HODL is purely a mental challenge

[JayJuanGee]

I personally believe that putting good systems in place helps mentality, even if things might not go in your preferred direction, if you have good systems in place, including being both financially and mentally prepared for either price direction, and you are able to act upon movements in either direction, then your ongoing actions in light of anything that happens are likely going to contribute towards your being (and feeling) mentally stronger.

A good plan or as you would put it "a good system" is the only way that one can get his holdings secure and avoid certain drama's and distraction that might lead to tempering with his holding, although such drama's are inevitable in life so only a good system can help you evade or adjust so that much effect won't be on your side. But I would also like to point out that setting a good system isn't just going to cut it as one would still need a certain amount of discipline to actually execute or make this system active because I believe most people lack discipline in sticking to the actual plan and that's the main reason for many Bitcoin investor actually not holding till the end but a good system helps limit the amount of self discipline because a good plan and a keen mind is what is needed as a Bitcoin holder.

It may largely be a semantical difference since I think that I consider one of the differences between having a plan and a system, is that the idea of a system implies the existence of a plan that might get tweaked from time to time under certain criteria, and it also implies ongoing putting the plan into action and trying to learn from mistakes.

I have no problem with the acceptance that aspects of a plan might have some rigid and structured areas, and then other aspects will have more flexibility and there may well be acknowledgements that the system might not be perfect but it is fitting for the current circumstances, and maybe even when it is changed, it is ONLY tweaked here and there.. but there might be stages in which more major changes might be justified.  

In my attempts to follow my own systems, I frequently will find myself making the larger of adjustments after large price moves have occurred, and so sometimes that might be the implementation of a kind of bigger change, and then letting it run for a month or two and then revisiting whether that BIGGER change is working very well.  

Maybe an example might be helpful, here.  

In early 2022, I had buy orders down to about $21k-ish, and then in around May 2022, the BTC price broke quickly below the 100-week moving average from $37k-ish down to right around $30k-ish, and I realized that if all of my buy orders filled down to the lower $20ks, I would not have any cash left.  So I made adjustments to them, and then when the BTC price broke down in to the lower $20ks I made further adjustments, and I ended up making several adjustments during that time to ultimately get my buy orders to go down to $13k-ish, and part of the idea was that it was not expected for the BTC price to break down below the 200-week moving average so quickly (which was then right below $22k), and once it did several adjustments had to be made to continue to buy and not to panic, and surely there were some folks who sold during that time and some of them were able to buy back in and some of them were waiting for $10k to $12k or even below $10k that did not end up happening.. So we cannot necessarily determine how each person is going to deal with the situation and whether one thing is better than another, and so I did not really start to feel good about my having had made it through the whole thing until the BTC price got back above the 200-week moving average in early 2023, but then there still was some uncertainties about whether the $15,479 bottom was in or not.. so there still would be quite a bit of guardedness, and some ways of dealing with these kinds of times worked better for some folks than others including their finances and/or their psychology..

and surely my assertion is that if you have good financial systems in place psychology will follow and usually I do not worry too much about BTC prices because I have orders set up to buy if the price goes down and to sell if it goes up, but there were a few days in June 2022 or so that I had to cancel my other social engagements until I figured out how I was going to deal with the BTC price continuing to drop, including that it had gotten down to around mid $17ks at that time, and it was not clear whether the dips were going to stop or not.

[1714651950]

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[ndutndut]

I completely agree that the real challenge of Hodl is the mentality of the holder himself. Even for those who invest in bitcoin for the first time, many of them fail in this mentality challenge. Because beginners' thinking will usually be like this "Sell when they get a small profit, and hope to buy back when the decline occurs again at a deeper price, but then they panic because the price continues to rise and finally they have FOMO and buy back at a higher price "
This has become a common story that is often encountered by beginners who are learning to invest in crypto and Bitcoin. After repeating the same mistake several times. Only then do they realize and learn from experience and become stronger holders.

This often happens, beginners will definitely make some mistakes so that their mentality will form itself from the mistakes they make.

Indeed, Hodl must have a strong mentality, but without previous mistakes and experiences, our mentality will not be fully formed.
In the end they have this mindset.
People with a strong mentality: "bitcoin = Place to Store Treasure"
For people with a weak mentality: "bitcoin = Trading"

Because they will think that if bitcoin is past one year old, it will most likely not die, even though we are still in the early stages.

