Getting a standard knowledge of bitcoin isn't something a newbie can cover in a week or two this could take months or even longer before he we would understand more about himself like cashflow management, risk tolerance and his investment timeline, all this are decisions that could take some time to figure out, waiting is a very wrong idea especially when you already know how to buy bitcoin and where to store it, this are the basic knowledge that I consider important for a newbie the rest can be figured out in the process of buying bitcoin, yes some newbies can tend to be very aggressive with regards to the price of bitcoin which I don't really support cause aggressiveness without knowledge of yourself can cause you to sell very early than expected, so a better advice like what Jay had said earlier on would be for them to get started even if it's a very little buying purchase of 10$ weekly and consistently while the figure out themselves properly.
From your perception is good to hurry up and invest in bitcoin, is that what you will advise beginners to do, in norms you don't need to venture what you don't know about without proper research, someone get into lose base on over excitement and curiosity to invest in order to make a profit, as investor you need to be inquisitive to something you have not comprehend well..let me ask you, during the bearish season and bullrun when is best time for someone to accumulate bitcoin?.I can't be that conscious to invest due to bitcoin price is increasing rapidly, you most at least scrutinised the market and understand the next movement of Bitcoin through the chat or move of candles sticks, probably, we need to know that is not all about investing but understand the system first, many of you is curious to invest when the price of bitcoin increasing and you feel is the best time to accumulate your bitcoin. Yes the most important thign is getting started, but at least I know that a newbie needs to know how to buy bitcoin and how to keep his seed phrase which are very basic knowledge that can be learnt in hours, but you on the other hand are insinuating that someone needs to take time to study bitcoin and understand it well which is so not important that could take years to fully understand the working of bitcoin, you are also taking about knowing when it's the best time to buy, every time is the best time to buy bitcoin both bearish and bull alike and a newbie can easily do that with the DCA strategy which we have talked about here before DCA is a method that involves dividing your capital into parts and investing on intervals, you can also decide to allocate part of discretionary income to buying bitcoin as you are paid weekly or monthly., a newbie has less to worry about having profits at first but instead should be talking more about accumulating more Bitcoin for himself. A beginner doesn't have anything to do with understanding chart movements this are not Important thigns to know, you seem to be misunderstanding investing for trading cause all your examples point to trading rather than long term investment, Before going into Bitcoin investment, it is important to understand how it works, knowing the basics like the seasons, bull run and bear run, what can trigger price to pump and dump, what halving means and how to protect your wallet from hacks, also how to secure your seed phrase, this basic knowledge will prepare a newbie investor on how Bitcoin works.
I like the phrase "buy the dip and hodl" it will direct newbies and experienced investors on the best time to buy Bitcoin, so that the person will not wait till another halving, to see a new ATH price, before they can make profit, buy during bear run and sale during bull run. So the best time to buy is when price dips, and sale when price surges, also the best option is to do DCA method, keep buying irrespective of short term pump and dump, then sale in the bull run or kee hodling.
Your wrong a newbie doesn't need to know what triggers price pump or dump, all he needs to know is how to buy bitcoin to get started, I can agree that a newbie can be conservative on how he buys bitcoin since he isnt very knowledgeable on how to balance thigns out, but any advice that involves waiting is wrong, every other aspect can be learnt as continues his investment. Your second paragraph contradicts itself, there isn't any best time to buy bitcoin, every time is good to buy bitcoin especially for newbies who are just starting out, they don't need to wait for dips dip before buying that's why DCA strategy precedes other method for newbies. Your also referring to buying low and selling high, that is trading and not investment, bitcoin investment should be for the long term and not short term. |
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Having a good knowledge when it comes to Bitcoin accumulation is actually good and nice . But not accumulating due to the urge acquiring more knowledge is not actually nice , for instance most of us started our Bitcoin accumulating and holding while learning, and the funny thing is that we are still learning. So what am saying is that we don't have to wait till we have gotten some deep knowledge about Bitcoin before thinking of investing and all that. But one can just start accumulating without having the knowledge on how Bitcoin work and what's all about , and how to purchase and secure it , that's where having the basic knowledge first comes In .
And I believe that they are alot of folks here with that same mindset of wanting to gather some deep knowledge about Bitcoin before starting their Bitcoin investment journey, and most of them will only endup regretting not starting their accummulation and holding on time , Because the right thing to do is as one is accumulating more Bitcoin, as same time he or she should focus on learning too.
