JJG’s Outline of Bitcoin Investment Ideas

[Grease5000]

We all talk as if it is easy for everyone. Like it's easy to build an emergency fund and an investment fund separately. It's not easy for everyone. I think we should all keep an open mind instead of just sticking to one idea. Some people have little income and want to invest, but they can't build an emergency fund. Will you now discourage them from investing?
You can delay and delay, and many opportunities will just pass you by. I think one should start investing while building an emergency fund. The thing here is, can the person invest consistently? If yes, then it's okay. What an emergency fund does is reduce risk. The risk can't be completely avoided.

I think  you are making  it sound more difficult than it  really is, because  you don't have to wait until you have completely built an emergency fund before you start accumulating bitcoin  because if you are able to figure out your discretionary income from whatever amount you earn for work or anything you do to make money  you can start buying Bitcoin through DCA and build emergency fund gradually alongside it . The important thing is to invest with money  you won't need for  daily expenses. That way, you can stay consistent while reducing the chances of selling  your Bitcoin when unexpected expenses come up.

[alankasman]

If you wait to build an emergency fund before you start investing, you might take forever. Best way is to put small if your small savings as emergency funds as you grow it and start investing. The aim here is to just start and stop delaying using many excuses why you haven't started and so on.

Risk what you can afford to lose is a term used by traders. And we are not traders but investors. I think the better term to use is investment funds that you are comfortably willing to lock away.

However, if you do it simultaneously I don't think it's a significant obstacle. If you accumulate an emergency fund you have to delay investing. That's the problem. Waiting isn't the path to success it's a dead end to the goals we dream of. Instead it leads to delays. This is because we prefer to accumulate an emergency fund rather than simultaneously. Delaying this will always be followed by delays. Therefore I think it's better to do it simultaneously because this can work both ways both for investing and for accumulating an emergency fund as we desire.

I believe we must be brave in taking risks especially when we must be prepared to experience losses in investing. It's impossible for someone to trade without spending capital to meet the demand of those who want to buy. This illustrates that in trading there is no such thing as not experiencing losses. You can be sure that after experiencing risk there will certainly be a time when someone will experience a good and safe investment locking in the profits they will have after experiencing the losses they made at the beginning of their investment.

[Insanity]

Emergency funds is very important for any one trying to invest in bitcoin and hold for a long time without an emergency funds the investment won't last for long and any one investing in without any provision for an emergency funds is only just gambling with his investment because such person is liable to sell any time soon when there is an emergency situation, after getting started the next thing should be creating an emergency funds to save guild your bitcoin investment.

If you invest in Bitcoin, you must create an emergency fund, if any person continues to invest in Bitcoin without an emergency fund, then he will definitely face danger. So to deal with this situation, you must put yourself in some financial danger, where if every person participates in Bitcoin investment, then he should be able to invest in Bitcoin with prudent income. And if we use prudent income and create an emergency fund, it will definitely be possible to hold Bitcoin investment for a long time, if the investor faces greed, then it is his personal matter.

An emergency fund is indeed a building block of a good bitcoin investment plan, and I agree. If not, even those who know what they believe may have to sell their assets when the market is down to pay their bills. That's why I believe it is a better idea to create a financial buffer first and then ramp up buying bitcoin. Meanwhile, being emotionally invested in an emergency fund doesn't prevent you from making emotional errors of judgment, such as greed or panic. The will for discipline, patience, and a long-term plan is still required for investors. Bitcoin is rewarding individuals who are able to hold through the volatility. And with proper financial planning. That is a lot easier!

[KeenanEl19]

An emergency fund is indeed a building block of a good bitcoin investment plan, and I agree. If not, even those who know what they believe may have to sell their assets when the market is down to pay their bills. That's why I believe it is a better idea to create a financial buffer first and then ramp up buying bitcoin. Meanwhile, being emotionally invested in an emergency fund doesn't prevent you from making emotional errors of judgment, such as greed or panic. The will for discipline, patience, and a long-term plan is still required for investors. Bitcoin is rewarding individuals who are able to hold through the volatility. And with proper financial planning. That is a lot easier!

With our situation that is evolving or not, still having an emergency fund is a good step because its usefulness is clear to overcome the urgent situation that this urgent situation can occur if we do not invest. And the usefulness of having an emergency fund with the situation we are investing in is to protect the investments made.