[1miau]

I have translated one more post in my local language Urdu. And simplified much which can be understand easily. I read word by word and used simple Urdu words which can be understood easily. It takes much time. But it must be shared because these are some basic information which everyone should keep in mind.
Here is my post link:
هوڈل واقع ہی ایک ذہنی چیلنج ہے

Hello Publictalk792 

Your translation got checked now and it's approved.
I've added it to my list as well:

Language	translated by	Title
___________________________	_____________________	_______________________________________________________________________
Pakistan	Publictalk792	HODL is purely a mental challenge

Maybe you could change the headline and translate it to "HODL is purely a mental challenge" in your native language (headline is still "Pakistan")
Many thanks for providing a translation as well. 

[Publictalk792]

Maybe you could change the headline and translate it to "HODL is purely a mental challenge" in your native language (headline is still "Pakistan")
Many thanks for providing a translation as well. 

I am really sorry for that. This was my first time so little mistakes can be done by me. And I know I will learn from my mistakes I have changed the Headline too. Again sorry for that I will try to my best to not make these kind of mistakes again. Now I have changed it according to the topic. Here you can take a look again.
هوڈل واقع ہی ایک ذہنی چیلنج ہے

 And thankyou for your compliments.

[Richbased]

It takes a lot of courage to hodl in the face of Bitcoin price going up and down and I won't blame those who cave in when things get hard because as the Op clearly stated, there's just so much the mind can take, but I feel it's more blessed and rewarding to hodl than to sell . The expectations most bitcoiners have of the event of the Bitcoin halving is to me enough reason to continue hodling.

The prices of Bitcoin and other cryptocurrencies are very volatile but the best approach to raking in more profits is when you don't panic and sell just because you feel the market is crashing. To me panic sell defeats the purpose of hodling.

Sure it really not easy to Hodl due to the market fluctuations but however, a good trader needs to be very hopeful that the future holds more goodies than now so it is advisable not to be afraid of the uncertainty of the future of Bitcoin because so far as cryptocurrencies are concerned, bitcoin being a more volatile asset will continue to conquer and dominate the activities of all other cryptocurrencies.

[Essential10]

If you invest in Bitcoin today, you must prioritize it for the future. If you save money one day that money will save you. You can save that money in Bitcoin only when you can HOLD it. Many first-time Bitcoin investors are attracted to the potential for quick profits and balk at the traditional psychological challenge of holding onto their investments for the long term. One of the biggest challenges for an investor is to avoid making hasty decisions when prices are low or falling. If you want to multiply your money then definitely HOLD Bitcoin long term.

[Taskford]

It takes a lot of courage to hodl in the face of Bitcoin price going up and down and I won't blame those who cave in when things get hard because as the Op clearly stated, there's just so much the mind can take, but I feel it's more blessed and rewarding to hodl than to sell . The expectations most bitcoiners have of the event of the Bitcoin halving is to me enough reason to continue hodling.

The prices of Bitcoin and other cryptocurrencies are very volatile but the best approach to raking in more profits is when you don't panic and sell just because you feel the market is crashing. To me panic sell defeats the purpose of hodling.

Sure it really not easy to Hodl due to the market fluctuations but however, a good trader needs to be very hopeful that the future holds more goodies than now so it is advisable not to be afraid of the uncertainty of the future of Bitcoin because so far as cryptocurrencies are concerned, bitcoin being a more volatile asset will continue to conquer and dominate the activities of all other cryptocurrencies.

Being hopeful is not enough for a trader since if they don't bring any good knowledge and experience regarding on what decision they want to do for sure all will fail since those trader can mentally caught up by some challenges they faced and might get affect for some condition that they didn't yet experience then dump their bought coins.

Bitcoin is really a volatile asset that's the reason why its important for us to know the risk and do some research regarding its past and possible future trajectory since for that for sure that if we plan to hodl for sure we can make it then we can surpass those trials like bear market which is actually a huge threat for a persons decision to continue to hodl.

There's huge future about it if people could just have long patience enough and have strong belief about good thing to happen in future.

