Tips to Becoming a Successful Holder

[SquirrelJulietGarden]

4. Stay informed - Be up to date with news

Stay updated with news is more related to traders and daily trading. It is not too important with hodlers, investors who should ignore daily news which are unnecessary noises for them.

If hodlers stay exposed with news daily, they might turn to daily trading and will sell their coins with 10% or 30% increase. They will miss a parabolic bull run when it starts.

[Findingnemo]

It can be more simplified buy whatever bitcoin you can afford to buy over the period of time like years and keep moving to the assets to your custody I mean the actual wallet and after years bingo, you made 10x minimum for sure.

Not every beginner can afford to buy a big chunk of bitcoin so accumulating over the period of time is important and the benefit of compounding is higher which we realise only after we experience.

[DaNNy001]

To be a successful hodler you must not learn to sell, but buy. What's the essence of getting glued to crypto news while hodling; wouldn't it lead to panic selling? Many a traders who profited from hodling Bitcoin did so by focusing on other businesses other than watching over Bitcoin trends. And the business is the source of the Bitcoin investment. Unless, through the number 5 rule on your list, it's difficult to hodl Bitcoin without consistent Fiat income.

Just like said, Holding would be very hard for you when you constantly monitor the rise and fall of the market in other to get a short time gains. So i will advice anyone before thinking of purchasing bitcoin that he is planning on keeping in a long term investment he should have an alternative means of making income. I have a friend whose work is just to buy when the prices of bitcoin has drop a bit in this bear than the usual 16k and he will wait for some short time then sell it when its just add a little bit which is very risky but he says he uses the cash for business as well. Why dont just invest and forget about the coins and sell when the market is good for selling @bull market,  but that's is how long and that's why you need to hodll

[Mr.right85]

6. Diversification- Diversify, do not put all your eggs in one basket

I can't really say if by your not putting all your eggs in one basket as per diversification here, you mean like not having to invest on a single coin or its more about having other jobs aside from having some cryptocurrency portfolio.

I think that's the most important in order to be successful in holding. Let's not forget, coins are money and can be swapped to its fiat equivalent. Now, money is how you get satisfy wants/needs and solve issues. You can't do all that depending on a crypto portfolio which your not supposed to touch.

Having another job takes your mind off it and in combination  with other attributes listed above, you might as well be good for the task.

[Jon_Hodl]

5. Be Strategic - Do not invest all your lifesaving, only save the amount you can afford to lose

The best strategy is dollar cost averaging and buy a fixed amount over a long period of time. For me, a reasonable amount of time is a 5-10 years but that's not true for everyone. I think buying for at least 210,000 blocks is a good start because it ensures that you are stacking sats through a halving.

6. Diversification- Diversify, do not put all your eggs in one basket

Bitcoin is the only basket worth butting your eggs into. It's the only truly decentralized "cryptocurrency". If you don't want to get rugged, stick to Bitcoin. 

What do you think? What other tips are there for becoming a successful holder?

I think the best tip to becoming a successful holder is to dollar cost average directly to a hardware wallet where your keys are stored completely offline. I personally use ColdCard and SeedSigner but to each their own.

If you want to preserve any privacy from your wallet, it's also a good idea to run a full bitcoin node.

[Russlenat]

A person who actually knows and has conviction in what he/she is investing(bitcoin or any other asset) in doesn't really need "tips".

Experts have their own strategies to follow that will make them successful and profitable. Tips are just good for beginners and for those who have been here for long in the forum but are still consistently losing due to following wrong strategies. Personally, if I have one advice to say, always prioritize bitcoin even from those top altcoins because it’s always proven that bitcoin is giving us higher potentials of returns especially if you keep it for long term.

[Stalker22]

OP, You do not have to use exchanges to be a successful HODLer. There are many other ways to get bitcoins.
For example, you can accept them as payment for your services. You can also let people buy stuff from you using Bitcoin. You can even get a bitcoin wallet and buy your first coins directly from another person.

[Rengga Jati]

We cannot deny that holding is one of the most promising investments for Bitcoin so far. This will be worthy and valuable if we know the right time to buy, and in this case, is during this bearish era. And the right time to sell, in the bullish era.  But in fact, not all people are able to manage themsleves to be long-term holders.

• A person who is a Skeptic.
  

Being skeptical at the beginning will boomerang for us. I remember the saying, if you are hesitant to do something, don't do it. Because, if the results are not as expected, then we will be very sorry and blame something, here is investing in this crypto. So, in this case, we may be good to be skeptical, but we can manage this carefully, because if we put too much skeptic, we may get nothing. We are here, to be more careful, deciding based on analysis and knowledge. So, we must develop the skeptic with exact research.

What do you think? What other tips are there for becoming a successful holder?

There are also several things that we must have during the long-term holding. They are about our emotion management and also our money as capital. We can be a successful holders when we are suing free money to buy coins and hold them for long-term period. If we are using the money for our life, this is enough, worse decision.

Additionally, we must also have good emotional management so that we can be logic and stay away from being panic, impatient, stress. Here, stress becomes one fo the most common things happens duirng the crypto investment.

[Obari]

OP you have made a quite an educative piece that I'll say it's supposed to be an epitaph in the hearts of all traders of cryptocurrency if they want to stay long in the business.
I'll add by saying, that another tips is to ask or seek for the experience of those that have been in the business long before you. Learn from their mistakes and build on them too. For it would really go a long way to helping anyone in his decision making while wanting to invest in any way.

In other words, seeking mentorship from senior colleagues who are doing well is a tip that shouldn't be over looked as it is best learning from the mistakes of others rather than making avoidable mistakes when you can learn from others.
OP really did justice to tye above mentioned topic and I feel so glad to have come across this great article and it also deserves to be pinned so people who get in here can easily sight this very thread.
People should always remember that NOT YOUR KEY, NOT YOUR COIN, hence security is very essential here and coins should be store on centralized exchange as anything can happen at anytime just as in a the recent case with FTX.

