How mentally prepared are you?

[2stout]

If you have the HODL, don't get rich quick, and don't overextend yourself mindset and not that of the get rich quick, panic sell when market is down, and buy more than I can afford, then I would say your mentality is right.

[1715340432]

1715340432

[1715340432]

1715340432

[1715340432]

1715340432

[1715340432]

1715340432

[1715340432]

1715340432

[1715340432]

1715340432

[Cryptodebjoe]

Mental preparation for me is a function of knowledge and understanding of how BTC works.... For me I'm prepared to hodl for 5 years or more bcuz my I know that soon BTC will hit anothe
r ath...

[Inwestour]

The recent problem with the newbies is that they panic a lot regarding their investment.
They don’t know what is bear market and basically how the prices work.
As a newbie I always suggest you guys to at first watch and observe the market.
And when you are doing investments on Bitcoins, you should understand the price fluctuations.
At last be mentally prepared for long term investments when we are talking about Bitcoins.

Anyone who comes to cryptocurrency wants to immediately get a big profit, beginners attribute this to the fact that this is a high-risk niche, which means that here you can both make money quickly and lose it quickly. But no one comes here to lose, everyone hopes to earn money, and therefore the first thing a beginner starts to do is not to buy bitcoin for the long term, but starts trading in order to increase his small capital.
As a result, this still leads to a loss of funds and then they start thinking about investments.

[barbara44]

Trough I have a lot experience before with many kinds hype investing project and got scam almost time I have ready with mentality prepare when investing with bitcoin or cryptocurrency. Some people try to be success investing with bitcoin after hearing how faster earn profit with bitcoin when price still drop and later selling at higher price, but almost of them not preparing mentality when bitcoin crash and loss their funds because in their minds with profit only.

I have got scam many time with hype project investment and I am ready one day later if bitcoin price missing from my predicting and suddenly drop. I have changed my mind with bitcoin is not faster way to earn profit but need process how to learn step by step with right way for investing, maybe some people coming from gambling, hype investment way have preparing their mentality when some day bitcoin investment make them loss.

Hype projects are always out thereto scam you and that's a big problem that people face at all times. I am not saying that you should avoid them but keeping a trust towards them will never make you profit at all. It's obvious that you are going to end up with a loss if you keep doing it, and that should be clear to everyone involved, if the only thing that keeps it high is hype then it's going to be going down one day or another.

I personally would suggest everyone to invest into things that make sense in the long run, not depending on hype. I do not even invest into doge, which is an old school project and still all depends on the hype it gets

[Yamifoud]

Mental preparation for me is a function of knowledge and understanding of how BTC works.... For me I'm prepared to hodl for 5 years or more bcuz my I know that soon BTC will hit anothe
r ath...

Mental preparation is not all about preparing for the future but for you to become totally prepared for how to deal with the market situation every day. Of course, many people have said that can manage to hold for 5 years but never I think that they can fulfill it because of possible emotional breakup and losses of their minds then makes them sell earlier. Perhaps, it was very common and usually, people changed their decision because of the influence of their emotions.

[gabbie2010]

some users, before wanting to conquer bitcoin, should understanding what their true ability to take risks is.

Yes, now Bitcoin new members are looking for ways to invest without knowing much about Cryptocurrency.
They think that investing in bitcoins can only make them profitable. They should think 'where there is profit there is also loss'. If they invest in wrong place and wrong time then their invested money will be risky. If they want to invest in Bitcoin, it is very important for them to know about Bitcoin first.And those who want to profit by investing in Bitcoin, should first gain knowledge about losses.

In most cases most of the new members buys at peak when the price of bitcoin had risen to the peak ( bought at high) due to lack of enough information and research thinking that the bullish trending will continue thus make their own Profits, meanwhile some newbies follow the trending hype of the massive pump to buy at high, presently the price of bitcoin is low new members wouldn't buy now and hodl until when the price pumped and reach a new highest high invariably speculations start to spread here and there that it price will continue to pump thus ushers in flow of newbies who ought to have bought at a lower price.

[freedomgo]

When I was a newbie especially at trading, then I really wasn't ready when the market turned down. My main reason is because the funds I use are funds that I still need for other needs, so that every time the feeling of panic decreases, it's always there.

But over time, my mindset changed and my trading strategy changed so I can say I'm ready for any consequences. This is not really available to users who are just learning to trade and invest, but the experience of a failure has taught us to have a good knowledge of self-control. Not by borrowing money for trading, it can increase the risk of failure in the end.

No one gets prepared in trading either mentally or emotionally unless you start experiencing losses from it which will eventually build more strength and confidence in you as a trader. The more you create failures and losses in trading, the more you become motivated to learn and grow in trading. However, learning in trading from scratch is good but it will be an edge if you have prior knowledge from trading so you can prepare for it mentally or emotionally.