Things you don't need to overlook before going to bitcoin investment is have acquired the knowledge first, when you are curious to accumulate bitcoin, theirs is possibilities that after accumulating your bitcoin the price might neither crash or not , that is while you need to have standard knowledge of bitcoin before you think of accumulating of bitcoin, some persons seems how skyrocket the price of bitcoin is moving now and that prompt them to think that investing in Bitcoin is the right option...bitcoin investment is not the way someone can get rich and when you are investing In Bitcoin you have to calm down and study well, many people come up with bad idea in bitcoin due lost they experience after been lose in bitcoin investment neither short-term or long-term investment. Getting a standard knowledge of bitcoin isn't something a newbie can cover in a week or two this could take months or even longer before he we would understand more about himself like cashflow management, risk tolerance and his investment timeline, all this are decisions that could take some time to figure out, waiting is a very wrong idea especially when you already know how to buy bitcoin and where to store it, this are the basic knowledge that I consider important for a newbie the rest can be figured out in the process of buying bitcoin, yes some newbies can tend to be very aggressive with regards to the price of bitcoin which I don't really support cause aggressiveness without knowledge of yourself can cause you to sell very early than expected, so a better advice like what Jay had said earlier on would be for them to get started even if it's a very little buying purchase of 10$ weekly and consistently while the figure out themselves properly. |
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"Buying the dip and HODLing Bitcoins" is a popular strategy, but with inherent challenges. The difficulty lies in identifying the right dip – a temporary price drop before a rebound. While technical analysis can offer clues, the cryptocurrency market's volatility makes perfect timing nearly impossible. However, consistently buying smaller amounts (dollar-cost averaging) can smooth out price fluctuations. Additionally, Bitcoin's limited supply and potential as a borderless digital asset make it attractive as an inflation hedge. While its price swings can be dramatic, some believe its long-term trajectory could outpace inflation, offering a potential store of value. So keep buying Bitcoins and HODL as long as you possibly can!  Welcome to the thread but I think you started off from a wrong foot, 95% of us knows this already and what you should have done is introduced yourself and tell us If you have already started accumulating bitcoin or not, the most important thing right now is not really about how much you know but how much Bitcoin you have accumulated and how long you have been in. Anyway your right about buying if it's used as an only strategy, but it can be used as a supplementary strategy to take advantage to accumulate more bitcoin so you and really have to wait for dips is your are using the DCA method. |
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[edited out]
..., I wanted some kind of explanation or defination if there is one to what a balanced aggressive bitcoin investment situation should be .... I think that these points have been sufficiently explained, especially since the punchline is that you have to figure out for yourself in terms of your boundaries, and yeah, if you end up going over the boundaries, you might not realize until it is too late. How can anyone else figure out those kinds of matters for you? You gotta figure out how much of an emergency fund, reserve and/or float that you need based on your own balancing of matters.. and yeah, I cannot tell you that if you are worried about it, you should error on one side or the other.. that's up to you, but if you know all of the various factors with which you are working, then your putting them to the test and balancing them out with the passage of time, you are going to likely find out how much to put on one side or another he and there probably is no "perfect" balance, but instead something in the ballpark of feeling comfortable and/or sufficiently comfortable.. but maybe also a bit uncomfortable at the same time. To buttress what JayJuangee has said, In a simple time or should I put it in understandable proverb; All fingers are not equal. Which means my own balanced aggressive bitcoin and your own balancing of bitcoin investment isn't same because we all do not have the same capabilities or purchase, there is to "fixed balance bitcoin investment as your level of income determines your own balancing of bitcoin investment.Since we all have our different capabilities of bitcoin investment it's our own duty to decide when our investment is balanced with other spends which are classified under emergency funds/reserve or float funds. In other words, How much you earn should determine how much you should invest because if you invest too much you will probably get into some kind of trouble in your investment journey. Hence try to maintain a good investment habits, as far as your aren't impressing anyone with your investment but rather preparing a great future for yourself through the opportunity bitcoin has brought to us you should do it evenly. For me I think that the logic should be, how much of your discretional or disposable income is what is meant to determine how much you should invest, and not how much you earn. for example, Mr A, can be earning $200 but can be making $190 worth of expenses in terms of his living expenses and a provitional emergency funds based on life style and left with only $10 as a discretional or disposable income, while Mr B can as well be earning $200 but spend less than $190 maybe $150, or $100worth of expenses based on life style, from the above example you can see that both Mr A and Mr B will definitely arrived at different amount of disposable incomes which is meant to determine how much should be allocated to your investment, every investor must understand how much of their disposable income after taken care of their personal needs and that of the provisional emergency funds inclusive, irrespective of the amount earned. The point is that it is your disposable that should determines how much should invest and not how much you earn and you should also know that expenses may tend to vary from time to time and what you only needed to invest with is your disposable . Perhaps you're probably correct, about your assumption that how much of your discretionary or disposable income is what determines how much you should invest rather than how much you earn, but I'd like to point out to you @Tmoonz that you're wrong from a different view point; bitcoin investment is not a default option in which you must invest what you have at your discretion; it's an important choice that should be taken seriously. Your getting this way wrong Churchillvv, investing from your discretionary income doesn't mean that you don't priotise or have any value for bitcoin but it's rather a right way of investing yo ensure that it won't upset your financial balance or stability, look at it this way your discretionary income is what is left after you have paid up all your bill and remove the necessary expenses like food water shelter or othe bills like transportation and other very necessary expenses, then what ever us left is the discretionary income, yeah some might prefer to use this money to approach bitcoin more whimpy and allocate more to flex or enjoy with their floats, but sure its your choice to use that money to invest in bitcoin more aggressively. The discretionary income is the spare money after after expenses has been made, you can use them to build your emergency funds, reserves, floats or invest all in bitcoin depending on the nature of other systems and how you like to approach your bitcoin investment. Perhaps when one talks about investing in bitcoin, it is supposed to be a very important part of one's life that is worth cutting other expenses to increase the rate and/or level of your investment; your lifestyle can wait for a moment, but bitcoin cannot, so you must sometimes not make yourself too comfortable by investing a small portion of your income in bitcoin, instead take it upon yourself to make a better portion of your income count by investing it in bitcoin. For instance, if you earn $200 per week and your weekly spending for the so-called lifestyle is $190, and you have roughly $10 in discretionary or disposable income, is that a good investment? Absolutely not! So it's basically how much you earn and a percentage you're willing to give for the future, rather than what's in your disposable income, because bitcoin isn't like shitcoin, where you can put whatever you want, but you decide how much of your income should be invested in your long-term investment scheme.
