Tips to Becoming a Successful Holder

[Welsh]

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.

Investors knowing the history just increases their chances of relying on that history when they invest. The four year cycle or any pattern that you're currently watching, and relying will end at some point. That's a guarantee. Bitcoin isn't sustainable to keep increasing like it has in the past. In fact, we probably don't want it too increase, and drop by the extremes we've seen if we want mainstream adoption.

Obviously, Bitcoin is deflationary by design so it will kind of increase in value over time. However, expecting the volatility to continue to happen in the same extremes probably isn't a good way of looking at it. Since, it's just not sustainable.

As the block rewards become less, and less we should see a reduced amount of volatility, and therefore speculative investors will likely become less interested, as the big swings disappear.

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[AakZaki]

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.

yes I also have the same opinion, holders should know where they have to release it. It's not funny that we're going to hold onto the coin for the rest of our lives without taking some advantage of the price target we've already reached. Emotional control also influences the final result or decision to be made.

Becoming a successful holder is everyone's dream, but some of them are not aware that wrong practice will not make them a successful holder. It takes more learning to become a trader and holder and technical analysis and Fundamental knowledge will be the main weapon for predicting the market.

[caddywampus2001]

HODL is a term commonly used by cryptocurrency investors that refuse to sell their cryptocurrency regardless of the price increasing or decreasing. It is more frequently used during a bear market when people refuse to sell their coins despite the price drop. Therefore, a holder is someone that HODLs bitcoin no matter the market situation.

Who is a Successful Holder?

• A person who is a Skeptic. Most of the time, our skepticism is obscured by feelings, fear, and greed, which leads to poor conclusions. When it comes to your money, doubt is typical. However, your skepticism should be paired with a realistic and safe investment strategy. Avoid using excessively dangerous platforms, exchanges, and wallets, and don't leave anything to chance. Be on the lookout for planned pump-and-dump operations and frauds. Your skepticism will alert you any time something doesn't seem to add up. When something seems too wonderful to be true, it was generally a bad decision.
• A person with a basic understanding of the technology behind blockchain and cryptocurrency to be able to make good investment decisions.
• A person  with the right and correct information all news and development about crypto with no exception because the blockchain space is rapidly evolving, socially, technically, and legally and staying updated is important to keeping money safe.
• A person with a working strategy which includes an investment plan, a target to take profit, and the duration of the investment.
• A person who is security-conscious. The individual keeps their wallet password securely both online and offline. Does not share their private key and trades on highly secured platforms and exchanges. Because they know that a breach in the security of a platform can result in the loss of fortunes.

How to Become a Successful Holder

1. Choose a trusted and reliable wallet and exchange to trade and keep your cryptocurrency.

2. DYOR - Do your own diligent research

3. Do your fundamental analysis

4. Stay informed - Be up to date with news

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

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

7. Cold Wallet storage - Lock up your crypto and tokens. It will relieve you of mental pressure.


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

Sources:

- https://remitano.com/learn/ng/121550-how-to-be-a-successful-hodler

- https://academy.binance.com/en/glossary/hodl

Good directions. Just buy and hold bitcoin. Perform DCA in and DCA out. With your spare cash, put it toward innovative small-cap projects. The future is privacy, in my opinion.

[_BlackStar]

Becoming a successful holder is everyone's dream, but some of them are not aware that wrong practice will not make them a successful holder.

Exactly, it's like holding assets long term on a centralized exchange. It is one of the wrong practices of a holder where the safety of his assets is at stake on the reputation of the exchange.

Some of the OP's tips may help people get a proper knowledge. Investing in crypto, being a holder is a risky choice, and all of them must know how to minimize it, including keeping their storage secure.

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

This point has a broad meaning. Besides not recommended to store it in one wallet, it may also be necessary to diversify assets across several options.

[CryptoHeadlineNews]

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

This point has a broad meaning. Besides not recommended to store it in one wallet, it may also be necessary to diversify assets across several options.

Yes. I totally agree with what you just said mentioned above, because in as much as it's not advisable to store all your crypto assets in one wallet, another important factor will be the need to properly keeping that your 12 key phrase in a safer place, as that's the only key to accessing your funds. Whereas, USDT or BUSDT can be an recommended alternative after Bitcoin

[kamvreto]

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

This point has a broad meaning. Besides not recommended to store it in one wallet, it may also be necessary to diversify assets across several options.

