How mentally prepared are you?

[Rruchi man]

The rate at which new people are joining the forum and the entire community is very high, which makes me wonder how mentally prepared these new and previous users are for Bitcoin investment.

Not every newbie joining the community is doing so for the purpose of always wanting to invest in bitcoins immediately. Some people have already gotten some development mentally and are already into bitcoins, but joined forum to just be a member of a community to enjoy its benefits.

How prepared are you mentally as a newbie when the market is on uptrend or down trending?

The level of preparedness depends on the level of knowledge one is able to get about the market, and there is a possibility that a newbie here can be more prepared than someone who has been here a while longer than they have.

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[Eureka_07]

<snip>
Also, please do not borrow money to invest in Bitcoin,

I personally would like to borrow some money (in fiat) so I can invest it to Bitcoin. I would only like to do that if the interest is not high and is open for longer terms of payment. I remember getting news about some loans offered on our country that only has interest of 5% in 3 years. I liked to apply into it but in the end I haven't able to give time for it. I really feel like it's a waste.


For newbies, do not jump out to any investment just because of hype or other factors that is not helpful in determining a good investment. Always study about it first and think of the risk that you might be taking.

[Mpamaegbu]

... in Bitcoin investment, you can lose everything with just one single mistake.

Unarguably, this is the scariest and saddest part of every online business. It's not just a Bitcoin thing alone. It's a worrisome thing, to say the least.

Being patient is key since, no matter the market situation, 1 BTC is still 1 BTC.

Despite how simple that "1btc is still 1btc"expression" is (I've seen its explanation elsewhere though), we should know that the price values and realities are likely not going to be the same. That's in case one is looking at taking profit. Yes notably, we can't overlook the virtue called "patience" when discussing cryptocurrency. Patience is a necessity for success, both here and in other spheres of life. BTW, I ain't likely to be making sense to those who believe in cutting corners by expressing this opinion.

[TelolettOm]

Agree much with this.
How strong our mental to this crypto industry, this is very crucial and becomes one of the basic elements to have when we will take business on the crypto industry. Whoever we are, as traders, investors, project developers, and other parties in the crypto world, we must be ready, especially mentally. Although this is not easy, may need more time to learn and accept the condition of the crypto world, in which sometimes is really satisfying and sometimes it seems horrible. We may need nothing but strong mental. Because of what happens right now, the bearish market, so many projects are dead, bankrupt, shit, and also scams. We lost our money because of thet. Additionally, we must be also ready mentally although in Bitcoin investment, because BTC price is also still experiencing a hard time during this bearihs era.
The most important thing also is that never hope to earn much money instantly with very high epxectation to be rich soon using crypto investment. Be realistic as what we have learned and understood. Think also of the risks.

[Hispo]

If you are not mentally prepared for Bitcoin investment, it can lead to mental retardation.

I do not know what you meant with this, to be honest. Are you implying that bad investment choices can lead to someone become a mentally handicapped person?
Does it crypto market actually have to power to turn a completely healthy person into a person that will likely need the support of other to barely function in a society?
Should we warn mental institutions in our countries to be ready to shelter the wave of people that will need to get institutionalized after sudden market movements?

[Techkoy407]

if from a mental point of view at first I was not very ready because when I first bought bitcoin and then the market went down, at that time I was very depressed, because at that time I had not fully learned about investing, especially in bitcoin (crypto) over time I learned from my mistakes backwards and I learned from people who are more experienced about investing and the result is that little by little my knowledge has increased, my knowledge has increased and now I am more prepared physically and mentally.

[libert19]

If you are not mentally prepared for Bitcoin investment, it can lead to mental retardation.

To start, they must learn about Bitcoin and achieve knowledge about Bitcoin. Basically, when they understand basics of Bitcoin via Bitcoin Whitepaper, Bitcoin Wiki and other resources, they will begin to have belief in Bitcoin.

That is a start of their mental preparation and as said, it should be triggered by knowledge. Without basic knowledge about Bitcoin, no one can strongly belief in Bitcoin, can not mentally prepared for their investment in Bitcoin.

Haven't read wp, wiki - might have read other stuff tho by chance and I believe in BTC. I mean you don't have to force yourself into reading if you don't want to.

[Marykeller]

The majority of people that have joined this forum or started investing in bitcoin are only after getting rich quick without getting much exposure to it. At least to understand the basics of bitcoin. Many are not just ready to build in the process to learn, to be patient and acquire knowledge about bitcoin. That's why they end up investing wrongly. If you manage to introduce someone new to crypto, he or she will be questioning you about bitcoin investment on when he or she is expecting profit returns. Forgetting that the market is unpredictable.

