When to buy - question to Hodlers

[xxjumperxx]

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?

[carter34]

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.

[mk4]

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.

[xxjumperxx]

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

[thebutton]

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.

[mk4]

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.

[jackg]

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...

[Harlot]

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.

[thesmallgod]

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

[Sanugarid]

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?

[SolarWindMiningCompany]

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

[carlfebz2]

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.

[Sebas.tian]

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.

[South Park]

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.

[Twinkledoe]

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.

[Yamifoud]

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.

[mk4]

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

[cafetools]

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.

[el kaka22]

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.

[maxreish]

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.