As I have said above when there is an urgent situation then this investment is not disturbed because there is an emergency fund to overcome it, moreover, investment is certainly better focused in the long term but on the other hand do not make a benchmark if to start this investment harurs have an emergency fund first.

[johnsaributua]

---

With our situation that is evolving or not, still having an emergency fund is a good step because its usefulness is clear to overcome the urgent situation that this urgent situation can occur if we do not invest. And the usefulness of having an emergency fund with the situation we are investing in is to protect the investments made.

As I have said above when there is an urgent situation then this investment is not disturbed because there is an emergency fund to overcome it, moreover, investment is certainly better focused in the long term but on the other hand do not make a benchmark if to start this investment harurs have an emergency fund first.

Your answer is certainly very appropriate because many people sometimes do not understand how to use emergency funds, and this often happens to beginners who come with limited income. So, with questions like this, they immediately make a judgment on those who consequently understand much more in terms of the knowledge they have compared to beginners who sometimes come only inspired by what they have achieved while investing in Bitcoin.

It is clear that such a situation can only be resolved by having an emergency fund that we have because the use of these funds when we are in a very difficult situation that we face, especially for example in investing with a long-term pattern during doing so I think there must be something that we will have to do regarding needs so that with an emergency fund I think everything will be easier and there is no need to touch the amount that we have accumulated in investments so that the situation can be resolved with an emergency fund and the amount that we already have we do not touch at all.

[Razmirraz]

We all talk as if it is easy for everyone. Like it's easy to build an emergency fund and an investment fund separately. It's not easy for everyone. I think we should all keep an open mind instead of just sticking to one idea. Some people have little income and want to invest, but they can't build an emergency fund. Will you now discourage them from investing?
You can delay and delay, and many opportunities will just pass you by. I think one should start investing while building an emergency fund. The thing here is, can the person invest consistently? If yes, then it's okay. What an emergency fund does is reduce risk. The risk can't be completely avoided.

Who says it's not easy, as long as there's a will, there's a way. If a small income prevents you from investing due to limited emergency funds, why not try a middle ground solution of "two paths at once". Don't focus too much on building up your emergency fund to 100%, as you might end up preventing yourself from investing. So, the best solution in my opinion is to try building a mini emergency fund first. The goal is to protect you when you need money for emergencies. Then, you can do DCA, even if it's only a small amount. If you get additional income, then start increasing your investment portion.
Yes, emergency funds are for reducing risk, but the biggest risk is not starting at all because you are waiting for perfect conditions that you never know when they will come.

[Grease5000]

If you wait to build an emergency fund before you start investing, you might take forever. Best way is to put small if your small savings as emergency funds as you grow it and start investing. The aim here is to just start and stop delaying using many excuses why you haven't started and so on.

Risk what you can afford to lose is a term used by traders. And we are not traders but investors. I think the better term to use is investment funds that you are comfortably willing to lock away.

I agree with you because waiting to build a perfect emergency fund can make someone to keep postponing  when to start accumulating bitcoin.  If you are able to figure out your discretionary income after sorting all essential needs  You can start buying bitcoin using DCA strategy  with some percentage of your discretionary income  and use the remaining percentage to build an emergency fund alongside it. This way you are accumulating bitcoin while also building your emergency fund at the time.

Don't forget to invest only  money you can leave untouch for a long time and not money meant for essential needs.

[Jody.Drummer]

If you wait to build an emergency fund before you start investing, you might take forever. Best way is to put small if your small savings as emergency funds as you grow it and start investing. The aim here is to just start and stop delaying using many excuses why you haven't started and so on.

Risk what you can afford to lose is a term used by traders. And we are not traders but investors. I think the better term to use is investment funds that you are comfortably willing to lock away.

However, if you do it simultaneously I don't think it's a significant obstacle. If you accumulate an emergency fund you have to delay investing. That's the problem. Waiting isn't the path to success it's a dead end to the goals we dream of. Instead it leads to delays. This is because we prefer to accumulate an emergency fund rather than simultaneously. Delaying this will always be followed by delays. Therefore I think it's better to do it simultaneously because this can work both ways both for investing and for accumulating an emergency fund as we desire.

I believe we must be brave in taking risks especially when we must be prepared to experience losses in investing. It's impossible for someone to trade without spending capital to meet the demand of those who want to buy. This illustrates that in trading there is no such thing as not experiencing losses. You can be sure that after experiencing risk there will certainly be a time when someone will experience a good and safe investment locking in the profits they will have after experiencing the losses they made at the beginning of their investment.

