Tips for newbie to long-term investing

[a.amt94]

Hi guys,

After the immense hype up of the crypto industry, I jumped into crypto investing last year along with al lot of the casuals. I spent a couple of hundred bucks but sold just above break even point after the market crash last year. I was forced to because I needed the money to invest into myself to find a good job. Now that I've found a job, I started investing in crypto currency again, and started doing my due diligence.

My goal right know is to accumulate as much crypto as I can, but I'm not sure what the best strategy is considering the current economic factors. The approach I've had over the past couple of months has just been dropping a portion of my salary each month into crypto. But now I'm considering stacking my fiat to buy in on the bottom of this bear cycle which I think is yet to come. Would this be a wise decision? Or should I just keep going with the approach I have now?

EDIT

I would like to thank everyone for their helpful advise so far, I will definitely take each point made into serious consideration. Also from the points made, it lets me now that my mindset is where it should be.

Right know I'm heavily focused on accumulating as much Eth as I can. I'm almost at the goal I've set for myself in terms of how much I'd like to have before investing in another coin, since I've started investing again a short while ago. Next up I'd like to stack some ADA and BTC of course. But I can't help but wonder is accumulating ETH and ADA the right move right now? Or should I be more invested in BTC in terms of potential long-term returns?

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[a.amt94]

That's the thing I'm struggling with, I actually want to put in more money. But I just can't afford to, I want to maximize on the buying opportunities but I know that's the FOMO creeping in, and I'll just have to stay patient.

[GreatArkansas]

(.....)
My goal right know is to accumulate as much crypto as I can, but I'm not sure what the best strategy is considering the current economic factors. The approach I've had over the past couple of months has just been dropping a portion of my salary each month into crypto. But now I'm considering stacking my fiat to buy in on the bottom of this bear cycle which I think is yet to come. Would this be a wise decision? Or should I just keep going with the approach I have now?

You should be careful also what you are accumulating. There are a lot of shitcoins right now.
Another thing is to identify your goal or price target especially if you are trading, or you want to make profits along the way or it depends if you don't want to sell or take profits.

I think what you mentioned is considering a Dollar Cost Averaging (DCA) which is also a good way for long-term investment these days, just make sure you will have strong hands and avoid panic.

[bitzizzix]

If you make regular investments every month or every time you receive a paycheck from work, it is a very good choice and it is a DCA like the first one I invested in that only relies on a monthly salary that has been set aside.
do it after you meet all your needs from your salary and the rest you invest, and I prioritize bitcoin and some altcoins after doing some research especially the top altcoins.

[Apocollapse]

First you need to choose the best coin for long term investment, it will be Bitcoin since it has been proven already survive for 13 years. All coins except Bitcoin is just a shitcoins and it's not good for long term holding because many creator is just looking for profit and then run away with investors money. Even Monero is a good altcoin, but I have to disagree to hold it for long term due to it's privacy concern.

Start DCA and bought the dip with any money you can afford to lose, you shouldn't and never use any emergency money.

[Lucius]

You should be careful also what you are accumulating. There are a lot of shitcoins right now.

That's right, all projects now go with the same story - "buy now cheap, profit in 2-3 years", although a good part of these projects will fail by then. Although I can't be sure exactly what the OP means when he mentions investing in cryptocurrencies, but I guess it's not just Bitcoin - we all know that altcoins are especially risky in the long term, especially these new projects that appear like mushrooms after the rain.

My goal right know is to accumulate as much crypto as I can, but I'm not sure what the best strategy is considering the current economic factors. The approach I've had over the past couple of months has just been dropping a portion of my salary each month into crypto. But now I'm considering stacking my fiat to buy in on the bottom of this bear cycle which I think is yet to come. Would this be a wise decision? Or should I just keep going with the approach I have now?

Do not fool yourself that you can successfully detect when the crypto market will reach the bottom, because it may have already touched it without us being aware of it at the moment. If you don't want to go completely with DCA, maybe it would be best to find a compromise and save part of the money for a possible new bottom, and use part of it to buy every month regardless of the price?

Regardless of which strategy you decide, do not lose sight of the security of what you invest in, which means ensuring safe storage in the form of a cold wallet, or perhaps a hardware wallet.

[jackg]

That's the thing I'm struggling with, I actually want to put in more money. But I just can't afford to, I want to maximize on the buying opportunities but I know that's the FOMO creeping in, and I'll just have to stay patient.

Bringing emotions into trading isn't a good idea though.

If you do that you're likely to turn your trading into gambling and cause a lot more problems for yourself. If you expect to buy and hold for a long period of time - dca into bitcoin.

If you have all the money now that you would dca, I'd split it into 4-10 pots and invest in dips, if you don't or you think that'll be any level of stress then invest a certain amount every month or every quarter.


Similarly to "we could've already seen the bottom and just don't know it" - we could see the bottom (or close to it again) there's a good chance of that and something you should prepare for (and dcaing might be the best strategy to do that with).

It might also be advisible to split up where your funds are going for example if instead you invest half your investment in crypto and the other half in a stock index to diversify your portfolio a bit more and make you feel a bit safer in investing.