[alik111]

I think there should be a proper risk management theory to be a successful crypto holder. Holding a non potential coin will make you loses. So always try to hold top ranking cryptocurrencies and hold in a safe non custodial crypto wallet.

[EarnOnVictor]

Some will say do DCA then but doing DCA in a bear market is another bad idea. So just wait for BTC to find a bottom and then start DCA again till the next bull run.

I don't get it, reason people do dca cause they don't know how to time market.

DCAing is good, it's just a method to limit the risk of investment in Bitcoin and other cryptocurrencies. And if you ask me if it's worth it, I would say Yes and No, and these come with reasons/conditions. The first condition is that it would be so worth it if the investor is removing the invested amount from the amount such cannot afford to lose. But No if the investment amount is small, the investor is a good speculator and has the target of earning big by holding the coin. So, it all depends.

[AakZaki]

I think there should be a proper risk management theory to be a successful crypto holder. Holding a non potential coin will make you loses. So always try to hold top ranking cryptocurrencies and hold in a safe non custodial crypto wallet.

the right choice is BITCOIN, it is a top coin that has no equal for long term investment. Indeed, a coin that has no potential is the wrong choice, it will only waste time and will not provide a commensurate profit. to be a successful holder must know the science of trading, science of market analysis and risk management theory as you say.

[Dubaian]

There are a few things you need to understand before you start investing in the market to increase your chances of becoming a successful investor. Since you are new to the investment game, you should start investing with a small amount of coins. If you earn any profit on this investment, increase the amount of your next investment. So especially when you realize that you are the most qualified person to give you investment advice. Only then will you be able to fully understand how to become a successful investor.

[ZAINmalik75]

According to my point of view few things if you follow them you will be a successful holder,
First thing is that you will choose all those projects which are longterm player because if you choose those kind of projects which give you much much profit daily but these are new project than there are so much chances of scam and the example are Terra Luna and Ftx exchange coin  FTT, these two project give too much profit to everyone in early days but at the end it becomes scam, so you must have to select project who survive crypto market more than 5 years like Bitcoin, Ethereum etc
And the other things is proper investment plan if you have 1000$ then you will divide these fund into 5 parts and invest in Ethereum and Bitcoin not at once but 5 times after every dump . Then following these tips will make you successful holder.
All these are my taught I am not a financial advisor so DYOR.

[Mpamaegbu]

4. Stay informed - Be up to date with news

Anyone with a hodl mentality and is serious about it won't be watching the news. They just buy, move away from news and then wait to take profit when others rush to the market to buy. Only traders keep themselves acquitted with the news, not investors with hodl mentality.

A person who actually knows and has conviction in what he/she is investing(bitcoin or any other asset) in doesn't really need "tips".

There's always room for improvement, and that's why we have upgrades and updates on apps. There's no harm in people admitting they don't know it all.

[Outhue]

Right now I am still building crypto portfolios, not one but three on my mind and see what they will become in coming years, after I am done picking the pieces I will stop looking for more coins and zero my mind till I hear that BTC made a new all time high .

It's not a good practice to keep looking your portfolio here and there because this will have an impact on your disciplined self.

Also I already have my mind on 2025 minimum so yes this is a good plan I believe, I have been into crypto for a long time and I can say that mistake is the wisest teacher, I knew what's coming so I am more calmed right now than 2017, 2020.

[ZAINmalik75]

First of all if your are holder it's mean you have fund which are in hold In form of stable coins or cryptocurrency. So the first priority Is fund safety, yo must need a hardware wallet in order to increase the safety of your fund if you are holder. The second tip is always buy old and big project like Bitcoin and Ethereum in order to remove the Chance of scam. The third tip is always buy crypto in bear market when Bitcoin hit it's bottom, because at that time most of the cryptocurrency are in cheaper price than other, so it's best time to buy coin for hold.

[gantez]

Also I already have my mind on 2025 minimum so yes this is a good plan I believe, I have been into crypto for a long time and I can say that mistake is the wisest teacher, I knew what's coming so I am more calmed right now than 2017, 2020.

Experience is vital in this market. I also have my own mistake in the past buying some coins and they stop to grow. If you buy coins cheap you need to be careful some cheap coins end you up in losses but to buy bitcoin, you are good with it even it goes down it will go up again. The experience of 2017 is big but I am starting then and it is difficult to understand what the market is doing.

[Welsh]

I mean, just set a goal if you'd like to get out at some point, and just don't price watch. Set up an alert at the price point you'd like to take some or all of your Bitcoin out, and don't watch the price in the mean time. You don't have to be actively using Bitcoin to hold it, and that's the beauty. You can practically remove most of the emotional risks by just not watching the price.

I don't think I'm a die hard holder or anything, but I barely look at the price. I mostly get my price information from what users post here, rather than go out of my way to look for it. I'm simply not bothered by the current price of Bitcoin.

[Luzin]

the right choice is BITCOIN, it is a top coin that has no equal for long term investment. Indeed, a coin that has no potential is the wrong choice, it will only waste time and will not provide a commensurate profit. to be a successful holder must know the science of trading, science of market analysis and risk management theory as you say.

Bitcoin is a crypto asset that can always reach new ATH. The cycle has repeated itself and it's history, so the holder must know the history. Besides what you're saying is true, I totally agree. But the holders should also know when they should let go. Otherwise he would just waste time. In addition, holders must also be disciplined with their targets, and emotional control is very important. But it's not easy to run that, because talking will be easier than doing.