Unlike that, building together does not mean delaying investment because like the sentence "together" then this is done hand in hand with discretionary income that is divided evenly according to what we want so this investment and emergency fund can be fulfilled if you really want it like that then it can be done, but for example you want to focus on one side like iinvestment so discretionary income is fully invested it doesn't matter if it is done occasionally because however do not ignore emergency funds that have an important role too. Delays may occur due to sudden financial mess but the statement is that the investment that has been done must be maintained and if it can be done consistently with the DCA strategy, one of which is indeed supportive. Even if you postpone it, maybe another option is to change the purchase Time which is longer enough for the purchase period, for example from once a week to once a month.

[ZeroVinsonN]

Emergency funds is very important for any one trying to invest in bitcoin and hold for a long time without an emergency funds the investment won't last for long and any one investing in without any provision for an emergency funds is only just gambling with his investment because such person is liable to sell any time soon when there is an emergency situation, after getting started the next thing should be creating an emergency funds to save guild your bitcoin investment.

If you invest in Bitcoin, you must create an emergency fund, if any person continues to invest in Bitcoin without an emergency fund, then he will definitely face danger. So to deal with this situation, you must put yourself in some financial danger, where if every person participates in Bitcoin investment, then he should be able to invest in Bitcoin with prudent income. And if we use prudent income and create an emergency fund, it will definitely be possible to hold Bitcoin investment for a long time, if the investor faces greed, then it is his personal matter.

Having your emergency fund in place is very important and that's why if you don't already have it snd you want to start buying bitcoin then you should do them side by side but that doesn't mean that they both have the same level of priority, if you are setting up your emergency fund because of your investment then your investment obviously has more priority than your emergency fund although not everyone sets up their emergency fund because they want to invest in bitcoin, some people already have their emergency fund in place long before they consider investing in bitcoin.
If you are deciding to set up your emergency fund because you want to start buying bitcoin then you shouldn't delay your investment because you want to set up your emergency fund first, your investment should come first but because you don't want to sideline your emergency fund it's best for you to do the two for them together.

[Gragebox]

Having your emergency fund in place is very important and that's why if you don't already have it snd you want to start buying bitcoin then you should do them side by side but that doesn't mean that they both have the same level of priority, if you are setting up your emergency fund because of your investment then your investment obviously has more priority than your emergency fund although not everyone sets up their emergency fund because they want to invest in bitcoin, some people already have their emergency fund in place long before they consider investing in bitcoin.
If you are deciding to set up your emergency fund because you want to start buying bitcoin then you shouldn't delay your investment because you want to set up your emergency fund first, your investment should come first but because you don't want to sideline your emergency fund it's best for you to do the two for them together.

But it's also an age-old dilemma in finance, and putting Bitcoin above an emergency fund is a very risky move to make. An emergency fund, by its very definition, acts as the financial safety net for individuals. By choosing to focus more on assets that have potential risks attached to them while having no safety net, one opens up their finances to huge amounts of risk.

If something unexpected happens in life a sudden medical bill or loss of a job and you happen to have all your money invested in cryptocurrency while the market is experiencing a downswing, you'll have to sell off your Bitcoin, taking losses in the process.

While it is better to build both at once rather than just ignore the emergency fund completely, it must always take precedence because security helps one invest wisely.

[Akaenyi]

We all talk as if it is easy for everyone. Like it's easy to build an emergency fund and an investment fund separately. It's not easy for everyone. I think we should all keep an open mind instead of just sticking to one idea. Some people have little income and want to invest, but they can't build an emergency fund. Will you now discourage them from investing?
You can delay and delay, and many opportunities will just pass you by. I think one should start investing while building an emergency fund. The thing here is, can the person invest consistently? If yes, then it's okay. What an emergency fund does is reduce risk. The risk can't be completely avoided.

Who says it's not easy, as long as there's a will, there's a way. If a small income prevents you from investing due to limited emergency funds, why not try a middle ground solution of "two paths at once". Don't focus too much on building up your emergency fund to 100%, as you might end up preventing yourself from investing. So, the best solution in my opinion is to try building a mini emergency fund first. The goal is to protect you when you need money for emergencies. Then, you can do DCA, even if it's only a small amount. If you get additional income, then start increasing your investment portion.
Yes, emergency funds are for reducing risk, but the biggest risk is not starting at all because you are waiting for perfect conditions that you never know when they will come.