[taufik123]

invest money that you don't use for anything, and are ready to lose. Do not use money, money will still be used for your future life.
A good decision if you want to start investing in crypto again by setting aside a portion of the salary you receive every month.

A bear market like now is the right time to enter, you just need to learn how to read charts with technical analysis because it's very important, it's the basic knowledge you need to know before investing.

Don't invest blindfolded or without trading knowledge.
Long-term investment is a good step to get maximum results.

[rozak]

But now I'm considering stacking my fiat to buy in on the bottom of this bear cycle which I think is yet to come. Would this be a wise decision? Or should I just keep going with the approach I have now?

depending on the assets you want to collect. in a long-term investment, I think you don't need to think too much about the base price. just collect some according to your ability. and plan well.
when you see another dump happen, you can buy it again according to your ability. and do your long-term investment planning again. If you look at the history of the crypto market, I think you can plan your long-term investments more wisely.

[passwordnow]

Either will do. You're for the long term so the price right now won't matter whether you do DCA every week or you buy a bag during the considered dip and bottom of this market.
What's important is you know what you're doing and you have a plan of accumulation and you have the budget. Without a budget, this all will just be a plan that you don't know when to execute. So IMO, buy when you think that it's the right time whether you think it's the bottom or you do continuous accumulation.

[Fivestar4everMVP]

My goal right know is to accumulate as much crypto as I can, but I'm not sure what the best strategy is considering the current economic factors. The approach I've had over the past couple of months has just been dropping a portion of my salary each month into crypto. But now I'm considering stacking my fiat to buy in on the bottom of this bear cycle which I think is yet to come. Would this be a wise decision? Or should I just keep going with the approach I have now?

First of all, congratulations on your job, i hope you find good happiness and fulfillment in it.
First, choosing to invest part of your monthly salary in crypto is a good idea, but you must always have in mind the golden rule of crypto which states that one should only invest as much as he or she is willing to loose, make sure to always have this at the back of your mind so you dont end up investing too much or more than you can coup or be patient with.
And i believe you already know that you cant just go around buying anything called crypto, you have to know how to choose legitimate once to buy so you don't go investing in a project waiting to either fail, or get abandoned or even rug pull on its investors, i suggest you start your buying spree on coins in the top 50s on coinmarketcap.
So aside the above, that is knowing your left from your right, i think your strategy is ok since it enables you buy even at a lower rate in this time every coin seems to be going down in price. 

[salad daging]

• Tips to overcome fear crypto investment and reason to invest for newbies
• BUY & HODL - is the surest strategy for crypto beginners
• How to DYOR in investing

You should learn the things above maybe it's a little helpful for your reference before starting a long-term investment.

There are many strategies that can be implemented in your investment but all of them need to do deeper research, therefore as a beginner who wants to invest long term then you have to be a little careful as possible to buy the top coins is not a problem because they have active trading and the volume is large, but now there are lots of shitcoins that are busy you shouldn't fall there, if the goal is long-term investment then buy a coin with potential for example Btc, Eth, Bnb and several other coins that you can trust.

[Silberman]

Hi guys,

After the immense hype up of the crypto industry, I jumped into crypto investing last year along with al lot of the casuals. I spent a couple of hundred bucks but sold just above break even point after the market crash last year. I was forced to because I needed the money to invest into myself to find a good job. Now that I've found a job, I started investing in crypto currency again, and started doing my due diligence.

My goal right know is to accumulate as much crypto as I can, but I'm not sure what the best strategy is considering the current economic factors. The approach I've had over the past couple of months has just been dropping a portion of my salary each month into crypto. But now I'm considering stacking my fiat to buy in on the bottom of this bear cycle which I think is yet to come. Would this be a wise decision? Or should I just keep going with the approach I have now?

What you were doing before is called dollar cost averaging and taking into account your relatively inexperience in this market and markets in general I think that was the right strategy for you, buying at the bottom of the market may seem like the best option and I think as well we are yet to see it, but at the same time due to your inexperience it is going to be very difficult for you to implement that strategy, so if I were you I will keep your current strategy and buy bitcoin whenever you have some spare cash available.

[Finestream]

Hi guys,

After the immense hype up of the crypto industry, I jumped into crypto investing last year along with al lot of the casuals. I spent a couple of hundred bucks but sold just above break even point after the market crash last year. I was forced to because I needed the money to invest into myself to find a good job. Now that I've found a job, I started investing in crypto currency again, and started doing my due diligence.

My goal right know is to accumulate as much crypto as I can, but I'm not sure what the best strategy is considering the current economic factors. The approach I've had over the past couple of months has just been dropping a portion of my salary each month into crypto. But now I'm considering stacking my fiat to buy in on the bottom of this bear cycle which I think is yet to come. Would this be a wise decision? Or should I just keep going with the approach I have now?

Do not invest all your hard earned money because even if crypto investment is very enticing, still there are no guarantee for profits particularly if you want quick funds in times of unpredictable emergency cases. Just take a portion of your salary and do DCA so that you can make a good purchase in every bitcoin price dips. Also, always invest what you can afford to lose, and never use those funds intended for your bills or other necessities.