Yes. I totally agree with what you just said mentioned above, because in as much as it's not advisable to store all your crypto assets in one wallet, another important factor will be the need to properly keeping that your 12 key phrase in a safer place, as that's the only key to accessing your funds. Whereas, USDT or BUSDT can be an recommended alternative after Bitcoin

maybe it can be divided into 2 wallets. the first wallet is for the main wallet which is filled with assets that will be held long term and the second wallet is used as a temporary storage wallet for trading activities and the like. Perhaps this way would be more secure, so the main wallet in the long term would not open as often. for the security of the wallet depending on the user, the private key or 12 key phrases must be stored in a safe place and only the owner can access it, because many private key incidents are hacked so all assets are lost.

[dansus021]

Good point, but before you guys start as "HODLER" better to watch with crypto you hold with 

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.

This is the definition of true HODLER, just buy send to cold wallet and forget it. People like me cant be the true hold since im watch everyday where the price is going it kills me slowly when watch porto at red position.

other tips you can actually make a good money by holder some crypto like eth, or cardano or bnb by staking it and use your money as collateral so it locked up withdraw when coin touch new ATH

[pawanjain]

According to me the most important thing required to become a successful holder is patience and belief.
One only sells because either he is impatient and is doing a panic sell or when he thinks that the project is about to collapse.
A successful holder has the patience to hold the coin for a long term and believes in the project he has invested in.
I am a successful holder of bitcoin because I have seen bitcoin go from $4k to $19k then back to $3k to $69k and then back to $16k.
Yet I am holding my coins because I know they are worth more than any of these prices.

[Peanutswar]

We know how the basic become a holder but of course, it takes an additional path with it to make sure you've got the right timing to  buy and sold your assets, having a basic understanding and knowledge regarding with the technical analysis is a must I guess because this basic fundamental gives an insight where the time to make a mark with your position, also ideal holder does have their own wallet and not just being dependent with those exchange to store their funds.

[tvplus006]

..Just buy and hold bitcoin. Perform DCA in and DCA out. With your spare cash, put it toward innovative small-cap projects. The future is privacy, in my opinion.

That's how it often happens, after selling bitcoin for good money, we rush to buy "innovative projects" with this money and as a result we lose what we earned. If you do not use margin trading, then the correct solution is to wait until the BTC price go down again and you can buy bitcoin at the lowest price.

[_BlackStar]

Whereas, USDT or BUSDT can be an recommended alternative after Bitcoin

No, stablecoin should not be my recommendation as your investment in the long term. If you want make profit in the crypto market in the long term, then you should be able to choose from several altcoin ^{[not stablecoin]} but you must make analysis first. ETH is one of the best recommendations I can think of besides bitcoin, but there are several other altcoins you could consider as well. The risks are there, and you shouldn't ignore them.

Stablecoin won't benefit you in the long term, I tend to use stablecoin as a reserve fund before finding a dip in the assets I want to invest in. That is my recommendation and practice, but certainly not financial advice for you.

[Zilon]

I will also add stay updated to recent changes in the Bitcoin protocol to know what forks happened on the Bitcoin network and how it affects how we hodl our coin. Security is the major concern for every hodler and once it gets compromised it no longer belongs to the initial owner. To be a successful hodler been security conscious and staying updated on how to be more security conscious of our private key stay top on the priority list.

[Bobrox]

Whereas, USDT or BUSDT can be an recommended alternative after Bitcoin

Stable coins increasing under 2% each years and I don't think with your recommended investing in USDT or BUSD coin, better with another altcoin after investing in Bitcoin. I think Ethereum and BNB are recommended altcoin and earn higher profit than investing with stable coins.

Better with gold or silver have higher increasing price for investing than used stable coins as investment assets for the future, comparison with USDT and BUSD values increase up above $0,15 than last two years based on local currency. I don't think good ideas more than three until four years holding BUSD or stable coins values increase up under $0.15.

[Obari]

I guess I must have said something in this topic previously and it keeps catching my eyes on every instance I see it.
I do agree with you OP on all the points you gave and  you said everything in a lame man's understanding and the clarity was top notch.
People must always have to know that privacy is a key factor in the crypto space and the safety of your coin all depends on you and what actions you take as there is this saying that " NOT YOUR KEY, NOT YOUR COIN. so always remember to keep your keys very safe and always know that cold wallet should be your mom's preferred for now.
Doing your own rest can't be over emphasized as every advice one gets is always stated as not a financial advice.

[Viscore]

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.

Also, to be the best holder you can be, you should have all the patience to hold and not to be easily pressured and ends up panicking. Even with bitcoin, though it’s always the right choice, but even if you have tons of bitcoin in your portfolio, as long as you have no patience to hold it for quite long years, you will never be a successful holder.