For effective financial management and accumulating your Bitcoin with ease of mind it is not good to use all your discretionary funds to accumulate Bitcoin, it is important to make provisions for other wants. As a Bitcoin investor it is necessary to have emergency funds no matter how small because emergencies happens without any warnings. If you get your discretionary funds you should make provisions for your wants that are important to you and emergency funds should be important for everybody. Remember that you can buy sats in small amounts like $10 or $20 as you can afford to do so it's not as if you must ignore making provision for emergency funds because you want to buy Bitcoin. If your discretionary funds increases you can readjust your budget for a higher Bitcoin allocations without ignoring your emergency funds..

[Agbam]

Yes, having an emergency fund is not a benchmark for someone to start investing, because even if they don't have an emergency fund, an investment that can basically be started is no longer a reason to postpone it. On the other hand, it does not mean do not ignore completely about emergency funds, when investments have been made as much as possible to be able to pay attention to emergency funds also by building them slowly according to our own abilities, as well as investments made. Because the purpose of the use of emergency funds is certainly enough to help investments made so as not to be disturbed or as you say do not tend to sell our assets or investments when in an emergency or urgent situation.

That right, no availability of emergency funds shouldn’t stand as an obstacle for our investment journey because the foundation isn’t built on emergency funds instead it was started with discretionary income and discretionary income is the only reason we can postpone our investments.
But let not forget nor neglect about our emergency funds because it is also an important pillar too, emergency funds could be build alongside our bitcoin if we don’t get to make provision for it at start.

I’ve come to understand and know that all we need to start investing is discretionary income or money.

That’s why postponing investments for a lack of emergency fund doesn’t quite make sense to me, Because in starting investment you are probably not going to invest with all of your discretionary so technically you have some money left over after investment which can act as a temporary buffer for unexpected expenses …. And then you can build from there to sort out your back up funds and other discretionary spendings.

So it’s not good to see emergency fund as a hindrance or a prerequisite to starting investment, it’s something that can be built alongside your investment journey. The key is proper allocation of your discretionary income.

[ruykeri]

An emergency fund is indeed a building block of a good bitcoin investment plan, and I agree. If not, even those who know what they believe may have to sell their assets when the market is down to pay their bills. That's why I believe it is a better idea to create a financial buffer first and then ramp up buying bitcoin. Meanwhile, being emotionally invested in an emergency fund doesn't prevent you from making emotional errors of judgment, such as greed or panic. The will for discipline, patience, and a long-term plan is still required for investors. Bitcoin is rewarding individuals who are able to hold through the volatility. And with proper financial planning. That is a lot easier!

You are right. In Bitcoin investment, a backup fund reduces the risk of selling Bitcoin in an emergency. But to hold for a long time, you first need a strong mentality and full control over your emotions. Because the price of Bitcoin is very volatile in the short term. So, to protect yourself from panic selling if the price keeps falling, you need to first make your mindset strong. After that, proper financial management can protect you from selling Bitcoin at the wrong time.

[Derekfunds]

We all talk as if it is easy for everyone. Like it's easy to build an emergency fund and an investment fund separately. It's not easy for everyone. I think we should all keep an open mind instead of just sticking to one idea. Some people have little income and want to invest, but they can't build an emergency fund. Will you now discourage them from investing?
You can delay and delay, and many opportunities will just pass you by. I think one should start investing while building an emergency fund. The thing here is, can the person invest consistently? If yes, then it's okay. What an emergency fund does is reduce risk. The risk can't be completely avoided.

Who says it's not easy, as long as there's a will, there's a way. If a small income prevents you from investing due to limited emergency funds, why not try a middle ground solution of "two paths at once". Don't focus too much on building up your emergency fund to 100%, as you might end up preventing yourself from investing. So, the best solution in my opinion is to try building a mini emergency fund first. The goal is to protect you when you need money for emergencies. Then, you can do DCA, even if it's only a small amount. If you get additional income, then start increasing your investment portion.
Yes, emergency funds are for reducing risk, but the biggest risk is not starting at all because you are waiting for perfect conditions that you never know when they will come.

It is never possible for someone to build their emergency funds 100 percent because what this means is that if you are able to build your emergency funds 100 percent then you can afford to handle or take care of any emergency or problem that will come your way while trying to grow your portfolio and it is not possible. And since this can not be possible, then it should be more reason why folks should only focus more on accumulating Bitcoin with their discretionary income instead of waiting for emergency funds because emergency funds can never be sufficient enough as challenges are not known or can not be determined.