[justdimin]

But now I'm considering stacking my fiat to buy in on the bottom of this bear cycle which I think is yet to come. Would this be a wise decision? Or should I just keep going with the approach I have now?

depending on the assets you want to collect. in a long-term investment, I think you don't need to think too much about the base price. just collect some according to your ability. and plan well.
when you see another dump happen, you can buy it again according to your ability. and do your long-term investment planning again. If you look at the history of the crypto market, I think you can plan your long-term investments more wisely.

This is how people should approach to long term investment. I mean if you do that with Luna then you had a trouble but if you are not doing it with something that will go to zero, then why would you be worried about it at all? Just get bitcoin or ethereum and keep buying it when you get some more money to spend. I once did this with food and entertainment, wasn't sustainable.

But, whenever I wanted to order something like McDonald, or pizza, or whatever, or when I want to go see movies or anything like that, I just took that money and put it on bitcoin instead. Of course you get bored of it eventually, but for 2 months I saved more money than I usually save. This is how I approach things now.

[tranthidung]

First, when I read your topic title, I thought you have some tips for newbies. After reading your topic, you're looking for advice from others.

You should read following topics and improve your topic title next times.

• Make your topic title, posts more attractive
• Topic title style guide

now I'm considering stacking my fiat to buy in on the bottom of this bear cycle which I think is yet to come. Would this be a wise decision?

Don't time the market. If you think the market now is in bottom, what will you feel if it is not a bottom at all, in next few months?

First, you will have unexpected disappointment, negative feeling, etc.
Second, if you have wrong mind at beginning, you might make stupid bad (like loan huge money to bet, use high leverage to bet)

The market is in accumulation time and you still have lot of time to make your accumulation. Just don't bet and don't time the market.

[gunhell16]

Hi guys,

After the immense hype up of the crypto industry, I jumped into crypto investing last year along with al lot of the casuals. I spent a couple of hundred bucks but sold just above break even point after the market crash last year. I was forced to because I needed the money to invest into myself to find a good job. Now that I've found a job, I started investing in crypto currency again, and started doing my due diligence.

My goal right know is to accumulate as much crypto as I can, but I'm not sure what the best strategy is considering the current economic factors. The approach I've had over the past couple of months has just been dropping a portion of my salary each month into crypto. But now I'm considering stacking my fiat to buy in on the bottom of this bear cycle which I think is yet to come. Would this be a wise decision? Or should I just keep going with the approach I have now?

Actually the plans you have in mind about this cryptocurrency are good. Then those things that you are planning to reduce your income from your salary that you will buy another crypto and then you will hold and sell it only at the right time it will increase and have an income is a very good plan, and I think you are not the only one doing that, but there are also other employees who believe crypto does what you do. Just go with what you are thinking and you can say that it was a wise decision and the right choice as a crypto enthusiast.

[xSkylarx]

The approach I've had over the past couple of months has just been dropping a portion of my salary each month into crypto. But now I'm considering stacking my fiat to buy in on the bottom of this bear cycle which I think is yet to come. Would this be a wise decision? Or should I just keep going with the approach I have now?

No one can predict the bottom so what you've been doing is the perfect approach for me. Price has been continuously dumping over the past months so basically you are dollar-cost-averaging(DC) with your monthly salary. If you think cryptos could go lower at this point then you can leave half the portion of your salary then stack it until the price you want to buy reach it. Continue doing it until the next bull run and you can be one of those successful people in crypto.

[Nrcewker]

Hi guys,

After the immense hype up of the crypto industry, I jumped into crypto investing last year along with al lot of the casuals. I spent a couple of hundred bucks but sold just above break even point after the market crash last year. I was forced to because I needed the money to invest into myself to find a good job. Now that I've found a job, I started investing in crypto currency again, and started doing my due diligence.

My goal right know is to accumulate as much crypto as I can, but I'm not sure what the best strategy is considering the current economic factors. The approach I've had over the past couple of months has just been dropping a portion of my salary each month into crypto. But now I'm considering stacking my fiat to buy in on the bottom of this bear cycle which I think is yet to come. Would this be a wise decision? Or should I just keep going with the approach I have now?

The main thing you should consider while thinking for long term is a good and stable coin.
You don't wanna end up losing all money by choosing a wrong coin like Luna etc.
So it will be best if you go for something best and solid, and here BTC or ETH comes in place. The reason for which you can choose any one from this two is due to it's popularity  and marketcap.
And as you have thought for long term my friend, then I would advise that don't often see the price charts. Check the price once in a year and accordingly cash out.
Hope this helped you mate.

[Smack That Ace]

Good strategy, deducting a part of salary to collect monthly is very good and suitable for those who do not have much money to invest. What is more important is what coins are you accumulating, I advise you to avoid collecting junk coins since it will make your investment useless.
Should remember to extract a moderate amount so as not to affect the current life because in investing in addition to the risk of value, we also face risk from hackers and many other reasons so please invest ready to lose.