[dezoel]

some users, before wanting to conquer bitcoin, should understanding what their true ability to take risks is.

Yes, now Bitcoin new members are looking for ways to invest without knowing much about Cryptocurrency.
They think that investing in bitcoins can only make them profitable. They should think 'where there is profit there is also loss'. If they invest in wrong place and wrong time then their invested money will be risky. If they want to invest in Bitcoin, it is very important for them to know about Bitcoin first.And those who want to profit by investing in Bitcoin, should first gain knowledge about losses.

In most cases most of the new members buys at peak when the price of bitcoin had risen to the peak ( bought at high) due to lack of enough information and research thinking that the bullish trending will continue thus make their own Profits, meanwhile some newbies follow the trending hype of the massive pump to buy at high, presently the price of bitcoin is low new members wouldn't buy now and hodl until when the price pumped and reach a new highest high invariably speculations start to spread here and there that it price will continue to pump thus ushers in flow of newbies who ought to have bought at a lower price.

That's because of the hype. When the price of bitcoin goes super high, there are a lot of news about it, it's from everywhere and mainly from social media as well and that's sort of like "online word of mouth" and that is why I believe that we shouldn't really be worried about the current situation because it's not doing something big at the current moment.

Because, right now it's not getting that much talk, at certain moments it's always a trending topic on twitter for example, those days are risky days for newbies. They see stuff that they shouldn't see and they get hyped and they imagine they could do the same thing as well which ends up failing for sure.

[GeorgeJohn]

They are things to be learn before venturing into bitcoin investment, the necessary things is the conditions that's attached to secure it's secret, and to the nature of investment we should venture into. The aspect of joining the forum, i have seen that now forum has turned to family thing, many people who register currently in the forum did not research for it. What they did is linkup, to pass the information of the forum to one another, and that brings so many of relevance discussion and mismanagement of Bitcoin investment and not knowing some of the factor that is behind bitcoin investment.

[Mpamaegbu]

If they want to invest in Bitcoin, it is very important for them to know about Bitcoin first.And those who want to profit by investing in Bitcoin, should first gain knowledge about losses.

That's true but I don't know how many people do that prior to getting involved in Bitcoin. One of the mistakes I made going into Bitcoin in 2017 was never to have back tested its charts to see how and at what levels price reacted, to figure out the various times it plummeted and how investors and the general market reacted to it. I went in and concentrated on altcoins. I accumulated enough hoping their values would rise like Bitcoin was doing as at then. Sadly, when the bear came after that famous rally in 2017 most alts got wiped off. I think it will do newbies a lot of good if they went searching for previous bull and bear seasons of Bitcoin to understand what it takes to experience any of the two. This will make investors adjust their expectations and at the same time strengthen their faith so they don't panic during a bear season as we've now.

[SirLancelot]

Mental preparation for me is a function of knowledge and understanding of how BTC works.... For me I'm prepared to hodl for 5 years or more bcuz my I know that soon BTC will hit anothe
r ath...

It is a must to understand if what is a btc and how it works but I think being mentally prepared is a different thing. It's about you react whenever there's a change in the market or when there is a big news or fuds that are related to cryptos. It's very easy to say that you will hodl for 5 years but the question is if you are truly committed of doing it?

Because, 5 years is not a short time mate and there might be a lot of obstacles that bitcoin is going to face a long the way. This is why it's important for us to be mentally prepared so that we can endure those negativities or even positivities so that we can continue pursuing the goals that we set.

[Mauser]

New investors in the crypto world who are looking for get rich coins shouldn't invest in bitcoins alone anymore. Bitcoin is a developed coin now that many people know, it's not a hidden investment anymore that will make investors rich quickly. Don't get me wrong, bitcoin is still a great investment and returns of 50 or 100% are realistic in long enough time frame. It's just that returns of 1,000% or more are not realistic anymore. For such high returns it makes sense to invest alt coins. New crypto coins which are not yet discovered by mainstream investors can yield much higher returns than bitcoins. But new investors need to be aware that there is a lot of risks involved in the alt coin market. The most important thing is to not put all your money into one coin. It's much better to spread your money  out across multiple projects to reduce the risk of losing a lot.

[ChiBitCTy]

Some pretty good advice being given here. One thing that I can never stress enough to people is to educate yourself first and foremost. Understand, truly understand what it is that you are buying. In doing so you’ll prepare yourself, mentally, that way you understand what you’re getting yourself in to as well as prepare yourself so you don’t make mistakes by panicking because you don’t understand what’s happening say during a downturn in the market value.

[adzino]

I bet most of the newcomers aren't actually yet "mentally prepared". No matter how much they learn or know about the market, they won't be mentally prepared if they haven't faced the bear market (or the crash) at least once. Most of them end up selling everything at a loss.