[Muba20]

Emergency funds is very important for any one trying to invest in bitcoin and hold for a long time without an emergency funds the investment won't last for long and any one investing in without any provision for an emergency funds is only just gambling with his investment because such person is liable to sell any time soon when there is an emergency situation, after getting started the next thing should be creating an emergency funds to save guild your bitcoin investment.

If you invest in Bitcoin, you must create an emergency fund, if any person continues to invest in Bitcoin without an emergency fund, then he will definitely face danger. So to deal with this situation, you must put yourself in some financial danger, where if every person participates in Bitcoin investment, then he should be able to invest in Bitcoin with prudent income. And if we use prudent income and create an emergency fund, it will definitely be possible to hold Bitcoin investment for a long time, if the investor faces greed, then it is his personal matter.

An emergency fund is indeed a building block of a good bitcoin investment plan, and I agree. If not, even those who know what they believe may have to sell their assets when the market is down to pay their bills. That's why I believe it is a better idea to create a financial buffer first and then ramp up buying bitcoin. Meanwhile, being emotionally invested in an emergency fund doesn't prevent you from making emotional errors of judgment, such as greed or panic. The will for discipline, patience, and a long-term plan is still required for investors. Bitcoin is rewarding individuals who are able to hold through the volatility. And with proper financial planning. That is a lot easier!

I agree with you that having an emergency fund alone cannot protect you from making emotional decisions. It greatly reduces the risk of panic selling or force selling. One thing to consider is that if a person does not have a backup fund, then the tension will increase as soon as the price of Bitcoin starts falling. But if someone has a backup fund, then even if the price of Bitcoin keeps falling, he will not panic so much because he knows that even if his income stops for some reason, but he still has a fund ready to cover his family expenses for 3 to 6 months. That is why it is very important to have a backup fund if you are going to hold Bitcoin for a long time.

[Tetu100]

You are right. In Bitcoin investment, a backup fund reduces the risk of selling Bitcoin in an emergency. But to hold for a long time, you first need a strong mentality and full control over your emotions. Because the price of Bitcoin is very volatile in the short term. So, to protect yourself from panic selling if the price keeps falling, you need to first make your mindset strong. After that, proper financial management can protect you from selling Bitcoin at the wrong time.

You aren't far from the fact here but for clarity sake, I will start by saying all we  needed to be intact in our investment so as not to panic in times of challenges and be forced to sell is our emergency funds.  However, we don't need to pressured ourselve unneccesarily because we don't actually need it on ground before getting started with our investment but we can still build it alongside our investment journey. Hence this measures are carefully taken or observed in our investment, success is sure and I can say this for free that no kind of emergency that might occur that can  make us sell against our wish why, because we have already made provisions (already plan ahead) for it and that's what real investors does.

[Rabata]

I understand that it's not an excuse to stop investing in Bitcoin forever but it's just a part of it. Anyone who has a steady income, and is able to save money beyond the essentials. Can start investing at manageable amounts and continue to save for an emergency at the same time. The key is balance. Emergencies happen without warning and if you don't have a financial buffer, it becomes more likely that you might sell Bitcoin at the most inopportune time, just to cover the emergency. It's important to get a head start. But it's a responsible attitude to risk that keeps investors invested for the long haul. Not a short-term monetary issue.

That's true, because investing doesn't require any rules or requirements. I think investing is very easy. Once we meet our needs I believe we are worthy of investing in Bitcoin. Moreover the amount we need to invest in Bitcoin doesn't have to be large or small it can be as much as we can afford and doesn't make things difficult for us personally when we want to start investing. This is why many people currently say it's easy and focused if we have the intention to start investing.

And I completely agree with one of your words the word "balance" has many meanings. I understand it to be one of them balance is directed toward basic needs which we must prioritize first. After that I think there's nothing wrong with them continuing their efforts with investment. Investment is the second part of what we do. Balance will be achieved based on us setting the direction and goals of our actions. If we set a balance pattern like that we won't have a good time to meet the needs we must meet and I think investing will go according to our wishes.

Buying may be easy, but holding it for a long time, even during a recession, is not easy. Perhaps buying Bitcoin is very easy for us because we do not have to apply to a company or get a certificate from an organization. But after buying, continuing with consistency is the key. Because this is where people start facing a difficult road. Meeting their necessary expenses, determining the amount of investment, keeping cash aside for emergencies are all part of the investment plan. These things do not happen automatically after starting. I am not in favor of starting late, but it may be realistic to start small, learn regularly, and increase the purchase amount when the situation is tough. Although starting is easy, it is probably better for you to have a personal rule to survive in the long run. Because if you do not have it, then even that simple investment may become difficult during the first major recession or emergency.

