Rules to follow with bitcoin to live a happy life.

[Plaguedeath]

Don't forget to stay away against all of shitcoins including to get those coins e.g. airdrop, bounties, etc because they will ask you to follow their rules and it's carry a risk that can compromised your coins e.g. submit KYC, installing their application, click random link etc.

In short, just hold your coins on hardware wallet, focus to make more money in your real life jobs, learn about security and privacy matter.

[mvdheuvel1983]

Many people/I come to crypto for making so much money, But I am in loss now, I want to share some rules and mistake that beginner or most of the people make that is harmful for there mental and physical health.

3. never take leverage more than you can afford to hold for a night and sleep with no worry.

The psychological stress that comes as a result of being overleveraged cannot be compared with anything in this world. It is so draining emotionally. You can't eat, you can't sleep, every second your heart is racing and can even lead the individual to make rash decisions that could result in a significant loss of assets. Imagine still being required to pay a loan you requested when the market crashes. How do you repay? You request for a loan from someone else to repay the current loan. This is too much for anyone to handle.

[josephsonand]

Swing trading is like a rollercoaster ride, sometimes it's fun, sometimes it makes you sick. But hey, at least you get to ride the ride.

[jrrsparkles]

The simplified version is just HODL no matter what, so you don't lose the value cause you still hold x amount of Bitcoin which swings in terms of fiat value but in sats the amount will be same so as an investor you're not in a loss unless you sell for lower price than you bought.

Trading is good but it's not really needed for everyone so being investor is different from investor.

[imamusma]

I don't know though, it seems that sometimes we make things complicated with our bitcoin investment. So this rule is so rigid to follow in my opinion. For me just continue to accumulate as much as you can long term, keep it in a secure place and sell it at the right time, in the bull run to make huge profits.

I don't like to muddle and make it hard for me to understand what bitcoin investment is, just saying.

Maybe if a newbie saw a lot of rules or what not, they might believed that bitcoin investment is very hard.

Sometimes your assumptions are correct in some cases, but it really depends on each investor's plans and budget.
I can say that sometimes some people know how to put good security on their assets and they know the tricks, but they don't have that many assets to get that high of security. It doesn't make sense to me because just storing it in an open source online wallet is safe enough with simple security method like Electrum.

I think it's still fine and safe to keep $100 worth of bitcoins in Electrum or perhaps another open source wallet, but if it's larger investment like $10k or more then it's appropriate to suggest they store it in a hardware wallet. I agree that hardware wallet provides better level of security, but its use as storage wallet only has to be adjusted according to each individual's budget and investment plan.

[Sayeds56]

Have something for holding and separate the funds for trading ok? that must be on the list and you must literally learn from that.
sharing the funds for trading and holding will be serve you mistake in decisioning , we must understand that in crypto? nothing is certain but speculation , that is what we need to take and only invest the funds whos in not so important needs.

It is a good idea to divide portfolio in two parts, one for long term and other one for trading purpose. Bitcoin is the best asset to hold in long term portfolio and 2nd best is Ethereum which has very strong use case. In order to generate profit in trading & increase worth of portfolio, learning technical skills is important to take right buying and selling decisions at the right time. Additionally, good knowledge of risk/money management is equally important to prevent major trading losses.

[cafter]

Have something for holding and separate the funds for trading ok? that must be on the list and you must literally learn from that.
sharing the funds for trading and holding will be serve you mistake in decisioning , we must understand that in crypto? nothing is certain but speculation , that is what we need to take and only invest the funds whos in not so important needs.

It is a good idea to divide portfolio in two parts, one for long term and other one for trading purpose. Bitcoin is the best asset to hold in long term portfolio and 2nd best is Ethereum which has very strong use case. In order to generate profit in trading & increase worth of portfolio, learning technical skills is important to take right buying and selling decisions at the right time. Additionally, good knowledge of risk/money management is equally important to prevent major trading losses.

yes, if your prediction is wrong in most of the time then this skills, like you told ^ are save you from loses,
and most of the time market does opposite or you are wrong about that speculation then bankroll management is important (like in gambling)

[Aanuoluwatofunmi]

1. Keep most of your holding in BTC

And after this had been done, also ensure that you are having tour bitcoin in your wallet and not with centralized exchanges, this gives you control over it, you can have it on an open source cold storage, this is also very important in making sure you don't risk loosing your entire asset to the hands of excha.

