When to buy - question to Hodlers - page 8.

SolarWindMiningCompany

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

Quote from: mk4 on April 27, 2020, 10:05:23 AM

Quote from: xxjumperxx on April 27, 2020, 08:28:11 AM

Buying on Price Drops, I have been thinking about it but you never know when the bottom hits

It's not necessarily buying on bottoms, because obviously no one knows where bottoms are; it's more of buying when people are panicking. But yea, it's definitely a strategy that's not for everyone as DCA is safer and mostly better for the typical hodler's mental health.

I tried to spot where the bottom when buying and guess what it's not yet the bottom. lol. My personal strategy for buying is when there is a price drop then it gets to a price where it slows down and kinda resisted, that's the price where I'm buying coz I know it will stop at that range increase afterwards, it happens to be effective 80% of the time. I don't know that much about DCA strategy, it looks so new to me, have you guys tried this?

lol, the inability to accurately find the bottom is everyone's problem in crypto trading because sincerely speaking, charts aren't always accurate so what I usually do is percentage buys, while it keeps dumping low, I keep averaging down because I usually have my funds in 5 place as at 20percent each waiting for such incidence

sujonali1819

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Keep hold fiat in you hand. And wait for the sudden unexpected dump. Then start to buy as much as you want. Wait with patience. If again make a huge drop from that zone try to buy more. And wait patiently. Maybe it will recover soon and give you some profit. (It’s only for recent market trend.)

Sanugarid

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Quote from: mk4 on April 27, 2020, 10:05:23 AM

Quote from: xxjumperxx on April 27, 2020, 08:28:11 AM

Buying on Price Drops, I have been thinking about it but you never know when the bottom hits

It's not necessarily buying on bottoms, because obviously no one knows where bottoms are; it's more of buying when people are panicking. But yea, it's definitely a strategy that's not for everyone as DCA is safer and mostly better for the typical hodler's mental health.

I tried to spot where the bottom when buying and guess what it's not yet the bottom. lol. My personal strategy for buying is when there is a price drop then it gets to a price where it slows down and kinda resisted, that's the price where I'm buying coz I know it will stop at that range increase afterwards, it happens to be effective 80% of the time. I don't know that much about DCA strategy, it looks so new to me, have you guys tried this?

thesmallgod

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It will be better you study the market and makes a buy order when the price is a bit low. I know that someone like you might not have dedicate time to study and just wanna buy probably when your salary is being paid but buying when the price is very high is not really encouraging because the crypto is very volatile so you need to minimize risk by buying when the price is low

Harlot

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

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 =)

DCA is probably one of the worst strategies here in the crypto market, it works in the stock market because prices of stocks are mostly stable compared to the wild jumps and fall we have in the crypto market. Simply by doing DCA in the crypto market you are just avoiding a lot of chances at the same time increasing your risk of having paper losses because you always disregard one thing and that is the price when you have bought Bitcoin. Since you are a beginner I won't really tell you to do a full on TA study but I would simply advice you to know where the supports and resistances are when you are at the time you will be buying, the nearest the price of Bitcoin is near the support level the bigger will be your margin of safety as well as maximizing the earning potential of your capital.

jackg

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Quote from: xxjumperxx on April 27, 2020, 08:28:11 AM

Yeah I have been doing DCA for about 2 years now (first starting with lower amounts, increased this year) and its been ok. I sometimes see price spikes but I should be pretty much averaged out.
Buying on Price Drops, I have been thinking about it but you never know when the bottom hits

Do you use recurring payments? You could set it up with somewhere like coinbase where they'll take a certain amount every month and convert it into bitcoin or a cryptocurrency (not sure if they charge additional fees for that).

If you DCA once a month, I'd suggest going for the weekend because the price seems to be a little lower saturday evening (but I haven't actually plotted a pattern it just looks that way to me) on bst time - from filing tax returns.

If you buy the dips, I'd take an additional sum of either anything you randomely accrue or 10% of your dca position just to buy when the market slumps a bit.

I bought at $6k before we went to $3k and now we're at $7k and COULD rise further (we hit $8k before) just don't panic when stuff doens't go your way if you are dcsing and happy/confident with your investment...

mk4

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Quote from: xxjumperxx on April 27, 2020, 08:28:11 AM

Buying on Price Drops, I have been thinking about it but you never know when the bottom hits

It's not necessarily buying on bottoms, because obviously no one knows where bottoms are; it's more of buying when people are panicking. But yea, it's definitely a strategy that's not for everyone as DCA is safer and mostly better for the typical hodler's mental health.

thebutton

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If you are aiming for a long-term then you don't have to worry that much with the prices. In my case, I buy BTC when I deemed that it was below what I consider as the "normal" price which is subjective to me of course. You can do your strategy tho buying every month despite the prices but I suggest to analyze through maybe through the news, if you are doing TA (which I don't familiarize myself yet with this) then you might want to use it or just simply the graph itself. You might want to use these to determine on how much would you buy this month and the next months or would you rather not just buy at all yet.

xxjumperxx

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Quote from: mk4 on April 27, 2020, 08:03:53 AM

Personally, I buy lump sums at price drops. And while that's my personal strategy, I always still recommend dollar cost averaging or DCA(pretty much what you're doing, buying every month) as I think it's the best buying strategy for people who can't handle their emotions that much. Whereas with lump sum investing, I could see how an inexperienced investor could easily panic if the price drops after putting in a significant amount of money.

Yeah I have been doing DCA for about 2 years now (first starting with lower amounts, increased this year) and its been ok. I sometimes see price spikes but I should be pretty much averaged out.
Buying on Price Drops, I have been thinking about it but you never know when the bottom hits

mk4

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Personally, I buy lump sums at price drops. And while that's my personal strategy, I always still recommend dollar cost averaging or DCA(pretty much what you're doing, buying every month) as I think it's the best buying strategy for people who can't handle their emotions that much. Whereas with lump sum investing, I could see how an inexperienced investor could easily panic if the price drops after putting in a significant amount of money.

carter34

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

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.

tl;dr When do you buy your Bitcoin?

If you have such a mind to buy every month despite the price, it means you are not bothered about price itself but to accumulate and hodl. Simple way is to buy when price has dropped after going high. It is known that price won't stay high for long without dropping, wait for retracement to buy. You can save your fiat and buy in bulk at a dropped price.

xxjumperxx

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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?

Topic: When to buy - question to Hodlers - page 8. (Read 1061 times)