You have to understand that what you use with your disposable income is optional, everyone has what they fancy more than the other, it's good if you prefer to use that money to build your bitcoin investment, but I still think you Don understand what a disposable income is. For instance if I earn up to 1000$ and i have bills i have to pay like my transportation, maybe School project I am running, food expenses, electricity bills this are all necessary expenses that must be attended to before investing in Bitcoin Let's say 100$ goes for transportation 400$ goes for project 150$ goes for food 50$ goes for electricity bill What's left of that is your discretionary income which is 300$ left, you could decide to keep 100$ for floats in case of unexpected or luxury expenses, and 50$ for an extra reserve cash or what ever other systems your building and depending on your financial situation, what's left can go to bitcoin at once for DCA and if eventually your floats isn't used up totally you can use it back for investing in bitcoin. Everyone financial needs are different and someone with same income would have more discretionary income after expenses has been removed. |
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With that, we can successfully invest in Bitcoin without selling any part of it just because we want to solve some kind of emergency issues. On Bitcoin investment there are some challenges an investor faces. The things there are, when you are not properly prepared for the long term investment, you can't afford to continue investing because you are not yet ready, and what makes you ready for investment is how much you are paid as salary and how much you already kept for emergency cases. Even if you are already investing before knowing this, you might not end well because there are things you failed to do/understand, and those things are:
*Making sure you have a good amount separately for emergency cases
*Knowing the best method you can use for your investment plans.
*Having good knowledge about the kind of investment you are in so that you will be able to strategize the kind of methods you can use for the investment.
I believe with these 3 points one can successfully know what and what's needed before investing in Bitcoin.
That information is good, but you do not need to establish all of that prior to getting started in bitcoin. You can simultaneously get started in bitcoin and get the stuff you listed into place. So you are wrong in terms of suggesting needs to establish those things prior to starting your investment into bitcoin. I agree with you sir, all those can get done in the process of bitcoin accumulation cause the most important thing here is to get started buying bitcoin than to wait any further or get prepared, the person can start with even more 10$ investment while he builds other aspect then when he feels comfortable with his emergency and reserves he can get more aggressive to buying bitcoin. And yeah moreover all a newbie needs to know to get started is how to buy and store his bitcoin, strategies can be used little to complex for him to understand and can end up confusing them especially if they have never done something relating to investment before. Fixed |
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What is your reaction when financial storms occurs or when unexpected expenses arise, is your first answer going to ask for money from the friend or taking a loan from the bank, how have you been managing your finance and mitigating unforseen events that arise in life, today I want to bring to light what many of us may already know and practice or what we have neglect called self insurance.
Having a financial safety net could be all the difference between financial stability and financial disaster which are just two sides of same coin, self insurance is simply accepting responsibility for your financial wellbeing and that includes ensuring that panic and States of extreme lack of funds is eliminated or reduced to a minimum.
How can this be achieved, yes we can't stop life from taking its toll and bad things from rising from the darkness but what we can is shield ourselves and protect all our financial assets by having a financial safety net that we can easily dive into in difficult times called an emergency funds.
Many of you already know about this but in this article I'll like to throw some light on it and if your a newbie hearing this for the first time hope it helps you.
What is an emergency funds
This is a money that is kept aside to cover up for unexpected expenses or big financial emergencies that may occur, this could be some situations like house repair, health challenge like an operation, an emergency funds mostly consist of 3-6 months of your living expenses.
Why Do I Need an Emergency Fund?
-Unexpected expenses: car repairs, medical bills, home maintenance etc
-Loss of income: you can use that funds to back yourself up in situations of job loss, severe illness or injury
-Financial stability: helps avoid debt and reduce stress
Benefits of Having an Emergency Fund
- Reduces financial stress and anxiety that may result from unexpected emergencies.
- Helps avoid debt and high-interest loans
- Provides peace of mind and security
- Allows for flexibility and freedom
How to Build an Emergency Fund
- Start small: begin with a manageable goal, like $1,000
- Automate: set up regular transfers from your checking account or allocate little savings.
- Prioritize: make saving a priority just like you invest or spend on bills.
- Consider a separate account: keep your emergency fund separate from your everyday spending money so you won't be tempted to touch it
Notes to take
- Review and adjust: regularly review your emergency fund and adjust as needed, you should take note that the higher or more income and financial level you achieve there is also need to increase the size of your emergency funds.
- Avoid dipping in: try to avoid using your emergency fund for situations that are not real emergency or you can solve from your reserves and in most cases only use emergency funds for server emergencies.
- Consider a emergency fund challenge: challenge yourself to save a certain amount in a short timeframe, that way you can help yourself to build a saving habit quicker.
Having an emergency fund is also important for a bitcoin holder cause it it help you in achieving a more long term investment than someone that doesn't.
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We need to invest bitcoins but invest in such a way that we don't have to sell our holdings if we face danger later. That's why we have to divide it into three parts. Having an emergency fund is the most important, so that we don't have to sell our investments in times of danger. And nothing should be done aggressively, the more aggressive the more likely to go wrong. But we must plan and take all steps to survive our investment for long time.
