How mentally prepared are you?

[naira]

You are right, it takes a long process in making a decision to invest. Not only in bitcoin in any type of asset then the first thing to do is learn all the elements related to the asset we want to choose. Prepare mentally during an uptrend, let alone prepare mentally when the market is really down. Because this condition not only destroys the mentality of beginners. Even those of us who have known Bitcoin for a long time often feel that we have not fully mastered such conditions. Believe that someone's mentality is not always consistent with everything.

Always consider all possibilities and most importantly be prepared for the bitterness of losing. Investment is not only about profit and loss, but more about mental, character and psychological education that will always be involved in every decision making.

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[Oneandpure]

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.

[yazher]

You are right, it takes a long process in making a decision to invest. Not only in bitcoin in any type of asset then the first thing to do is learn all the elements related to the asset we want to choose. Prepare mentally during an uptrend, let alone prepare mentally when the market is really down. Because this condition not only destroys the mentality of beginners. Even those of us who have known Bitcoin for a long time often feel that we have not fully mastered such conditions. Believe that someone's mentality is not always consistent with everything.

When I first decided to invest I made it clear to myself that I was just like playing some online games and I used some spare money that I am willing to lose just to acquire some actual experience in trading in cryptocurrencies. It pays well because until now, I'm still here and I am learning from my mistakes every time I failed. Of course, it's not every day a greeny day sometimes a hard failure will hit you in day trading but as long as you stick to the rules about not investing more than you can afford to lose, you are still fine and can easily move on from your loss.

[TribalBob]

should be if you jump in btc must be mentally prepared when the market is in an uptrend or downtrend and this applies to all crypto,
because newbies will definitely feel the pressure of pressure if the value of assets decreases, it can be said that mental and soul are competing to face the fact that our assets continue to decline,

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

and this is what all newbies always remind to do not to borrow funds to invest because one day the market will be bad and the crypto world is very difficult to predict

[abel1337]

With the experienced I gained for the years I've been into cryptospace, I guess I'm mentally prepared on what might happen in bitcoin in the future. I've been into different scenarios which I made a mistake that leads into selling bitcoins at a loss price. Experiencing too many mistake and too many bitcoin breakdowns leads me into my current state right now. I'm confident on buying Bitcoin and keeping them for a long time.

This is a good thread for newbies who are seeking advice in their crypto journey, But always remember not spend money that you can't afford to lose. I've been there, trust me it's a bad experience.

[Osama Maaz]

Also, please do not borrow money to invest in Bitcoin, and only invest what you can afford to lose.
As you told this line is a key to invest in the crypto that you have not need for 4,5 years And on topic i just says that securing profits in this market is very important because in this market we trade against big whales and institutes which dont want to give their money to us they us every technique to get money from us , one thing keep in mind trading is a business in which everyone taking others money if you are clever and knows how to trade then you are winner otherwise give your money to anyone which is more clever then you .

[BITCOIN4X]

This picture illustrates our journey will not be as easy as imagined but we can achieve the goal.

LOL, that's the best picture as an expression of the feelings of bitcoin holders in a bear market. There are many obstacles, temptations and doubts, but when they know that it is just a normal period then they must have a stronger hand and mentality. We can say that we are able to control our emotions, ignoring volatility, but in reality the quality of our sleep when looking at the long red candle is not very good.

Dude, I love that image. I guess that's a fact. 

[famososMuertos]

It is true that bitcoin has conditions but they are not that complex in terms of the usefulness of receiving a payment and send, if we talk about a few hundred dollars in a wallet, the risk there is for us not that of dying.

The theory of bitcoin is 100% necessary, but  being prepared to understand bitcoin includes being prepared to face the realities of life, maybe they should start there, some users, before wanting to conquer bitcoin, should understanding what their true ability to take risks is.

[Viscore]

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.

As time goes by, the newbies would have to bear with what they're dealing with and it's going to be an enjoying journey for them. They're already in and they have to keep going, that's what their mindsets will be. No backing out anymore because they're already in.
Some newbies may quit along with their journeys but for the new ones that have seen the greatness of the market and the bumpy ride, this would be easy for them as soon as they've understood how the market goes and how they can profit from it.

The most important thing in crypto is that you learn to understand the market and become at ease investing and trading in it. That way, you will gain more opportunities to make profits after an inevitable losses at first. Also, patience will have a very important role in crypto. If you can't be patient during the price downtrend, then it will be very hard for you to expect decent profits in the future.