[The Founding Titan]

You are right. In Bitcoin investment, a backup fund reduces the risk of selling Bitcoin in an emergency. But to hold for a long time, you first need a strong mentality and full control over your emotions. Because the price of Bitcoin is very volatile in the short term. So, to protect yourself from panic selling if the price keeps falling, you need to first make your mindset strong. After that, proper financial management can protect you from selling Bitcoin at the wrong time.

You aren't far from the fact here but for clarity sake, I will start by saying all we  needed to be intact in our investment so as not to panic in times of challenges and be forced to sell is our emergency funds.  However, we don't need to pressured ourselve unneccesarily because we don't actually need it on ground before getting started with our investment but we can still build it alongside our investment journey. Hence this measures are carefully taken or observed in our investment, success is sure and I can say this for free that no kind of emergency that might occur that can  make us sell against our wish why, because we have already made provisions (already plan ahead) for it and that's what real investors does.

I don't always like it when people try to restrict the value of the emergency fund to just our bitcoin investment, our emergency fund covers more than just our investment, it covers every aspect of our lives,we save up to 3 months worth of our expenses and not 3 months worth of our bitcoin investment, you don't need to be a bitcoin investor to have an emergency fund ready and that's why people who don't already have their emergency fund in place and want to start accumulating bitcoin are advised to buy bitcoin and set up their emergency fund at the same time.

[ChocolateBitcoinK]

If you wait to build an emergency fund before you start investing, you might take forever. Best way is to put small if your small savings as emergency funds as you grow it and start investing. The aim here is to just start and stop delaying using many excuses why you haven't started and so on.

Risk what you can afford to lose is a term used by traders. And we are not traders but investors. I think the better term to use is investment funds that you are comfortably willing to lock away.

I agree with you because waiting to build a perfect emergency fund can make someone to keep postponing  when to start accumulating bitcoin.  If you are able to figure out your discretionary income after sorting all essential needs  You can start buying bitcoin using DCA strategy  with some percentage of your discretionary income  and use the remaining percentage to build an emergency fund alongside it. This way you are accumulating bitcoin while also building your emergency fund at the time.

Don't forget to invest only  money you can leave untouch for a long time and not money meant for essential needs.

There is no need to create a complete emergency fund at the beginning of investment. If an investor has extra money after fulfilling all his basic needs, i.e., can generate discretionary income, then he can invest it and also create other funds from it. If there is zero fund, then it is better not to invest the entire amount of discretionary income. For example, if someone has discretionary income of $50, then he can invest $20 and keep the remaining $30 for emergency and backup funds. In this case, along with regular investment, financial security will be ensured.

[Biggeno]

An emergency fund is indeed a building block of a good bitcoin investment plan, and I agree. If not, even those who know what they believe may have to sell their assets when the market is down to pay their bills. That's why I believe it is a better idea to create a financial buffer first and then ramp up buying bitcoin. Meanwhile, being emotionally invested in an emergency fund doesn't prevent you from making emotional errors of judgment, such as greed or panic. The will for discipline, patience, and a long-term plan is still required for investors. Bitcoin is rewarding individuals who are able to hold through the volatility. And with proper financial planning. That is a lot easier!

You are right. In Bitcoin investment, a backup fund reduces the risk of selling Bitcoin in an emergency. But to hold for a long time, you first need a strong mentality and full control over your emotions. Because the price of Bitcoin is very volatile in the short term. So, to protect yourself from panic selling if the price keeps falling, you need to first make your mindset strong. After that, proper financial management can protect you from selling Bitcoin at the wrong time.

I really don’t get the aspect of strong mentality you’re talking about. In most cases, guys that panic during bitcoin down trend are those that go beyond their discretionary  fund to accumulate Bitcoin, they tend to watch the market every move so they can sell when there is down trend to avoid seeing the the price of their stash reduce.
Theirs is a reason it’s always advice to invests with your discretionary fund, so a guy don’t start panicking when Bitcoin is in it correction phase. As an investor aspiring to go into Bitcoin investment, it’s only wise that you come in with a long term goal because Bitcoin doesn’t reward those that are desperate.