Let us always make the difference between being aggressive and being overly aggressive in terms of our investment journey, there is nothing wrong being aggressive towards your investment without over doing it such that it will affect your personal living expenses, being aggressive has a lot to do with, how consistence you are comfortably implementing both routine and non routine strategies in oder to maximize the opportunity of stashing up more Bitcoin in to your bag without having a negative effect on our personal life expenses, it is when you over do it without considering much of your other personal needs that it will becomes problematic towards your investment. However, in as much as one being aggressive in his or her investment there must be a balance up in terms satisfying personal needs which will determine your discretional or disposable income and the extend or level of aggressiveness in order to have a successful investment, it all boils down to proper planning and making a adjustments where and when necessary. I agree with everything you said Tmoonz, and sometimes we might not even realize that we had crossed into a territory of either being overly aggressive or perhaps overly whimpy until somewhere later down the road.. even though I would speculate that being overly aggressive is potentially more problematic than having had figured out that you had been overly whimpy, because many folks will likely erroneously have the feeling that they had been too whimpy in their investment in the event that the BTC price ends up going way up, they end up saying to themselves: "I should have invested more," yet the fact of the matter is that if you are actually attempting to be as aggressive as you can be, then you are already making those kinds of proper balances in terms of your level of aggressiveness. A similar thing is true on the opposite side, if you end up experiencing some kind of an emergency and you are ill-prepared for it, even though you thought that you were more than sufficiently prepared, you might have to scramble to figure out ways to not sell much if any of your bitcoin in those kinds of circumstances, so there could end up developing circumstances in which you are able to save yourself with a kind of "close call" such as going to a family member with an emergency loan or something like that, but there also might be circumstances where you realize that the circumstance could have had been worse, and maybe you end up selling and/or losing 10% or more of your BTC holdings, but you do not sell/lose all of it, and so in those partial damage situations, you may well learn how to protect yourself in better ways in the future..,. so you live to fight another day, even though a bit more damaged than you had anticipated to have had been possible. Something else I figured is someone might not really realise that he has been overly aggressive for a long period of time and might have been neglecting preparing himself or his emergency funds and had rather focused only on investing in bitcoin and not everyone could tell that they were faulty in this kind of situation especially if they had felt that their were doing fine the way they had been carrying out their bitcoin investment. My point here is that some folks might either have to learn the hard way about how to balance been aggressive since its hard to tell if you actually are overly aggressive or not, I wanted some kind of explanation or defination if there is one to what a balanced aggressive bitcoin investment situation should be or should we just say as long as we are not neglecting any other systems like our emergency funds, reserves, floats etc and we are comfortable with what we are investing then we are doing fine, why I still emphasize is cause not everyone might realise that they are wrong in their approach and might even feel comfortable with that approach initially until a bad situation occurs that reveals otherwise. |
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You talked about aggressiveness and do you know the connection, being aggressive in terms of investment may be good because we have the enthusiasm to carry out but how controlling ability is important. If you do not have the ability to control then investment can be done slowly. Have you ever heard how people lose money in investments and it is influenced by individual mistakes, not because of Bitcoin, so when we want to invest, we need to pay attention to how to control it.
It's up to you whether you want to use the DCA pattern or so on, but it must also be able to be carried out according to your ability to control it. Investing in Bitcoin does have the opportunity to achieve success, but capital and strategy are important. Make purchases using a much more responsible method and store bitcoin until it reaches the selling value we want, from there we will see how bitcoin can provide freedom for investment.
One can be as aggressive they can ,but without over doing it, just as sir JJG usually Said. Because most folks usually make alot of mistakes when it comes to being aggressive, mistakes like using their emergency funds to increase their rate of Accummulation without having any backup plan . Which may lead them tampering with their investment, for instance $500 is someone monthly salary and he or she decided to go all in with it without having any reserve funds he or she can take as backup funds , they may endup withdrawing their investment too early and the painful part is that they won't just withdraw the $500 back they may even endup withdrawing everything from their wallet . That's why is better to keep accumulating with any amount you know you can use at that moment, the main thing is that yah being consistent with your accumulation. Any investor who is using his whole salary to aggressively buy bitcoin to increase his bitcoin investment and also buy at a low price is not disciplined with his bitcoin accumulation plan; he or she has allowed buying the dip to decide the amount of money to be used in accumulating bitcoin at the time of the dip. You are right; since bitcoin is not a quick-to-get-rich thing, the investor will not stay for up to a month, and he or she will tamper with his bitcoin investment to survive because he or she messed up his accumulation plan by using his whole money to aggressively accumulate bitcoin. Since the investor has tempered his bitcoin investment, he or she will wake up one day and decide to sell all his bitcoin investment because of the mistake he or she made when buying the dip. We should not be very concerned about buying the dip so that we will not make mistakes that could lead to selling our bitcoin investment when it has matured. We don't need to get broke just to cope up with our investment and there's no need to rush on everything especially on our bitcoin investment since everything is in process that's why we should never invest all of our salary to our bitcoin investment since for sure we will really get a problem with that in long run since we might come up to an idea to get a loan since we can't take care of other thing that important to consider just to live a comfortable life. You know they always said slow and steady wins the race, its risky to rush into an aggressive investment without having been prepared for such, I believe that they are some things that are necessary to attend to before being aggressive like building an emergency fund, IMO this is the first thign any new investors that is coming into investment should attend to first aggressively even before buying bitcoin and that's because of its Importance, an emergency fund can be seen as a key back bone to all our investment and even our general financial stability and that's why its should be attend to first, then a new investor should consider having some cash reserves and floats as hedge for his ongoing bitcoin investment before getting more aggressive with his buying even tho he might start a little whimpy but this would ensure that he can maintain an aggressive pace without wreaking the whole shit out. To have a proper plan on this maybe we should have a pie chart where we can separate our earnings into other things that we are considering on where we spend our money since if we have proper discipline on money for sure we can make all of things work out and we will not get any financial trouble if we follow all the plans we set. For doing all those discipline for sure we will be responsible on everything especially on each decision making we do.