[Sanitough]

If you are not mentally prepared for Bitcoin investment, it can lead to mental retardation.

To start, they must learn about Bitcoin and achieve knowledge about Bitcoin. Basically, when they understand basics of Bitcoin via Bitcoin Whitepaper, Bitcoin Wiki and other resources, they will begin to have belief in Bitcoin.

That is a start of their mental preparation and as said, it should be triggered by knowledge. Without basic knowledge about Bitcoin, no one can strongly belief in Bitcoin, can not mentally prepared for their investment in Bitcoin.

Being mentally prepared not only for crypto but in all investments that we decide to invest, it may take a lot of time learning and gaining knowledge and skills. And when you see yourself getting ready for it, then the risk to lose from investing will be lessen because you now have developed the necessary knowledge and skills to create  more chances for successful investments.

[_BlackStar]

which makes me wonder how mentally prepared these new and previous users are for Bitcoin investment.

Let's simplify. New users are certainly not quite ready to survive price fluctuations so they are strongly advised to learn several things including fund management, emotional management, psychological/mental management, and risk management. I'm not at all sure they'll be able to manage everything in a short amount of time, so their best advice is don't invest right away without learning.

While previous users ^{[I like to call them experienced investors]} are certainly quite good at understanding how the market works, even though they may not be able to manage everything well. The risk of loss and security is always there so no one can guarantee profit and security other than good management by own.

How mentally prepared are you to be able to survive the market situation by holding onto your coins and not selling them at a loss? Being patient is key since, no matter the market situation, 1 BTC is still 1 BTC.

Everyone believes that 1 bitcoin is still 1 bitcoin regardless of price fluctuations. But when it comes to investment, then of course you need to look at fluctuating values. Becoming a holder when the market is experiencing a correction is a choice, it must be in line with your initial investment strategy and goals. You shouldn't stick to something you can't accept, for example some people will stop losses at -10% or maybe lower and will enter again when the price is believed to be worth buying again. Of course patience will pay off, but they should avoid selling at a loss.

[Awwal08]

Only fools who will buy cause some rich guys recommended it. Some are jumping without making any reseaerches on such project on crypto and when their investment fluke then will blame and says its a scam. They should go first and read some very important terms such as risky, investment, gains and losses. To udnerstand that investment isnt an easy money and learning to accept losses and avoid selling at a loss is a very innate skill one should adopt.

What bring all this is act of getting fast money to be living big. They think the rich friend make it through their, not knowing that his parent had laid down a solid foundation for him. We shouldn't be faster than our shadow, everythingis time and your effort.

[Luffygroove]

I agree that newbies should have basic knowledge about investing in bitcoin or cryptocurrency in general before jumping in. After that, they need to find a mentor or interact in a group discussion or forum to help them get used to both the written and unwritten rules regarding the crypto world. It's not so they can be dependant with other's opinion, but to shape their own skills in analyzing, take decision etc.  I think most of us learn about the depth of the crypto world by experiencing it ourselves or learning from others' mistakes so it's important to mingle with crypto communities too. All of these knowledge and experiences cognitively and emotionally will shape our mentality. For me, it's not about mentally prepared or not but more like maturity along the journey

[Questat]

I agree that newbies should have basic knowledge about investing in bitcoin or cryptocurrency in general before jumping in. After that, they need to find a mentor or interact in a group discussion or forum to help them get used to both the written and unwritten rules regarding the crypto world. It's not so they can be dependant with other's opinion, but to shape their own skills in analyzing, take decision etc.  I think most of us learn about the depth of the crypto world by experiencing it ourselves or learning from others' mistakes so it's important to mingle with crypto communities too. All of these knowledge and experiences cognitively and emotionally will shape our mentality. For me, it's not about mentally prepared or not but more like maturity along the journey

Tried to be more independent and make a decision solely in order for us to grow and be well-prepared. Because at the moment that we rely on others, the more we think relying on others will work great but the truth is that trusting ourselves makes us even better and it will also help us to improve especially in decision-making.

I was sure that not all who start crypto investment are totally knowledgeable as they just learn many things as they expose to the market and experience.
Mentally prepared? I already that I may lose and earn some money in this area.

[Luzin]

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.

I agree that not borrowing money will make us less burdened. However, some people are in debt and use cryptocurrency as an investment. I did that, but it's interest-free debt. I am grateful that I have nothing to lose and can return. I wanted to take that risk because I was already confident in my abilities. So we have to understand how much we can afford. That is the best capital. For now, I'm using money properly for free. Regarding mentality, all can be trained. Because I believe that people who dare to take risks will find the benefits. I am sure that the strong mentality will continue to try to find a way and will eventually succeed.

