If I speak seriously then i was not even sure whether I would go this long as first thing was in my mind was to invest some amount for few months only before even writing up this thread like two to three months.But then one day while I was calculating my expenditure I noticed that junk food was into too much consumption and weight was also increasing so i decided to leave it and save the money.The things begin shortly after it and some gaming stuff was lying idle in my house as don't get time to play all this.This then came into my mind to invest the funds into bitcoin through DCA method.
Much of the reason that I emphasize 4-10 years or more for an investment and strategy into bitcoin is because I recognize that is one of the most difficult aspects that new investors have so much troubles really to put into their head and also to actually follow in practice.
Yeah, lots of newbie investors will put lip service to the idea, but when push comes to shove, they both have difficulties setting up their systems to really account for that way of investing and they have difficulties actually following the practice even when they might have set their own systems up to actually have success in such.
I have gone through similar levels of mistakes where I have both inadequately planned and also prematurely drawn upon some of my earliest investments (some of those were before bitcoin).
Also, when I first got into bitcoin in late 2013, I was not really sure if bitcoin had a strong enough investment justification to lock oneself in for 4-10 years or more, but I do believe that bitcoin currently has a strong enough investment justification for such timeline of 4-10 years or more... oh actually in late 2013, my idea in getting in was a minimum of 1 year (in order to take advantage of long term versus short term capital gains) but I was thinking more on the lines of at least 2 years - however, as I ended up getting up to 2 years invested into bitcoin (late 2015-ish), my BTC holdings were still NOT in profits, but the strength of my conviction regarding the future direction of bitcoin was getting stronger by then, so I really had already stopped even considering getting completely out of BTC at any time, but instead I had started to lean towards developing plans in which bitcoin would always be a part of my total package of investments, but it would just be up to me to decide and continue to figure out how I wanted to reallocate (or cash out some from time to time) in order to attempt to balance my various kinds of holdings and even to tweak along the way to the extent that my opinion might change along the way.. including the consideration of my various other personal circumstances that would include my cash flow, my other investments, my view of bitcoin as compared with other investments, my timeline, my risk tolerance and my time, skills and abilities to tweak from time to time that would include considering various strategies and investment tools to the extent that I considered that they might be helpful to me.
But was not sure that i could go after six months but have planned to go till the time i can and followed the $10 incremental approach each week starting from low and then keep on going with it.
Sure, it is better to go with what is sustainable to you.... And, for some people several thousand dollars is a lot of money to build up, save and potentially earn.
Other folks want to get to fuck you status, and very difficult to get to fuck you status unless you are a bit more aggressive, but if you have a 20-30 year investment timeline, then even small amounts might end up leading to fuck you status.. even with starting now and even with something like $10 per week... though these days I do believe $100 per week is better - even though I continue to acknowledge that there are some people with budgets that do not allow for that much set aside.. so doing what you can.. without suffering in other parts of your life remains important... it would not be good to have ONLY your investment in bitcoin because then you are frequently going to be tempted to tap into it in order to otherwise make your current living situation better.. if you are not building other aspects of your life at the same time.
The fund flow was stable through job and some freelance work (Keep in mind who reads this that investing requires continuous fund flows) so not a big problem for me and the investment journey begins.
I agree that it is much more challenging to invest on a regular basis if your cashflow is not exactly regular... You could still decide to invest a certain amount (such as $10 per week) no matter what.. and then adjust as needed.. and that might just mean that you hold some value in fiat that you have that is available to invest into bitcoin on a weekly basis no matter what.
I have had times in my life in which my cashflow was sporadic and irregular too.. it can be similar with expenses as well or if you have people in your family that you are supporting with sometimes seemingly erratic needs... so the more complicated your finances, then the more needs that you might have to have a larger cash cushion and also project out your cashflow for longer periods of time to make sure that you have your expenses covered out into the future, and even projecting worser case scenarios.. just in case and to make sure that you are going to be able to have things covered even if some of the worser case scenarios play out.. and the longer that you are investing and building various aspects of your finances, the more you should be able to live without as many financial and psychological pressures.. and that is part of the reason for investing and building your finances in order that you have more options, and you likely can live in more comfort both financially and psychologically.
Sure, there can be some luck involved too.. but if you prepare badly, there will be more likelihoods that you will get yourself into trouble at various points.. but if you prepare well, then you have better chances, even though nothing is guaranteed.. just sometimes helping to put yourself in better chances of being able to profit from good luck that might come along the way with your having some levels of ongoing preparations.
After each investment I was happy enough that my funds are being invested at the right place.So now it has been nine months of regular investment which is very good for me and will continue this for more.