We can't neglect cashflow management can really help a lot as an investor cause that way you would have little problem maximising your finances to bring out more discretionary income for yourself, I personally prefer using a journal for this stuff mainly cause Im a book type and like keeping record of how my day went so it's easier for me to reflect back at my book, but sure this is also a great idea. |
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Edited out
Yes.. that is a fairly good point to highlight I_Anime.. so in the beginning if a newbie investor tries to be be a bit aggressive or even a bit overly aggressive in his investment into bitcoin, he might feel good for a while, but he is not going to be in a very good position if by surprise he finds out that he was actually too aggressive or even that he had put himself into a kind of emergency status because of his over aggressiveness. So many times people will suggest that getting into an investment is better to error a bit on the side of some level of conservativeness which means less aggressive and perhaps even a bit whimpy until you get used to the fact that you are trying to set up a system in which you will never ever need to dip into your bitcoin investment before a time of your completely own choosing, which surely may well be 4-10 years or longer. If people are not used to investing, by fault they might become a bit overly aggressive in terms of considering that some or all of their bitcoin could serve as a kind of emergency fund in the event that mistakes are made, yet surely that is not a very good way to invest into something as volatile as bitcoin.. so if the thoughts are that none of the funds that are invested into bitcoin can be touched for 4-10 years or longer, then that kind of a mental framework might be helpful in terms of investing a bit less into bitcoin while building the various other systems of emergency funds, reserves and float, and surely once those are decently in place and have been practiced for a while, there may well end up being abilities to become more aggressive with the disposable income that is then coming in, than would have otherwise been possible without having those various systems in place and without having some periods of practicing your systems and getting good feels for where the boundaries are. This a very good information for everyone especially for new investors just starting out, and it also better explains the concept of aggressiveness and how it should be done wisely. It's good that we also know that there are other necessary thigns we need to take notice of like building our emergency funds and keeping good cash reserves as anchors while we are been aggressive, most people rush into buying bitcoin and end up over allocating to much that they end up putting the same asset that they invested so much in at risk so yeah it's better to take it slowly while you strengthen yourself for a more aggressive approach by putting other systems that would ensure you don't sell your bitcoin prior to the time you had set. Replying to @red4slash
Sure there are ways we can record our ongoing investments and it has been brought up and confirmed to be helpful so many times even more than just for knowing how much we have invested in bitcoin, this can also help us go back to repharse our steps and know where we have made mistakes and apply correction in our future plans, you can use an excel software to keep record of your investment actions or I myself I use a journal, but once I have a laptop as i planned to get one even if I have quite been unwilling to get one I would start using excel for that purpose, I just seem to enjoy the traditional pattern of keeping record.
Surely having a computer and being able to use various computer programs, such as excel, can be very powerful in terms of helping you to get to higher levels of analysis in terms of manipulating your data and/or changing some of the variables to be able to project forward in a variety of ways. Surely you can also do several of the same functions with paper and pencil and maybe even some of the ideas might make more sense when they are on paper and even spread them out and look at your various notes in which some of them you might update regularly and others you might use to model out and/or get better understandings. Keeping record has been a good practice I learnt from you and it has helped Me to always retrace my steps and have my time to know what I I doing wrong and at times a mistake that woudl have taken a longer time to notice becomes way easier to find in a short period of time. Although my most use of records are to set out future expectations of my plan to see if what I plan to do won't affect me on a longer time frame and how well it the plan is compared to other plans, but at times I can never figure out the path that would have been best for me to take untill after everything has been settled, anyway the more I do it the better I get at making those decisions. |
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Let say for gambler's who have alot of free time to gamble but have limited cash flow and decide to bet with just little amount to stay on for a long time, may fine this advice a twisting head for him since it will be opposite of what his believe is and how he managed his bankroll all the while.
Secondly bankroll management is very important to both those who gamble for the fun and those that choose gambling as means to make some profits, so regardless what your position is one indeed need a workable bank roll remain above waters while gambling.
Interesting question mate, I think you have first understand the concept of bankroll management and the first step setting a budget, Setting a budget doesn't have to be big funds it could also be small and affordable funds, it's just bring out a specific amount if cash for gambling for a given period of time, let's say I earn up to 20000(speaking in my local careers so yeah it's quite lower in value to dollar) and I an decide to give only 1000 to gambling as my budget or even 5000 as my budget, Then the next step is to determine how much from that budget would be your stake ratio, you could decide to stake only 10 per game or 100 per game it's your choice and I think this should be relatable to the amount you have at hand. So if you understand this you would know that bankroll management doesn't really demand you to have huge income, its just a way to gamble right and not giving out more than you should and at same time staking smartly. All these are good rules to read and hear about.
But does a gambler really care reading advice from others? They started gambling in the first place to make big money and they are unable to achieve it - and the machine to make that money is right in front of them, hence they will never think about bankroll management but only how to acquire more money to wager, be it taking a loan, stealing money or worse.
Hence the wording "maximize winning potential" is wrong. If you want to win maximally, you need to stop betting completely, suck up the losses and move on.
Your right, I also found out that people that tend to gamble in local casino or bet shops have little luck with applying bankroll management cause they have more tendencies to be more aggressive gamblers than most, but this strategy works best for those that gamble privately and want to utilize gambling as a source to get some additional money and not as a life changing money or getting greedy about it, worse of all is that people that are most greedy in gambling never get rich off it, it makes them poorer cause they would of wind up making bad decisions over and over again. |
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Pardon me if I am digressing, I am still in the learning process.
I have been reading about Bitcoin since i joined this forum. I learnt that decentralization is a unique attribute of Bitcoin. And this attribute permits bitcoin users to have total control over their money and be their own banks.
From my research recently, I have come to realize that a lot of bitcoin users are still stuck with the traditional idea of saving money with a central authority. Importing this idea to a decentralized Bitcoin, has led to the invention of bitcoin banks, exchanges and custodial wallets. Now, as the day passes, more bitcoiners are becoming centralized. Is there a club or group of only people who uses bitcoin the Satoshi way, I will like to belong here.
I do not want to use bitcoin the centralized way, I want to have total control of my coins and be my own bank. Is this difficult to achieve? Are there prices I have to pay or is everyone eventually moving to the centralized way?