[Welsh]

I already experienced a bear market, especially after the parabolic run in 2017-2018. So for me, what happened earlier and now which the dump is really too hard, it became normal for me or before I am expecting this after we hit the all-time-high around $69,000. I am expecting a pullback and my thoughts is the Bitcoin Block Halving event, which this event I believe the reason why we will start to recover.

The thing is, this time isn't not really comparable. I've said this a few times over the weeks, but mainly regarding short term pricing. However, those that have been through it before might assume that it's just going to end up like it always has. Although, that's ignoring the fact that these really are unprecedented times with a global pandemic which pretty much stopped the world, a war which basically everyone is involved in at least economically, and compounding recent effects like fiat from rate increases, and the fact that Bitcoin was deemed too energy deficient by a rather large company, which tanked it's prices. We somewhat recovered from the latter, but these are all compounding things that are dragging the price down.

Some of those things are long term events which is going to drive buying power down for as long as it's still a big event. This recession could potentially last years. The UK government just today announced changes to try, and combat a housing crash, and reducing taxes. Obviously, when we get out of the recession those taxes will go up to compensate, but they've already recognised people can't afford to live.

So, while we're all hoping history repeats itself again, I'm afraid that most people are just blindly trusting that, since the past dips, aren't comparable to this one, at least for the reasons why there were dips in the first place.

[MainIbem]

I don't get worried over the market in as much i know very well that is one common thing that happened within the crypto space i see's it to be gaining back it strength sooner without any fear and i hold without panicking. Don't accept any investment offer from people around me, maybe they heard about bitcoin or noticed i m into cryptocurrencies have been called for investment or seeking for advised on what to do i say to them is to spare funds you could be able to lose without any accusation of stolen funds.
The dip is another best chance to acquire lots of quantity of bitcoin to get ready for the next bull run.

[Z-tight]

I am a newbie, I just join the forum not quite long, a friend of mine introduced it to me for me to know more about bitcoin which I already had an idea of it. I am fully prepared, mentally, physically for the bitcoin investment.

I feel people who have bitcoiners as friends and family are kind of lucky, and they sometimes have a less turbulent bitcoin journey in the beginning, in the terms of scam, fud, panic or investing with a lump sum, their acquaintances most of the time help them settle in well, and they are more prepared than the newbie who is bereft of such a beginning, and who doesn't even know the appropriate plarforms and websites to search for the best information about bitcoin.

Believing in bitcoin is the only preparedness one needs as a speculator, except they are traders, and newbies should not be traders; with speculation you only need to have researched about bitcoin to trust it with your money for the long term. But in as much as you are prepared, do not take bitcoin speculation as a job, it can't replace the role of a real life job.

[Hamphser]

I am a newbie, I just join the forum not quite long, a friend of mine introduced it to me for me to know more about bitcoin which I already had an idea of it. I am fully prepared, mentally, physically for the bitcoin investment.

I feel people who have bitcoiners as friends and family are kind of lucky, and they sometimes have a less turbulent bitcoin journey in the beginning, in the terms of scam, fud, panic or investing with a lump sum, their acquaintances most of the time help them settle in well, and they are more prepared than the newbie who is bereft of such a beginning, and who doesn't even know the appropriate plarforms and websites to search for the best information about bitcoin.

Believing in bitcoin is the only preparedness one needs as a speculator, except they are traders, and newbies should not be traders; with speculation you only need to have researched about bitcoin to trust it with your money for the long term. But in as much as you are prepared, do not take bitcoin speculation as a job, it can't replace the role of a real life job.

Even into those people who had just purchased and forget on what they had bought in the past turns out to be that something good in the end without the need on passing and stressing out those huge and stressful

events that do happen in the market compared into those holders which are actively watching out their portfolios and always been watching about market conditions which i dont say its a bad thing
but its totally that stressful if you've been doing these things through ages.

Mentally preparedness would really be entirely vary on someones experience on the market but there are times which cant really be avoided not to make out such reaction and emotions.

[isaac_clarke22]

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If you're a long-term hodler, the first photo checks out. It is just easy as it is to be honest if you're not putting your nose right into crypto. Just buy some few Bitcoin and then just forget that in many years to come. You could check out the price weekly, but that's it. You would not sell or you would not buy or both.