-snip-
Also, please do not borrow money to invest in Bitcoin, and only invest what you can afford to lose.

Preach more but some people still borrow money to invest in crypto currencies. They hope that the price will go up within few days, take their profit and return the money they took. But that rarely happens and they end up broke and owing a lot of money.

[Cryptmuster]

Beginners who come to the world of cryptocurrencies want to get fast results and not everyone will thoroughly study all the questions you have given even after buying bitcoin. The explanation is very simple, people are lazy.

For most, this is just another investment tool. They can compare it, like with a bank, when you come you put money on a deposit and you immediately receive %. But they do not have an understanding that in the crypt you are responsible for your coins, you yourself become a bank.

In the best case, a person will begin to study all these issues when he has already bought bitcoin and he is lucky if he does not lose his coins by this time.

[Bobrox]

Also, please do not borrow money to invest in Bitcoin, and only invest what you can afford to lose.

Exactly true don't borrowing money for investing in bitcoin, some newcomers want to get instant and faster result how to earn profit with bitcoin then not worry when borrowing money in the bank or another service place for borrowing money with higher loan interest for investing in bitcoin. Right now faced difficult how to give education for many people try investing in bitcoin by using loan money in the bank, they have little speculative if later bitcoin price down from investment price how to pay monthly although with lower loan interest in the bank under 10% each years.

Usually newcomer or investor using loan for investing in bitcoin they don't have enough mentality, try to get fast way to earn profit with bitcoin and think they can pay loan interest every months with profit earn from bitcoin investment. I think need to change for every investor if want to borrow money for investing in bitcoin.

[electronicash]

I've lost enough money, even that makes me feel ready enough. I know how to win and lose money. Now I know where to act and how to plan, so I am ready mentally and have a lot of self-confidence.

most of crypto traders are in spot market only. if they are not selling their coins, then  they didn't actually lose it but just the value of the coin.
1btc is 1btc. this should prepare your mind and you won't lose any. its why we rarely see crypto traders go bankcrupt all the way or taking their lives. unlike those in leverage or forex where if the market goes in the opposite direction, he lose money when it touches the stoploss.

[dunfida]

I've lost enough money, even that makes me feel ready enough. I know how to win and lose money. Now I know where to act and how to plan, so I am ready mentally and have a lot of self-confidence.

most of crypto traders are in spot market only. if they are not selling their coins, then  they didn't actually lose it but just the value of the coin.
1btc is 1btc. this should prepare your mind and you won't lose any. its why we rarely see crypto traders go bankcrupt all the way or taking their lives. unlike those in leverage or forex where if the market goes in the opposite direction, he lose money when it touches the stoploss.

Thats the beauty of spot on which you could really able to hold no matter how long it would be unlike on futures or leverage which we know that it could be liquidated.
Making yourself mentally prepared is a must because this market could make out huge swings on a short span of time or you didnt even notice that it was already happening.
Dont expect anytime about making profits because it cant really be that possible for it to happen.Expect the unexpected because price could drop in a matter of seconds.
Secure your position and always set out buy or sell orders or according into your own analysis.

[Hyphen(-)]

but about this borrowing and borrowing depends on each individual. For those who are able to repay the loan and the interest it may be a last resort. The loan will be the main capital for investment or trading and monthly returns from the trading results. but this only applies to those who are truly professionals in the field of trading, if beginners do it it will only add to the burden and in the end there will be more losses and debts borne. Borrowing money is not a solution, but only as an alternative with some considerations. Investing what you can afford to lose is the tagline that continues to sound, because investing in basic necessities is very dangerous and will be a bad start.

When you use a loan as your capital to invest, especially in cryptocurrency, anything can happen. The cryptocurrency market is difficult or nearly impossible to predict; one can lose everything in a very short period of time due to market conditions, and borrowed money is not your personal money that you must repay with interest as the case may be; this means that you are investing what you cannot afford to lose, which is not advisable.

[Rockstarguy]

Yes, now Bitcoin new members are looking for ways to invest without knowing much about Cryptocurrency.
They think that investing in bitcoins can only make them profitable. They should think 'where there is profit there is also loss'.

Investing in bitcoin is profitable but some beginners are not patient enough to wait to earn the profit,  they are too desperate to get the profits so fast .

If they invest in wrong place and wrong time then their invested money will be risky. If they want to invest in Bitcoin, it is very important for them to know about Bitcoin first.And those who want to profit by investing in Bitcoin, should first gain knowledge about losses.

It is very common that most beginners feel so lazy to know about bitcoin before going into investment . They acquire bitcoin without any little knowledge, when they are unable to bear the dip in the market it becomes a problem to them that affect them mentality .beginners needs to know about volatility of bitcoin and how to survive with it.