How mentally prepared are you?

[worldofcoins]

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.
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.
[/b]

I know due to hype many people went into cryptocurrency without knowing much about private keys and the term "not your keys not your bitcoin"
And after getting scammed due to malware in their PC they blame btc to be less secure or hacker's coin.

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.

How prepared are you mentally as a newbie when the market is on uptrend or down trending?
Also, please do not borrow money to invest in Bitcoin, and only invest what you can afford to lose.

I agree that one shouldn't borrow the money to invest in bitcoins, it's better that people use their own money so they won't be in debt running trades on their emotions bcoz they have to pay the money back.

[Natalim]

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.

It was common for those who are born lazy and had no interest to improve their lives.
Investment as we all know is not for everyone and only a few people know exactly what they are doing than those who are not. I have to accept that I was not mentally prepared for investing in crypto and besides, I was also in doubt at first. Well, changing the course of our minds and the willingness to change our behavior make is possible, and this is what I am today.

[8rch7]

Well you shared a very informative post. I think many of newbies here have joined after noticing the news and common stuff on Bitcoin, and they need technical knowledge, there is alot need about educating people on bitcoin

Although many beginners like me have joined bitcoin but honestly my mentality is still not ready, even though I have learned about bitcoin and have understood how to invest in bitcoin but until now my mentality is still not ready, because we know bitcoin investment is very risky and volatile compared to other investments, learning from all experiences and seeing the development of bitcoin I do not dare to make big investments in crypto currency, because I am not ready for big losses because my economy is still unstable, looking at bitcoin price history there are several events where the price skyrocketed then collapsed very quickly.

[livingfree]

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.

That experience of losing money made you that prepared mentally and what's in it to come.

It's nice to see people that have experienced losing in bitcoin but still instead of giving up, you're staying and is even stronger than before.

Don't worry, everyone who's able to stand right now after all of the dumps in the market didn't go easily as where they're right now.

Everybody has to experience falling down and standing firm is what those losses have taught us. I can hold until I want to but, just like the others who have a target, I've got also mine.

[Hamza2424]

Good, enough bro.. I am ready to buy BTC again with the support of the 10k. So you can expect from there how good I am prepared for the bear haha. Even though I don't have fait right now still I am prepared. As In my term of language as a word is called jugad i can do anything with that term.

[Mate2237]

OP, I must recommend you on this piece of advice to newbies and and old users of bitcoin. Dealing with bitcoin both in Investment or achievement must have the mentally oriented mindset.

But being patient is what I am some how disprove so I will like to say patient will come from the needs at the time of the users. If the user has other sources of income then he or she can keep the bitcoin till the next bull market but whereby the bitcoin is very hungry and there is no other sources of income just like this flood disaster period where one can not go and do other minor jobs to feed, he or she has to touch (sell) bitcoin to survive.


Therefore being patient is not by force but the present situation of the user of bitcoin. But for the mentally prepared is good advice because if one is not mentally prepared he or she might be disappointed by the bear Market.

[KaliLinux]

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.
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.

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

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.

Before investing in Bitcoin, serious considerations must be made, rather than simply following the trend that Bitcoin investment is a get-rich-quick scheme; this is not the case. Before you begin investing in Bitcoin, you must first learn about the market by observing, analyzing, and examining it.
Be patient enough to study the market so you can know when to buy, hold, and sell based on your investment strategy.

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

True words but regardless of all this kind of advice to most newbies cos I had to expect someone that has been in the space to have gone through the process already and understand what is required. we still have many Bitcoin investors doing it wrong with their investment, Investing in Hyped shitcoins, panic selling during every single market dip, thinking Bitcoin is dead during bear season, and the like because they never took out time to understand what is required to survive in the market. We will continue to have this happen again and again because people can not all act the same.

 

[BobK71]

Good, enough bro.. I am ready to buy BTC again with the support of the 10k. So you can expect from there how good I am prepared for the bear haha. Even though I don't have fait right now still I am prepared. As In my term of language as a word is called jugad i can do anything with that term.