For sure, if you build it as one of your habits, then the habit can become stronger.. including that you might feel that you can adjust the amount up or down a bit that are comfortable for your whole situation.
You are right on the part that for some people investing $100 is sufficient enough to accumulate more bitcoin in the long run while for others it's hard to take out such big amounts.There are many people in third world country who can't even afford two meals a day so i understand it clearly.
In those situations in which people are barely able to live, it is more difficult to suggest that they save part of their cashflow into bitcoin.. .. .but sometimes, even very impoverished people do have practices of trying to save some money into an emergency fund.. but if they need to dip into their emergency fund every 1-2 years, then bitcoin might not be good for them.. because they are not even able to consider a 4-year investment time horizon... so there is a bit of case by case in terms of if there might be a fund that anyone who is very poor might be able to establish that allows them to continue to live and not to dip into their savings (bitcoin) for something like 4 years or more. Each person has to attempt to figure that out, and surely sometimes people are willing to consult, but also sometimes people figure out their own systems that might or might not work out very well for them... yet knowing that bitcoin is an option is likely going to continue to become part of the awareness of even really poor people.. Oh and the internet connection or having a smart phone can be an issue too for some folks who may not have access to those kinds of things (even though access to those somewhat basic kinds of current technologies is becoming more and more widespread - even into the most seemingly out of touch places around the world)
There are some times where we need to make changes to our strategies so as our current needs also are not compromised.The decisions must be made very carefully.
I agree.. It is not easy.. and especially not really easy to know the longer term ramifications, sometimes.
There are likely people in bitcoin who end up taking short term cash outs from their bitcoin, but then they would have been way better off to just leave their bitcoin alone and to figure out their expenses from other sources.. so sometimes, you might start to consider that you have put enough into bitcoin, but then another question might be whether you just leave it or if you try some other fancy tactics of trying to sell some and then buy lower.. but then your opportunity to buy lower ends up not coming.. so that's another error that some people end up making within their bitcoin investment journey....
So as you said you can decide to invest some particular amounts each month or quarter so I am giving focus on this one to decide how to plan my this month journey as according to me the most important part is investment and amounts could be low also which will give good returns in the long run to the holders.Thanks for the advice and will surely give it a try after studying the expenditure and savings to compare it with investment plans.
Yes.. you have to decide for yourself, if you believe that the amount that you have already invested in sufficiently aggressive, or if you should continue to be aggressive, or you are in a position in which you can lower your level of aggressiveness...
And, sometimes if you are younger, you might be considering that you want to be able to cash some out along the way, and your investment timeline is really not 4-10 years or more, but instead, if there is a 3x or 5x run up in the BTC price from here, then you want to cash some out.. and that is for you to decide if that is how you want to deal with the matter.
Oh, by the way, if you have a pretty decently strong conviction in the long term potential of bitcoin, then you should not even be thinking at all about including selling into your strategies as a means to increase your BTC stash.. unless, you have come to a level of BTC accumulation that you can see is quite a bit overallocated.. so you can create charts to show an amount of BTC that you can shave off along the way at various price points... So if you ONLY have a total of $20k in all of your investments, and your allocation target for bitcoin is 25% then you could go up to $5k without really being overly allocated into BTC... but if your BTC value went up 3x to 4x but your other investments remained somewhat flat, then all of a sudden, you might have $35k in your total investments, but $20k (57%) of that value is in bitcoin so then you are faced with a decision about whether you should reallocate or not or if you might feel more freedom to sell (shave off) a bit of your BTC at higher BTC points in order to attempt to keep better balance in your overall investment portfolio (BTC as compared to some other assets that you might hold).
Having bitcoin related discussions in both manners like how could it be improved or what are the things going correctly in respect to the public thread is good according to me as many people apart from both of us could present their ideas and involve in discussion while learning how useful DCA method could be,the problems they can also face and how to handle them carefully.So this thread was also created with the intention of motivating and helping new investors.
For sure, members will have differing opinions, and for sure, I appreciate hearing some of the differing opinions too... yet we likely realize that so many people have trouble considering bitcoin as a long term investment and to really follow something like you are doing.. but yeah.. I think that your thread has been very helpful to reinforcing some of the ideas of how anyone might get started in attempting a regular plan.. and even some of the difficulties that even you have to keep it going.. because for sure people are way more excited about your plan when your holdings are in profits, but if your holdings are either negative or flat, there seems to be a wee bit less excitement, even though those remain good times to keep building your BTC holdings (at least from my perspective of the way to attempt to continue to deal with BTC as a potentially longer term investment).