2. Swing trade is good

I believe this is only good for you, it may not be for others, therefore consider the best trading pattern for yourself when starting, this could be day trading, swing, position or any other one, we should work by what is good for us and not for others, because at the end, it's your money that is involved and at stake.

[cafter]

1. Keep most of your holding in BTC

And after this had been done, also ensure that you are having tour bitcoin in your wallet and not with centralized exchanges, this gives you control over it, you can have it on an open source cold digital wallet or cold wallet, this is also very important in making sure you don't risk loosing your entire asset to the hands of exchanges.

2. Swing trade is good

I believe this is only good for you, it may not be for others, therefore consider the best trading pattern for yourself when starting, this could be day trading, swing, position or any other one, we should work by what is good for us and not for others, because at the end, it's your money that is involved and at stake.

just solved some mistakes

[Faisal2202]

Many people/I come to crypto for making so much money, But I am in loss now, I want to share some rules and mistake that beginner or most of the people make that is harmful for there mental and physical health.

your points are so generic but still most of the time people ignore them and lost there money like a community member in of our local board forgot to save his key phrases in which he had like maybe few hundred dollars but after making few attempts he found a useful way to get that assets back by using some parent and child relations of wallets. Point is no wonder how experienced you are, mistakes are prominent.

You mostly focused on saying that we should do only that which involve less tension and attention i think crypto is full of both. Like without tension you will give no attention to market. These are ignorable when you are hodling BTC for like decades but if you are hodling them for shorter period of time like even for 1 year of 2 years then observing market is advisable because in this way you will be familiar with the market trends and sentiments. but avoid to fall into market sentiments traps while observing them.

investing isn't all investing if you don't have any spare cash for emergencies or for savings.

You are totally right, money is not to just store but to get used, a few days back I read a topic where OP says, he locked his savings of BTC so that in future emergencies he could not use them, in my point of view that was not a good idea. But he also mentioned that he will tend to use his savings from other sources.

[bettercrypto]

Not bad for putting effort into the matter you made this topic. It is always said to other communities that, if anyone enters the crypto industry, he should know for himself whether he is a long-term or short-term investor?

     Because if you know where you are categorized, for sure the direction of what you will do in the future is good at least as long as the coins you choose are right except for Bitcoin which is really proven and tested in the long-term.

[Oasisman]

Rules to follow with bitcoin to live a happy life.

That's just too many rules lol. Let's just cut it into two simple rules.
1. Hodl till the most desirable target acheived.
2. Constantly buy while you're hodling.
This way you'll get away from the stressful market swings. Just sit back and relax wait for a few years and you'll most probably going to have the best retirement funds.
This will for everyone though. Well, not for the impatient ones lol.

[alastantiger]

All the rules listed in this thread are all nice and right.
Living a happy life with bitcoin is simple to those who understand the pattern of bitcoin investment.
Holding in bitcoin gives you a relaxed mind while dealing with bitcoin. Not just investing and holding, u must have another source that generates income for you while you hold your bitcoin for a longer time.
Most people don't do research or ask questions about bitcoin investment. With the above listed rules, i believe most of us will learn and also teach others.

[Accardo]

Not just investing and holding, u must have another source that generates income for you while you hold your bitcoin for a longer time.

You got it right, that's another angle of successfully holding bitcoin, which alot of people dont practice. It helps hodling Bitcoin and also improves profits for investors and traders. Taking few bucks out of your BTC wallet to solve financial disputes affects the profits rate of the trader, because the market could get bullish the next day. Also, its a sure guarantee for losses. I've read the article Op posted in the past and those are valid instructions for intending holders who wish to perform well in the market. Hence, everyone knows what works best for them, it's a personal experience. The method we see on blogs are generalized.