If the price of bitcoin is $10k then you are not the only one. People who lost everything in crypto will also refinance to buy bitcoins. But I personally never think that Bitcoin can go back to that level. Above all I am optimistic about Bitcoin. It will again emerge in a bullish trend soon.

[bocyaj]

Many experienced people know that fact of 1BTC will be 1 BTC after 2-3 years.But the less experienced people fear on seeing the dump in the market.Surely they enjoy the profit of dollars after the pump market.The panic selling also occur at the dump market.Now the new prediction was the bitcoin to 15k dollars,but bitcoin was recovered with the certain period of time.Before investing to bitcoin,you should keep in mind.You should not do panic selling at any part of trading for the period of one year.

[salad daging]

Good, enough bro.. I am ready to buy BTC again with the support of the 10k. So you can expect from there how good I am prepared for the bear haha. Even though I don't have fait right now still I am prepared. As In my term of language as a word is called jugad i can do anything with that term.

If the price of bitcoin is $10k then you are not the only one. People who lost everything in crypto will also refinance to buy bitcoins. But I personally never think that Bitcoin can go back to that level. Above all I am optimistic about Bitcoin. It will again emerge in a bullish trend soon.

There must be a lot of people chasing the $10k price tag but will that level be possible at this time of year? Despite the many rumors about Bitcoin going even lower I don't believe it at all at that level I'm just focusing on buying now with some practices in place so as not to stop while the price is still bearish, if waiting for $10k is too long and people will get bored of it finally Bitcoin grows back and regrets exist, there should be no need to think about that price, we are better off buying and HODL is more than enough than waiting for a low price.
Well, who doesn't believe Bitcoin will be bullish later, so from now on HODL Bitcoin right now and don't wait for the uncertain.

[Moskalfa Goodboy]

My advice concerns not just BTC but crypto investing in general. It consists of tiny things but they are more helpful than may seem at first:

• Stop obsessively checking charts every 5 minutes
• Zoom out the charts (any time period several years ago is always much lower than today)
• Be tolerant of losses (in psychology, loss aversion is when the response to losses is stronger than the response to the respective wins)
• Study your macropsychology (ultimately, it's never about cryptocurrency. It’s about your psychology that is the cornerstone of everything)
• Do not quit the game - go deeper (the outstanding projects of the next bull cycle will be launched in the depths of this bear cycle)

[Lanatsa]

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

This thing should be bare up on your mind always on which you should really be accepting the risk and dont ever consider on taking up some loan or borrowing money just for you to invest on bitcoin or other altcoins

You cant really be that having an assurance that you would be ending up on positive plus there's no way that you could really able to know on when you would be making profits which means you cant determine
on when you would be needing up to pay those loans.

If you do have some money set aside then its better to make investment out of it.If not then you dont have any options but to take loan but you should really make
yourself responsible on paying on those due date.

[Twentyonepaylots]

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.
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.

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

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.

Before investing in Bitcoin, serious considerations must be made, rather than simply following the trend that Bitcoin investment is a get-rich-quick scheme; this is not the case. Before you begin investing in Bitcoin, you must first learn about the market by observing, analyzing, and examining it.
Be patient enough to study the market so you can know when to buy, hold, and sell based on your investment strategy.

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

They must first get knowledgeable about Bitcoin by learning about it.  Individuals will start to believe in Bitcoin after they have a fundamental understanding of it through the use of sources like the Whitepaper of Bitcoin and Bitcoin Wiki. Most of the time, people are unable to comprehend the need of learning the fundamentals of bitcoin investment before getting started. They have little to no knowledge about bitcoin and ultimately suffer significant losses, regretting their choices in the process and calling bitcoin a scam sometimes. They should also try to consult on some friends who are into cryptocurrency, I think they will help you to start and they can share some knowledge about bitcoin.

[Mr.right85]

In truth, one cannot be fully prepared enough for the various market conditions that comes hitting you unexpected. The bullrun for sure is one without worries except for regrets on the part of investors to have made some bad decisions during the bearish market but, its in the bearish market that a lot of investors gets a tingling in the head.
You begin to wonder how come you never noticed it even with the level of exposure you've got.