I think you might be getting some idea wrong here, you understand that exchanges and institutional systems has been introduced into bitcoin but they have a lso served a significant purpose that we can't neglect in the history of bitcoin, you should know that decentralized exchanges are still under development and have higher fees than the usual centralized exchange and for those users that tend to use the crypto space more for transactions can find this annoying to pay huge fees for ever transactions that they want to perform but with centralized exchange that process is easier and have lesser fees attached to them, this in turn while deviating a little from what satoshi envisioned it has also facilitated the use of bitcoin as a means of payments and in some way allowed some users to buy and sell bitcoin seamlessly and quicker than I should have been. Also you know that a lot of investors are still skeptical about bitcoin and institutional bodies like ETFs has played a role in bringing those people into bitcoin under a common flag of safety and this has also helped bitcoin to continue to spread abroad in its own way. And you are free to do what you want, you can decide not to use centralized exchanges at all, but either way a common ground has already been established from the past occurrence of centralized exchanges and how they can't be trusted, so yeah you can use them temporarily and use custodian wallet to store your crypto. |
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There are times when acting aggressively when prices fall by 10% or when we get additional income.
On the one hand, cash flow must be stable without becoming a burden when we make aggressive purchases.
The thing is that in as much as someone or rather an investor is rich doesn't mean that they cannot run into trouble if they are investing aggressively, however even if the price drops 10% is not actually a good reason to accumulate aggressively but instead you can possibly adjust your DCA accumulation were by if you normally accumulate a certain amount of Bitcoin on a weekly basis and it happen that your source of income has increased you could possibly increase your accumulation amounts that will be well suitable for you. Though I no that most investors have there way or perspective they feel they can take advantage or facilitate there investment on Bitcoin but it will be very bad that they will get overwhelmed and invest all they have without realizing that in as much as long term holding doesn't really involved risk but aggressive investment could be regarded as one of the risk or barrier that could have a negative effect on there investment plan. I Don't agree with your concept of aggressiveness, I don't think aggressiveness refers to investing into bitcoin with all you have or like some crazy investor that is throwing all his cash or savings into bitcoin, IMO it's more like investing not more than you should and at same time not less than you should, i can't really put the definition in words since I myself am still trying to grable thigns well. Let's assume I have a toral of 200$ left as my disposable income after doing all my cashflow and deducted or removed my expenses, and I decide to invest 150$ of that into bitcoin that can be me beign aggressive or let's assume another person earning up to 4000$ and after removing his expenses as a bachelor has a 2000$ left as his discretionary income, normally we should keep in mind that we have to invest from here, kero float and also keep some reserves for later, he can decide to invest a whole 1k or 1200$ into bitcoin and keep halve as floats and the rest as reserves and if he ends up not using his floats or all then he can decide what to do with the rest. I can't really find a way to explain my understanding of aggressiveness with words, but I think if investing in bitcoin is a priority or something that you desire to or want to achieve then that way you would want to give a sizable percentage of your disposable income to it or even all, that is my best way to explain what I understand by being aggressive and if aggressiveness is practiced rightly then you have no worri about it beign risk, they is a balance and that is finding what you are comfortable with. |
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Going straight to the point I want to talk a little about bankroll management and how we can effectively practice this to optimize our gambling wins and also help control excessive gambling habits.
Starting off as an early gambler can be a lot of challenging going through loses and even getting through those early stages of unguided addiction, this was a case for me cause I can remember how to struggle to get myself in oder for a while when I started taking gambling serious for a while, most of us enjoy gambling and would gamble more often than others and its quite needful that we don't overdo it.
Many of you already know about bankroll management and might already be practicing It even If not fully but however i would enjoy to share my view on bankroll management and how to practice it in your own way.
Bankroll management by definition refers to the strategies and techniques used to manage your betting funds effectively, ensuring you can withstand losing streaks and maximize your winning potential.
To practice bankroll management there are a few tips you must know:
1. Set a budget: to me this is the most important part of bankroll management and I know a lot of persons most already practice this, why I consider this the most important is cause if you have set out how much you are willing to give to gambling that is the first step to self control and even if only this is kept you can effectively practice you would have no problem with addiction.
2. Divide your bankroll or budget: this is just spliting your allocation into smaller parts, so that you can easily control how you spend it on gambling, why this is important is cause at times we might find ourselves in situations where we want to stake too high that it might include a huge portion of our budget and if we lose or spend so much too early when the allocated time for the vmbudget to last has not elapsed or is closed to then we can be tempted to add more funds or take out of our extra cash to gamble again.
3. Determine and manage your bet size: why i recommend this step is that this way you get to spend as you should on each bet, I'm normally a high staker so i would allocate up to 5-15% of my budget to each game I should play and its depends on the odds or how confident I am and my risk tolerance with respect to each game.
4. Play safe: we have always monitor and adjust our bet size and allocation with respect to how much we have lost or how well we are winning so that we can stick to our budget and manage it through out our playing time, also dont chase loses cause it could throw you off track, try to take a break and have rest when you lose money and stick to the budget.
By implementing these strategies, you'll be able to:
- Extend your betting longevity
- Reduce the risk of significant losses
- Maximize your potential winnings
- Enjoy a more sustainable and enjoyable betting experience
Remember, Bankroll Management is essential for responsible and successful gambling. It helps you stay in control, make informed decisions, and maintain a healthy relationship with gambling.
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For some people there may be those who invest without capital, but for others or most people the main requirement is capital, on the contrary I have not found people who invest without capital, in my opinion, I do not agree with the absence of capital, because the slightest thing, the will or desire of a person can be said to be capital, to be confident.