[Flexystar]

Um, that's a pretty good article but let us not put any rules on Bitcoin space because it is itself an entire universe in which you can learn, adapt and exchange many things over time. Blockchain is the mother of all, bitcoin is a child roaming on the highway of the same. To be happy in your life bitcoin won't do much except give you profits and losses pretty much the same as any other asset/currency would do in the long run.

If you want to be happy with the bitcoin then simply hold one and ride the roller coster with it. There gonna be ups and downs as we pass the bitcoin journey in our lives. You can't control it, you can't change anything in it (technically).

Just save up some money in bitcoin now and then, hold "your own keys" and that's enough to ask for happy life in the future.

[StarKay]

I totally agree with your number one rule but I don't fully understand why you added swing trade is good to your rules. To me swing trade seems like gambling, you can either gain or lose. One major rule should be to invest in Bitcoin, keep a part of your savings in BTC regularly and secure it properly. Do not worry about the price because in the long term BTC is always bullish.

[Fivestar4everMVP]

Have something for holding and separate the funds for trading ok? that must be on the list and you must literally learn from that.
sharing the funds for trading and holding will be serve you mistake in decisioning , we must understand that in crypto? nothing is certain but speculation , that is what we need to take and only invest the funds whos in not so important needs.

I don't think you need a list for investing on cryptocurrency, because you will only invest in some selected coins. Though it is only preferable that you invest only on bitcoin.
I agree on that part that only invest the funds you can afford to lose.

Investing only funds one can afford to lose, has been a tip/advice that I think is older than bitcoin itself, anyone who has invested on any platform, even outside bitcoin should know this rule already.

And again, sorry to say, but investing only in bitcoin is not wise, it is absolutely more wiser if one diversify their crypto portfolio, it iis alright to have the bigger potion of your portfolio centered in bitcoin, but also see that you invest in other coins too, cus even during a bull run, there are coins that will put perform bitcoin.

[sunsilk]

I totally agree with your number one rule but I don't fully understand why you added swing trade is good to your rules. To me swing trade seems like gambling, you can either gain or lose. One major rule should be to invest in Bitcoin, keep a part of your savings in BTC regularly and secure it properly. Do not worry about the price because in the long term BTC is always bullish.

Maybe he just likes to swing trade. Not everyone do like to trade at all, that's why many of us will just choose to buy and HODL for a long time and that's all set.

If we don't want to take the risk of swing trading, we can just simply be happy what we've chosen and that's to just HODl. And keep everything go according to what the market is showing and that's to be patient.

Other factors depend on how you're making your life satisfied.

[cafter]

I totally agree with your number one rule but I don't fully understand why you added swing trade is good to your rules. To me swing trade seems like gambling, you can either gain or lose. One major rule should be to invest in Bitcoin, keep a part of your savings in BTC regularly and secure it properly. Do not worry about the price because in the long term BTC is always bullish.

swing trade means holding your trade for about a week or month, and intraday or day trading is like quick trades like holding 30minutes or so, when we trade intra day we need to take quick decision which will result in our psychology and discipline, we will take trade in revenge mode, so in swing trade we can take trade by focus we have time to decide when to enter a trade,

swing trade is also good and bad it's everyone's own choice, but i added that point because it is good in ^ a way

[Sayeds56]

swing trade is also good and bad it's everyone's own choice, but i added that point because it is good in ^ a way

Swing trading can be profitable strategy for those with good technical skills/understand chart patterns and have ability to capture short term profit opportunities,
either by taking long or short position. Unlike day traders they hold their position for few days or weeks until they can close their position in profit. However, this strategy is also associated with risk, particularly when you do margin or future trading. It is always better to use risk management tools to avoid sudden and unexpected losses. Using risk management is always important to mitigate potential losses and increase chances of success.