can still do that way while you can wait for the increases in bitcoin price so you can sell it at the right time.

cafetools

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Quote from: xxjumperxx on April 28, 2020, 02:24:09 AM

Yes for now I have just been paying on the 15th of each month. Regardless of price.
I will continue buying, Im just asking myself is it worth it keeping the money on the side and waiting for a dropoff or just continue buying every month?

Thanks to everyone for giving me ideas and showing me their way of buying coins.
DCA has been my way, its been going good, yes I could have probably gotten more out of my Dollar if I waited but I have been lucky getting it cheap and it going up for a while too.

Although a steady auto buy will get you Bitcoin, you could get more if you time it right. Buy low and sell high, thats the secret to trading, lots of people kind of overlook that strategy.

xxjumperxx

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Quote from: Sadlife on April 28, 2020, 02:56:53 AM

I always buy at a low price but only 50% of my funds do i spend because it might even go to lower prices especially when Bitcoin is in a tricky situation when it's bouncing between support and resistance and might breakout to the upside and downside that's why i avoid buying all in to a price level.

Thats what I try to do with by spreading out my buying.
To average the price.

Sadlife

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I always buy at a low price but only 50% of my funds do i spend because it might even go to lower prices especially when Bitcoin is in a tricky situation when it's bouncing between support and resistance and might breakout to the upside and downside that's why i avoid buying all in to a price level.

xxjumperxx

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Buy Bitcoin!

Quote from: Timmzzy on April 28, 2020, 02:28:36 AM

In your own speech you said you buy even when the price is up, I will like say that's not a good strategy when. Buying bitcoin or any other coin. Now I was taught to buy when market is low and sell off when it's high which is base on my T.a also with the help of F.a as well. I believe you know what T.a and F.a means in other words. Now this have nothing to do if you buy at every month.

Yes I dont look at price really.
Someitimes it might be at a high but sometimes it is on a low.

So in that way I try to average the price Im buying at.

Timmzzy

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In your own speech you said you buy even when the price is up, I will like say that's not a good strategy when. Buying bitcoin or any other coin. Now I was taught to buy when market is low and sell off when it's high which is base on my T.a also with the help of F.a as well. I believe you know what T.a and F.a means in other words. Now this have nothing to do if you buy at every month.

btctalk123

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if you already have some btc maybe better to way till the huge drop again and don't buy just every month

xxjumperxx

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Buy Bitcoin!

Yes for now I have just been paying on the 15th of each month. Regardless of price.
I will continue buying, Im just asking myself is it worth it keeping the money on the side and waiting for a dropoff or just continue buying every month?

Thanks to everyone for giving me ideas and showing me their way of buying coins.
DCA has been my way, its been going good, yes I could have probably gotten more out of my Dollar if I waited but I have been lucky getting it cheap and it going up for a while too.

maxreish

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I usually buy bitcoin in the licensed local exchanges available in our country. And since you have mentioned you are buying bitcoin "every month", then I guess regardless the price of bitcoin, your purpose is for the long term hold.

So, technically I assumed you are just asking "when is the right time to buy" since you are buying it monthly. Of course you are still aiming for the dip price acquired each month. Haven't you using some technical analysis? If not, you may try using some of it so you have any idea which price will you gonna buy bitcoin. Or just proceed with what you have started. Afterall, long term holder will still be profitable when bull run comes.

el kaka22

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Periodically, that is what I have been doing for years and it has worked for the most part.

If you go all in, there is no right time, just look at the price right now it moved from around 5k prices to close to 8k now for example, do you really think it is smart to buy now?

Or was it smarter to buy when it was lower? Of course, it was smarter to buy lower but how could you know when it will be lower once again? You wouldn't have any idea. So, what can you do?