The thing is, you can never fully understand but theee is a true to it that have not been disputed. You never lose by holding and so when yoi dont understand, just hold. That how prepared i am!

[meser#]

As you repeat, 1 Btc is still 1 Btc there is no further price moving for me. My mental situation is better than my first time in this place. Because this forum is help me to get new ideas, experiences which from other's expensive lessons etc. I'm lucky because many other investor didn't find this forum. And they followed bad decisions and lost their money, mental situation and their happiness etc etc. And final word is dont borrow money for investing cryptocurrency and don't borrow money with cryptocurreny coins it might be in future far valuable than today

[Slow death]

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.

if someone X takes 30,000$ and buys 1 BTC for the price of 30,000$ and then the price of bitcoin drops a lot to 20,000$ and if someone Z appears and says: " don't worry because 1 BTC is still 1 BTC " honestly, this person Z will not be understanding that person X in the bank had 30,000$ and in his wallet the 1 BTC is 20,000$. this is a big loss and no matter what is said, the person X will be sad, because he has losses

[kamvreto]

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.

if someone X takes 30,000$ and buys 1 BTC for the price of 30,000$ and then the price of bitcoin drops a lot to 20,000$ and if someone Z appears and says: " don't worry because 1 BTC is still 1 BTC " honestly, this person Z will not be understanding that person X in the bank had 30,000$ and in his wallet the 1 BTC is 20,000$. this is a big loss and no matter what is said, the person X will be sad, because he has losses

if you calculate it in Fiat of course it is a loss, but if you realize that person X has not sold the 1 BTC to the price of $ 20,000 then there is no loss for him, it's just the price that will continue to move if you keep holding 1 BTC. In the long run it will be profitable and don't sell below your buying price. there will be no loss before deciding to sell. Mental readiness is needed because the market fluctuates quite quickly.

[AicecreaME]

To be honest, the only thing I knew way back then was I could earn money in Bitcoin. I knew from the start about its volatility, so I didn't panic about Bitcoin whenever there's a news saying "Bitcoin is dead" every bearish market. Every days that passes by, I learned more about cryptocurrency which helps me to earn even more. I even dropped out of college because I find my passion here, my career, because I don't want to be an employee.

[8rch7]

As you repeat, 1 Btc is still 1 Btc there is no further price moving for me. My mental situation is better than my first time in this place. Because this forum is help me to get new ideas, experiences which from other's expensive lessons etc. I'm lucky because many other investor didn't find this forum. And they followed bad decisions and lost their money, mental situation and their happiness etc etc. And final word is dont borrow money for investing cryptocurrency and don't borrow money with cryptocurreny coins it might be in future far valuable than today

After we enter this forum, it is clear that our mentality is getting better, different from before we got to know this forum, because there is still minimal experience and knowledge that we get from bitcoin, but now our mentality is much better, because of the very valuable experience we have. Getting on this forum makes us even more convinced that bitcoin will indeed be a very meaningful asset for us in the future, if I didn't know this forum, I definitely don't have the mental strength to store bitcoin assets for a long time.

[JayJuanGee]

Are these your ideas Moskalfa Goodboy ?  or did you get them from somewhere?

Do you apply these concepts to your own  investing?  What's your investing experience?

Do you know the difference between bitcoin and crypto and/or other traditional investments?

My advice concerns not just BTC but crypto investing in general.

Your framing the matter like that causes me to consider that  you might not know the differences... There are difference, and different ways that you might invest.. to the extent that crypto is even a category because investing in "crypto" depends on what kind of piece of shit project that you are investing into and what might be your investment thesis for such largely likely piece of shit scam.

Bitcoin is a different story as compared to both crypto and as compared with various traditional investment asset classes, too.

It consists of tiny things but they are more helpful than may seem at first:

• Stop obsessively checking charts every 5 minutes

How would you know if people are obsessed?  And what is the reason to NOT check the price/charts every 5 minutes?  Would it matter on what the person might be doing?