[Cookdata]

The rate at which new people are joining the forum and the entire community is very high, which makes me wonder how mentally prepared these new and previous users are for Bitcoin investment. If you are not mentally prepared for Bitcoin investment, it can lead to mental retardation.

Those who jump on the opium of bitcoin at all-time high will be having one of the difficult phases of bitcoin right now if it is their first time but of course as they used to say, tough times don't last(bear market), only tough people do(during a bull market). It is not a wrong thing to buy bitcoin at all times but sells it at a lower price is bad. If anyone right now is at loss, this is the perfect time to add more and with this measure, they don't need to wait forever before they sell their bitcoin because it can be exhausting with the price manipulation and the current politics the government has been doing with the market.

First and foremost, before investing in Bitcoin, beginners should learn more about privacy; beginners should start by learning how to secure their files and personal details on the Internet because not knowing or learning about privacy can be a very big risk for them because in Bitcoin investment, you can lose everything with just one single mistake.

After learning enough about online privacy Here, we move on to Bitcoin investment and study how to protect our private keys and seed phrase Here.

Who owns a bitcoin without his or her private key, it is like having a money loan to someone that may default them anytime they wish. the privacy should not be left out, I do hear some people use the terms "I don't do anything bad on the internet, if they need anything, I will give them", No! don't give out your privacy unchecked, they are big concepts of life that should be hidden from the internet.

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

Another big mistake is taking a loan if you don't have collateral or the means to pay it back when the time comes. I know people who take loans with over collateralized assets, but if you must do it, please be careful so you don't receive margin calls.

[isaac_clarke22]

~

Considering the market these days. I would not even consider borrowing or loaning for investing. It is way too risky to just do it. Your bare minimum to earn would be the breakeven cause surely you still need to pay the loan you went through. Regardless of the percentage, I would not do it nonetheless and yes it is a waste and a huge risk and it might hurt your credit score.

There are even scary stories in Trading Discussion wherein OP's friend just took his own life due to losses in trading while being buried in debt.

[Bhig Daddy]

We shouldn't compel patience from everyone, in my opinion. Situations can work against humans at times. They have the right to sell at a loss if they so choose. Such folks are not mentally stupid, as the OP claims, and I would not label them as fools. Each person is free to be themselves. Let them switch to fiat if they so choose. I constantly advocate for maximizing your enjoyment of the present moment. While it's important to be able to hold Bitcoin at a fair price, you shouldn't stifle your current desires. There could be a day when having a lot of money isn't as satisfying as it is right now.

[uchegod-21]

Some people who sell on losses, it doesn't mean that they are not mentally prepared. Most times it is because they make wrong plannings towards investment. For instance, as the market is low and red, someone will want to invest, hoping that before the year runs off, there would be profits and he will withdraw both capital and profits for project or something related.
But if by the end of the Year, the profit didn't come, The investor will have no option than to withdraw or sell in lose in order to have money to accomplish the projected project or for even welfare in some cases. So it is all about planning and how much the person has, and not mental factor.

[Fatunad]

Some people who sell on losses, it doesn't mean that they are not mentally prepared. Most times it is because they make wrong plannings towards investment. For instance, as the market is low and red, someone will want to invest, hoping that before the year runs off, there would be profits and he will withdraw both capital and profits for project or something related.
But if by the end of the Year, the profit didn't come, The investor will have no option than to withdraw or sell in lose in order to have money to accomplish the projected project or for even welfare in some cases. So it is all about planning and how much the person has, and not mental factor.

If you are someone who are just new into this market which these kind of mistakes were really that very common but eventually those things will change on the time that you had already been dealing with this market for

a while already which it is normal that your mental awareness will really be strenghthen up because of the experience and knowledge that you had gained overtime.Although it wont really be coming in to a point of all

knowing but at least you are prepared on various conditions or situations which you might encounter head on.Nothing beats out if you are prepared both mentally and emotionally
because these are primary things which do really affect trading decisions if these things been stirred up.

[batang_bitcoin]

Another big mistake is taking a loan if you don't have collateral or the means to pay it back when the time comes. I know people who take loans with over collateralized assets, but if you must do it, please be careful so you don't receive margin calls.

This is like a never ending experience for many. Usually, this comes during the bull run and those that have been enticed by the market and they think that it's there to stay at the top.
Much better to not do it and avoid doing so because you'll never like the consequence that it'll give to you. Just use your own money so that you're mentally prepared that you know what you're up to unlike borrowing with an unknown market behavior plus the obligation that you'll get to pay sum with the interest.