Basically never go all in, always have a source of income that you will put into bitcoin, and just periodically put money into it, whenever price has a HUGE drop, just buy it, I know it may drop even further but just buy it, whenever price has a huge drop no matter what happens it will always go back, even if it takes a longer path.

cafetools

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Buying spread out has its benefits, but you can also regret not buying the dip. You could buy $1000 worth for example the dip of BTC when it was $4000 and have twice as much BTC versus if you dollar cost averaged 10 months before hand. But hindsight is 20 20.

mk4

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Quote from: Sanugarid on April 27, 2020, 12:51:32 PM

I don't know that much about DCA strategy, it looks so new to me, have you guys tried this?

Dollar cost averaging is pretty much one of the most common investing methods out there, and it's what most people suggest(specifically, DCA-ing S&P500 index funds) every time people ask for advice on investing. https://www.investopedia.com/terms/d/dollarcostaveraging.asp

Yamifoud

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That would matter to you and how you look into the market for the coming days. There is some reason why you have to consider buying today or just keep your money and wait for the dump again. Because for me, I have to wait for the market to move down but if it never happens until halving, I have to look for altcoins than Bitcoin.
But good thing that I already bought some Bitcoin last week and I am now holding it until the price reaches its peak and then sell.

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Quote from: carlfebz2 on April 27, 2020, 05:49:59 PM

Quote from: xxjumperxx on April 27, 2020, 03:21:37 AM

Im just asking because I want to know if there is a more effective way to do it?

tl;dr When do you buy your Bitcoin?

Since youve been considering for long term aspect then the thing youve been doing is just fine where you dont matter much on what price you had entered or bought as long you do aim and just tend to accumulate as much as you can.Being a hodler wont really be that easy where there are lots of temptations of selling off specially when you do saw you are profiting nor the price had gone down on where you had purchased.
So its up to you since its your money after all and buying anytime will be the best thing to be done specially if you arent really that caring much on its price for short duration.

Yes, really up to the holder when would be the best time for him. Because for me, as long as you can hold, the better, as I believe the price will increase in the coming years. But if you really do need to cash out because you need to pay something urgently, that's fine. It's not practical to borrow money from others if you have bitcoin stash somewhere.

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Quote from: xxjumperxx on April 27, 2020, 03:21:37 AM

Hi fellow Hodlers,

I hope Im right in this subforum to ask the following question that has probably been asked plenty of times?

When do you buy or do you spread out buying Bitcoin with FIAT?

I myself buy Bitcoin every month no matter the price for a set amount from my paycheck, in hopes of averaging the price I buy for.
Before doing that Id wait and hope to catch it at a lower price but that always seemed to go in the wrong way, aka. price went up =)

Im just asking because I want to know if there is a more effective way to do it?

tl;dr When do you buy your Bitcoin?

For those that want to hold their coins for the long term there are not that many strategies they can employ compared to those that like to trade, one strategy is to do what you are doing, just buy bitcoin regularly and over the long term this will produce good results as the price of bitcoin keeps increasing, the only other option is to wait until the price of bitcoin is below a certain benchmark and buy it at that point, however this strategy can be dangerous as you could get desperate and buy bitcoin out of FOMO at the top, so the first strategy is way safer.

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Categorically when the market turns downwards during the bearish period. Although, this is just the simplest way to explain the buy mode to any newborn into the world of cryptocurrency. There are many possibilities to make good profits from buying deep and selling at greenish. As a new buyer, ensure to check the market movement before you place a buy mode hence you buy when the market is about to go deep. At this point, I would advise many buyers to buy Bitcoin or other good coins to hold against the upcoming Bitcoin event. Those who buy and hold will get the needed profits.

carlfebz2

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Quote from: xxjumperxx on April 27, 2020, 03:21:37 AM

Im just asking because I want to know if there is a more effective way to do it?

tl;dr When do you buy your Bitcoin?

Since youve been considering for long term aspect then the thing youve been doing is just fine where you dont matter much on what price you had entered or bought as long you do aim and just tend to accumulate as much as you can.Being a hodler wont really be that easy where there are lots of temptations of selling off specially when you do saw you are profiting nor the price had gone down on where you had purchased.
So its up to you since its your money after all and buying anytime will be the best thing to be done specially if you arent really that caring much on its price for short duration.

Topic: When to buy - question to Hodlers - page 7. (Read 1061 times)