[CryptopreneurBrainboss]

Yes. I totally agree with what you just said mentioned above, because in as much as it's not advisable to store all your crypto assets in one wallet, another important factor will be the need to properly keeping that your 12 key phrase in a safer place, as that's the only key to accessing your funds. Whereas, USDT or BUSDT can be an recommended alternative after Bitcoin

Firstly it's BUSD and not BUSDT, secondly both stablecoin (just like majority of the stablecoin available in the market) are centralized and not to be trusted for long term holding. These stablecoin just like UST can collapse at any moment or get depegged (trade below the $1 price that it was meant to be stable at). Sometimes they recover while other times they mightn't. The most recommended way to hold your profits is in Bitcoin. With Bitcoin you are assured of your funds not going to disappear as we see with the altcoins. If you aren't comfortable holding it in the space then you can go traditional with fiats.

Don't over trust any stablecoin in the industry as without the support of the community, all of them can collapse like we have seen with previous stable-like projects. As for the tips of becoming a successful holder, my advise to anyone embarking on this is to put more focused on where you store your coins as security of your assets should be your number one priority as an investor.

[salad daging]

Yes. I totally agree with what you just said mentioned above, because in as much as it's not advisable to store all your crypto assets in one wallet, another important factor will be the need to properly keeping that your 12 key phrase in a safer place, as that's the only key to accessing your funds. Whereas, USDT or BUSDT can be an recommended alternative after Bitcoin

Firstly it's BUSD and not BUSDT, secondly both stablecoin (just like majority of the stablecoin available in the market) are centralized and not to be trusted for long term holding. These stablecoin just like UST can collapse at any moment or get depegged (trade below the $1 price that it was meant to be stable at). Sometimes they recover while other times they mightn't. The most recommended way to hold your profits is in Bitcoin. With Bitcoin you are assured of your funds not going to disappear as we see with the altcoins. If you aren't comfortable holding it in the space then you can go traditional with fiats.

Don't over trust any stablecoin in the industry as without the support of the community, all of them can collapse like we have seen with previous stable-like projects. As for the tips of becoming a successful holder, my advise to anyone embarking on this is to put more focused on where you store your coins as security of your assets should be your number one priority as an investor.

It is still doubtful to keep stablecoins even though it feels safe because it is the same as traditional fiat, but we have to look at other facts about other stablecoins that many have collapsed and cannot be reached at normal prices anymore so I always avoid this to store stablecoins with long time ago, obviously I didn't venture except bitcoin being the only hope.

Successful holders keep their assets for long term increase not with stablecoin, but bitcoin of their choice, and also don't choose altcoin for hope in the future because it won't make us successful but bitcoin can come back with ATH price because it has 4 cycles years that will be history repeating itself.

Most importantly never store assets on an exchange, choose an asset repository with either our managed security or having 12/24 word seed phrases.

[Maestro75]

Only holding is not a good idea all the time in crypto. Just think if you brought BTC in 2019 at 4k and haven't sold any in 69k then what have you missed here? You have missed more BTC in your portfolio. You could have increased 4 times of your BTC bag if you would have sold at the peak. 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.

Those who hold and do not ever sell are using a bad strategy because they remain stagnated instead of selling and increasing their quantity like you have said too. The reason they leave it that way is because they may not be able to buy back after selling, it is the same thing with those who advice for DCA. Most times those who do DCA end up regretting each time they buy. It is not easy to get the timing right. Trading cryptocurrency is not an easy thing and this is the reason why people will tell you that trading is not an easy thing.

[coupable]

There are two recommendations I would like to point out from my own experience:

Don't be afraid of losses : The trader's feelings of fear cannot be denied, and therefore there are several steps that can be taken to manage those fears. This includes not taking risks by trading what you are afraid to lose and not giving up trading in a demo account to gain more experience.
Never trade to make up for your losses : This type of trading should be completely avoided because it is the beginning of addiction and makes it difficult to make the right decisions. You must accept the loss and look for guaranteed opportunities instead of venturing into ill-conceived deals under the pretext of compensating for the loss. Small guaranteed deals are better than one big and risky deal.

One of the trading mistakes is also ignoring the psychological aspect that plays a major role in trading. Greed and fear are two of the most common psychological emotions that can affect your trading.

[1miau]

In general I agree to your suggestions, many of them are indeed very useful for being a successful Hodler.
Bitcointalk members have also provided additional input here, so I see all most important points are mentioned already.

But I have to disagree here:

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

In my opinion, diversification isn't helpful to be a good Hodler. Or at least, diversification isn't helpful if you are a Bitcoin Hodler.
If you are only going to invest into Altcoins, diversification might be a good decision - while only investing in Altcoins seems to be very risky in my opinion. Bitcoin is king. 
Because overally, allocating the most % of your portfolio to Bitcoin is much better than a widespread diversification.

I have also written an article here about diversification, it might be an interesting read for you: Is diversification into different coins really a good advice for Newbies?