Being able to invest into something like bitcoin is called having disposable income. There is no need for capital, as I already mentioned several times.. but you want to argue about it. When you invest in bitcoin it means you have disposable money and in that case i also will not regard it as capital so don’t understand why he keeps arguing about this, I think maybe because he lacks understanding about it but i don’t get why a junior member rank will want to argue with a legendary rank with experience? Keeping a cool head and being loyal is the best way to gain knowledge and not argue even when you feel you are right. The concept is not like that buddy, regardless of what rank we are here, in the end we are free to argue and debate with anyone because there is no prohibition when we argue with people who are ranked higher and vice versa. This is a free forum where we can express ourselves towards the discussion that we are discussing even though it is legendary with a newbie I don't think it is a problem. Back to the original topic. JJG I don't really understand the sentence you said, actually I agree with the sentence “Being able to invest into something like bitcoin is called having disposable income” But on the other hand isn't it when looking on the one hand when we start investing and making purchases in bitcoin isn't what we put in can also be called initial capital for us to be in bitcoin because even though this is a long-term investment, still recording initial capital is important so that we can find out how much we spend to buy bitcoin and how much profit (surflus) we will have in the future as part of the capital plus the profit earned.l I'm a little confused, am I missing something here? I agree with your point about anyone can argue or debate with whomever they want. Regarding your question about the idea of "initial capital," you can call your investment into bitcoin whatever you like, and if you are calling it disposable/discretionary income or you are calling it capital, it comes off as a bit strange if someone has an income of $500 per month and expenses of $400 per month, and they are putting $10 per week into bitcoin. Difficult (and seemingly misleading to me) to call that $10 per week initial capital, but you can call it whatever you like. Part of my point, and many guys here seem to "get it" is that if you are starting to invest into bitcoin, and the only thing that you have is some quantity of disposable/discretionary income that you are investing into bitcoin, then likely you are converting your disposable income into capital, especially after many years of investing into bitcoin, but part of the fact that you don't really have any extra money (except your disposable/discretionary income, it is seems strange and misleading to be calling that capital, even if it might later add up in such a way that the "capital" label will start to make more sense. I might start to understand your concept and I'll try to explain what I understand here if I am mistaken please correct, due the fact that we are investing from our disposable income which could turn out to be some very little amount or a little percentage when compared to our total income we can't can't that capital, cause when the word capital is normally used it is used in terms of wholeness, like if I wanted to start up a business and i don't have the complete funds to start, i can't go around calling my first savings a capital since its just a part of it, but if I have saved that up and it has become large and enough to start my business then I can call that a capital, so if I were to relate this to buying bitcoin with our disposable funds, i can understand that what we are doing with DCA is just like Pilling up small funds to get to a point that we have invested an overall sum that we can call a capital. Or in some sence if someone were to start his investment with a lump sum of let's say above the very average DCA amount which could be around 4k then we can call that that capital, im picking this part from the part I highlighted in your third paragraph. Replying to @red4slash Sure there are ways we can record our ongoing investments and it has been brought up and confirmed to be helpful so many times even more than just for knowing how much we have invested in bitcoin, this can also help us go back to repharse or steps and know where we have made mistakes and apply correction in our future plans, you can use an excel software to keep record of your investment actions or I myself I use a journal, but once I have a laptop as i planned to get one even if I have quite been unwilling to get one I would start using excel for that purpose, I just seem to enjoy the traditional pattern of keeping record. |
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Bitcointalk Profile Link : https://bitcointalk.org/index.php?action=profileCurrent amount of posts (including this one): 579 SegWit (preferably bech32) BTC Address for Payouts: bc1qhjyctzunvlsfntxrr6rmd4ger2fz4acrqx9rtl EARNED merit in the last 120 days: 113 |
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Well, from the beginning of your first comments, I understood the whole thing that you were saying, and I understand your points clearly. If a trader is buying at the dip, he's hoping to sell at a high price because everyone into Bitcoin (trading or not) wants to make a profit. In Bitcoin trading, everyone who's doing it must always keep their eyes on the market to make sure what is happening so that they will be able to know if they will sell or not. Buying a dip is another method of investing in Bitcoin and both traders and investors can use that method to buy Bitcoin. Traders are not different from short-term investors because those people can not hold for a long term. The difference with the DCA method of buying dips is because, with DCA, you can buy at every given opportunity (whether Bitcoin is high or not), ones you have the money. But as you are using the DCAing strategy to invest in Bitcoin, then you eventually meet Bitcoin at dip time you should be able to grab that opportunity and buy as much as you can. A trader can start trading during the dip but won't have the patience to hold the Bitcoin he bought because he's not an investor of Bitcoin but a trader. I advise anyone that's ready to make an investment in Bitcoin to use the DCAing strategy, because regardless of the price of Bitcoin, one can still invest any amount they want and can achieve what they want if they always DCA as planned from their portfolio (just like I have said earlier). When you are buying Bitcoin at the dip, you won't be given the opportunity to buy it always because, as Bitcoin's price is fluctuating, sometimes it goes up, and sometimes it comes down, but using the DCAing strategy allows you to buy even when Bitcoin is up or down in price. I don't actually think it's proper to be mentioning trading in this thread, because I believe that this thread is meant for Bitcoin investment only, so I suggest you take your trading discussion to the right place. And as for Bitcoin investment and accumulating process, I believe that the DCA accumulating strategy is the best among them all, because you will buy in your own convenient, either weekly, monthly, and what makes it very special is that you can also buy the deepest part of the deep, which the person relying on lump sum method might miss out due to the fact that he thought the price of Bitcoin will go deeper, and as long as you are a long term holder, which have accumulated a very good stash of Bitcoin, you are definitely going to be successful in your investment. Yeah we all need to hold for a long term and also view Bitcoin investment in long run but that doesn't certify wether anyone is gonna be successful. Some might take time to be in good profit or even reach maturity stage, so if you wanna be successful then accumulate more with a target and not allowing room for exhaustion. I don't really know if your reply is in line with the conversation but speaking in terms of which method allows us to be more aggressive I can hardly say cause aggressiveness is a choice that each of us have to decide on our own and whether its buying on dips, DCA or lump sum, aggressiveness has to do with how much we allocate to Bitcoin and how often we buy Bitcoin, a lump sum investor can be also practice aggressiveness if he wants to, I think the concept of beign aggressive is about not investing less than you ought to or is able and also not more than you should, your free to correct me if I'm wrong. |
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right, before the halving the price of bitcoin reached an ATH in the range of $73k, and maybe after the halving you and most people thought bitcoin would reach a much higher ATH. but in reality it is not like that because after the halving begins the price of bitcoin tends to fall and stabilize. When this thread was created maybe $100k seemed very achievable, but for now and in the near future $100k looks very difficult to achieve. We'll see until the momentum of this halving ends, whether Bitcoin can reach $100k or not.