• Zoom out the charts (any time period several years ago is always much lower than today)

Not necessarily true.  It depends on what you are talking about.. You cannot just expect that all investments are going to go up in the long term whether we are talking about bitcoin, something like crypto.. whatever the fuck that means.. maybe something like shitcoins, shitcoin related projects?) or traditional investments.  There's some need to have some understandings regarding what your investment thesis might be in regards to various investments, but then also it likely would help to figure out what stage of investment portfolio building a person might be too.

• Be tolerant of losses (in psychology, loss aversion is when the response to losses is stronger than the response to the respective wins)

Sure that's a general principle that applies when a person is engaging in investing based on expectations that the fundamentals of whatever they are investing into are generally strong on a long term basis... does not apply to all assets.. but it may apply to bitcoin, but I would not assume it to apply to shitcoins, and it may or may not apply to other traditional investments either.. just depending on which one we might be talking about.

• Study your macropsychology (ultimately, it's never about cryptocurrency. It’s about your psychology that is the cornerstone of everything)

Yes.. I would become a psycho if were to be investing into shitcoins.  Now if you are referring to bitcoin, then that might be a different story, and it is best to attempt to set up your investment strategies in ways in order that you do not become emotional about it, or you figure ways to lessen the likelihood that you would become emotional.. but in any asset that has potentially high volatility, including bitcoin, then it is best to both account for the possible volatility and to set up your investment strategy in ways that attempt to account for possible extremes in volatility.. maybe easier said than done, but as a general principle, there are techniques to be able to attempt to lessen becoming overly emotional about investments, such as bitcoin, but it likely cannot be completely eliminated unless we were to transform from being human toward becoming robots.

• Do not quit the game - go deeper (the outstanding projects of the next bull cycle will be launched in the depths of this bear cycle)

Why? Why is there a need to explore projects?  We have bitcoin? what other projects do we need to explore? 

Are you thinking about researching a whole bunch of crap projects, hoping to find a gem and then getting in on the ground floor of some shitcoin pump and dump that might launch? 

Does anybody got time for that nonsense?

Why not just focus on bitcoin.. Bitcoin seems to be amongst the best of asymmetric bets that have ever been broadly available, and it is likely ongoingly involved in the largest wealth transfer that has eve happened.. So why go beyond bitcoin?  Are you suggesting that there might be a need (or wisdom) in terms of going beyond bitcoin?  That's the kind of nonsense that shitcoin pumpers like to talk about on a fairly persistent basis.

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

This thing should be bare up on your mind always on which you should really be accepting the risk and dont ever consider on taking up some loan or borrowing money just for you to invest on bitcoin or other altcoins

You cant really be that having an assurance that you would be ending up on positive plus there's no way that you could really able to know on when you would be making profits which means you cant determine
on when you would be needing up to pay those loans.

If you do have some money set aside then its better to make investment out of it.If not then you dont have any options but to take loan but you should really make
yourself responsible on paying on those due date.

If you are able to set up the terms of the loan, then you are able to know everything about it, and you can attempt to figure out if it is a good idea to enter into a loan or not. 

For example, if you are able to get a loan that is a few percentage per year (APY), and you pay off the interest only or interest and some of the principle over 7 years or longer and you have a balloon payment in the end, then that would be a pretty good loan to take if you know how to invest it and if you know that you have income to pay off the loan and/or other sources besides the thing that you are investing into.  With something like bitcoin, it may even be o.k. to presume that you would be able to pay it off after 7 years with bitcoin proceeds.  People should be able to weigh all of these factors, so it depends on what kind of loan, and what is the persons cashflow to be able to service the loan during its terms.  My main point is it is not automatically a bad idea to use debt to invest into something like bitcoin or any other investment, as long as you are able to weigh the various factors and to figure out that it is better to take the loan than to not take the loan.  I will agree that some loans are oppressive and they should not be taken out, so the devil is in the details whether it would be a good idea to take a loan that you believe has good terms relative to your overall financial situation.