When I was a newbie back then, the second figure checks out though. I felt like "HODL" was just simply keep it held for a week or a month, but nah I was wrong. Now I am here, it does not really feel that much of a journey now as you described since it is just my side hobby to trade crypto. Not trying to be successful since I am to be successful "elsewhere" anyway.

[Welsh]

When I was a newbie back then, the second figure checks out though. I felt like "HODL" was just simply keep it held for a week or a month, but nah I was wrong. Now I am here, it does not really feel that much of a journey now as you described since it is just my side hobby to trade crypto. Not trying to be successful since I am to be successful "elsewhere" anyway.

These most certainly aren't universally accepted timeframes, but here's what I think: Long term is several halving events, medium term is either a little while after one halving or two, and finally the short term I see any time really that you can make a trade. So, holding to me is the former of the three.

Obviously, others will have differing views, but generally if you're invested in the long term you need to be prepared to go through rough times, as well as the good times. It's almost guaranteed if you're holding more than a couple of years, since a lot usually happens during that amount of time. Especially with what I'd consider a still developing currency which hasn't quite made it to the mainstream yet, and by that I mean being adopted. The mainstream is definitely very well aware of its existence which is the start.

[Ziskinberg]

I don't get worried over the market in as much i know very well that is one common thing that happened within the crypto space i see's it to be gaining back it strength sooner without any fear and i hold without panicking. Don't accept any investment offer from people around me, maybe they heard about bitcoin or noticed i m into cryptocurrencies have been called for investment or seeking for advised on what to do i say to them is to spare funds you could be able to lose without any accusation of stolen funds.
The dip is another best chance to acquire lots of quantity of bitcoin to get ready for the next bull run.

I really appreciate your thinking and I tell you that only a few people have this kind of attitude and response to the market volatility as most of them are too emotional. Bitcoin can really be trusted by those who are willing to trust as well but this is impossible these people are deeply in doubt in the capability of Bitcoin. As we investing in Bitcoin be sure that we are totally prepared for anything what happen after we buy and of course, we know how to face the challenges as not all the time the market is good.

[xzy887]

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.

[YOSHIE]

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

I think newcomers & old ones, if they are involved in Bitcoin investment, I think they both have to learn, not a few Bitcoin users suffer losses, if they are not serious about understanding the meaning of crypto investing as a whole, neither are beginners.

I personally understand that Bitcoin investment requires strong patience and strong determination, where many people always regret when they do not have patience in their investment, investment is risky if they are the money they invest solely as a source for their needs, need cold money to put in the investment and to earn better.

[buwaytress]

When I was a newbie back then, the second figure checks out though. I felt like "HODL" was just simply keep it held for a week or a month, but nah I was wrong. Now I am here, it does not really feel that much of a journey now as you described since it is just my side hobby to trade crypto. Not trying to be successful since I am to be successful "elsewhere" anyway.

These most certainly aren't universally accepted timeframes, but here's what I think: Long term is several halving events, medium term is either a little while after one halving or two, and finally the short term I see any time really that you can make a trade. So, holding to me is the former of the three.

Something I've talked about before too. When you think about bonds even or bank deposits, maturity after a year is considered very short term. Medium term is 3 to 5 years (which incidentally is roughly what a halving cycle is)... Long term, and this was in the generation before, would involve thinking of bottom limits of a decade. And it tallies in a weird way, even given how the economic cycle since the 70s is about a decade or so (judging from a crisis period standpoint).

Perhaps it makes sense that people used to investing literally a lifetime of savings or govt bonds are probably the ones actually holding. Not meaning to bash on snowflakes.

[Hamphser]

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

I think newcomers & old ones, if they are involved in Bitcoin investment, I think they both have to learn, not a few Bitcoin users suffer losses, if they are not serious about understanding the meaning of crypto investing as a whole, neither are beginners.

I personally understand that Bitcoin investment requires strong patience and strong determination, where many people always regret when they do not have patience in their investment, investment is risky if they are the money they invest solely as a source for their needs, need cold money to put in the investment and to earn better.

Would really also needing that self control since not all would really be having that kind of aspect or behavior specially to those who are just new.You would really be finding yourself to be that aware and having

good control is on the time that you had gained sufficient knowledge and experience on the market compared to those who doesnt able to do so.When dealing up with volatility then this would mostly affect that

emotional aspect which it would really be that crucial to develop and able to control so that you could really sustain yourself into this unpredictable market.