There is no guarantee that the Bitcoin price will go up immediately after the halving, but the market will gradually turn bullish. Regardless of the Bitcoin price every four years cycle will see large fluctuations in supply due to halving. We may currently see 70K or a bit lower but Bitcoin is slowly gaining strength. It may show a bullish movement this year or next year. I believe that by next year 2025 bitcoin will cross 100k price and may even go up to 150k. Moreover, many investors are entering the market through which the investment has increased especially effects of ETFs. People say something about immediate growth for bitcoin will not totally have a good approach towards their investment since maybe they are expecting to much and if situation came in and the price they are waiting didn't happen then they got immediately got disappointed and cursed bitcoin for that happening. Also sometimes they get panic since what those people think that a correction would provably stop its streak and $100k is impossible to reach that's why they sell to save their asses because they don't want to experience a huge from what they think a dumping stage will come. Moreover if the investor is really aiming for long term then they should ignore those instances and focus on their long term plan because they are not doing any short term trades with bitcoin. Just continue to stick on the plan since for sure that bitcoin would able to reach at $100k and people who are targeting that with doing good accumulations before will earn and those who regret might come up thinking about what if they continue to hold for sure they also come together with those people who believe to gain from said achievement gotten by bitcoin. Your right and that's why a long term investor always has more stability than a short term investor, short term investment is just like trading and you can most likely end up unlucky is thigns don't go your way, to me it would be quite the headache to be watching the Market all the time and every news is a treat to you since you can't really tell how it would affect it. Long term investment is rather a better option in so many ways than one, cause first you would have alonger time frame to actually do what is right and that is to accumulate bitcoin, everyone that has gotten rich off bitcoin were not short term investors, all were long term holders, anyone still involved in short term investment should have fun staying poor. |
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When you invest in bitcoin it means you have disposable money and in that case i also will not regard it as capital so don’t understand why he keeps arguing about this, I think maybe because he lacks understanding about it but i don’t get why a junior member rank will want to argue with a legendary rank with experience? Keeping a cool head and being loyal is the best way to gain knowledge and not argue even when you feel you are right. Why can't lower-ranking members debate with higher-ranking members? Does the forum have any regulations about that? And that shows you lack respect for newbies, they don't have the right to learn, don't have the right to express their investment opinions? I agree that those who have been in the markets for a long time will have more experience, but everyone has a different view on investing and just because they don't have the same view as us doesn't mean they are wrong and we are right. Furthermore, sometimes newbies don't have too much understanding and arguing is a good thing because it shows they are trying to learn. Maybe right now they don't understand and are stubborn with their views, but maybe later they will thank us when they understand everything. I don't also get the point why he bring up the rank discussion since it doesn't mean that if they have high rank account in this forum automatically they are more knowledgeable than those people which have low rank accounts. This is not the measurement of intelligence since not all can spend a lot of time in this forum since maybe they are in focus outside and just visiting here when they need something especially seeking for updates regarding on new trends. I see a lot of knowledgeable low rank account that discuss a lot of technical matters about bitcoin. So hopefully there's no other other discriminating opinion towards them since we are here to share our knowledge and contribute to the topic discuss in this thread. If they don't like the opinion shared by low rank member then I guess its better to share the correct insights so that they could also learn something that there's something need to correct on their first opinion posted here. You guys don’t seem to get my point, this is a forum where we all interact and share ideas and we learn new things from each other every single day regardless of the ranks and even higher ranks can learn from a newbie I don’t dispute that but going back to their discussion I discovered how he disagreed and argued about capital and to my understanding i agree with JJG’s point and further advised him not drag the issue too far and reason from his perspective even if he feels he is wrong. Y’all attacking me but it’s the plain truth, knowledge shouldn’t be measured by rank, but not just in the forum anywhere you go rank speaks highly of a person more because we all believe a person with higher rank is more qualified. I would have speak highly of him if only his rank was higher or seen a proof of how knowledgeable he is around the forum but I didn’t see anything.
You should tell him the truth instead, to learn and improve one needs to show signs of respect to their seniors no matter how knowledgeable or gifted you think you are it will help you grow more. I can't agree with what you are saying cause I hate to see ranking as a measure to know who is more knowledgeable than others in this forum, you also have to understand that this thread is a little complex than other threads cause we are talking about investment and money management here and you know that everyone has to bear the risk himself for which ever decision that he makes, anyone that shows interest has the right to argue with whoever opinion that he finds contradictory to what he knows and thats the only way to really learn by disproving each others facts. I can remember when I started off in the thread it took me a while to start understand what everyone was saying and even till this moment i still have my own opinion concerning some matters we argue or discuss here, and just for clarity someone could have Been on this forum for longer doesn't have anything do with his experience concerning investment, I had already started investing or rather bought Bitcoin once before this forum, everyone is something outside here and irrespective of rank we must understand than everyone's opinion is valid and should be correct if wrong or respected if correct. Moreover what margin do we use to know who is correct or wrong everyone here speaks as he knows, not like there is a textbook to investing in bitcoin, we all learn and tell others what works for us, newbie or legendry alike, we are here to learn. |
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