[boyptc]

Now that there will be ETF and the financial institutions are already in. This is going to make anyone wanting to hold more of their Bitcoins. While it's totally precious before and there have been folks that keep them reminded not to sell just because it's going down.

The thing here is going to make everyone notice of how much more its importance and significance on the upcoming years.

One has to decide for so many times before the final decision of selling some or even entirely.

[RockBell]

If you invest in Bitcoin today, you must prioritize it for the future. If you save money one day that money will save you. You can save that money in Bitcoin only when you can HOLD it. Many first-time Bitcoin investors are attracted to the potential for quick profits and balk at the traditional psychological challenge of holding onto their investments for the long term. One of the biggest challenges for an investor is to avoid making hasty decisions when prices are low or falling. If you want to multiply your money then definitely HOLD Bitcoin long term.

Yeah saving it in bitcoin will be much better because if you look at it, if not for inflation that will affect the usefulness of your money, you won't enjoy spending that money, and its better to invest the money were you will expect some profit in return than just allowing the money to stay dormant in that account, because when you come to use it it won't have much value tha. When you invest it. And since people have encouraged people to hold a lot of investors have decided to hold for a long time which is best because any hasty decision can liquidate anyone so we just have to be very careful when we make decisions. Holding is beyond words it comes with a lot of dedication. Because a lot have been shouting hold and now they have sold everything. Anyone wanting to do bitcoin should be disciplined and make sure they have another source of income. It is very true that it is a mental challenge because you might not even need money but you might just want to sell.

[Davidvictorson]

If you invest in Bitcoin today, you must prioritize it for the future. If you save money one day that money will save you. You can save that money in Bitcoin only when you can HOLD it. Many first-time Bitcoin investors are attracted to the potential for quick profits and balk at the traditional psychological challenge of holding onto their investments for the long term. One of the biggest challenges for an investor is to avoid making hasty decisions when prices are low or falling. If you want to multiply your money then definitely HOLD Bitcoin long term.

I have been trying to build this idea that as a bitcoiner, you should have a wallet for holding and the wallet for transactions where a merchant accept bitcoin as a payment option. There is a strong thing here which is that, you do not have to worry whether you should spend what you hold in a case of urgency. Having a "spending" wallet solves this. It works like an emergency fund unit.

[JayJuanGee]

If you invest in Bitcoin today, you must prioritize it for the future. If you save money one day that money will save you. You can save that money in Bitcoin only when you can HOLD it. Many first-time Bitcoin investors are attracted to the potential for quick profits and balk at the traditional psychological challenge of holding onto their investments for the long term. One of the biggest challenges for an investor is to avoid making hasty decisions when prices are low or falling. If you want to multiply your money then definitely HOLD Bitcoin long term.

I have been trying to build this idea that as a bitcoiner, you should have a wallet for holding and the wallet for transactions where a merchant accept bitcoin as a payment option. There is a strong thing here which is that, you do not have to worry whether you should spend what you hold in a case of urgency. Having a "spending" wallet solves this. It works like an emergency fund unit.

Even though it can be a bit more complicated to try to keep track of funds, you should try to figure out various kinds of systems in which you keep track of your funds, so part of your funds might be in categories that you do not spend very frequently, and you largely hold (like you mentioned), and other categories of your funds might be used for certain kinds of purposes, and maybe even many folks have discussed ways in which you might keep your KYC coins separate from your non-kyc coins.. but also there could be some issues regarding who you might be transacting with and that they might be able to see your prior transactions or at least the source of the instant transaction, so at least if you have some smaller wallet sizes for regular transacting, then it becomes a bit ambiguous whether 1-2 or several hops back if those might still be your coins or not.

It is surely also the case that if you have some of your coins a bit more difficult to access then you might not be easily able to access them in case you are tempted to sell at a time in which you should be HODLing.. or maybe you get confronted by someone who wants to take your coins, and if they figured out that you have the coins, then it could also be a question of how much work it might be in order to extract the coins from you. .and do they really want to go through that much effort.. which may partly depend on the quantity of the coins, but also might depend on how bad of a guy (how evil or greedy or feeling entitled to remove you from your property) he (or she) might happen to be.

[Justbillywitt]

If you invest in Bitcoin today, you must prioritize it for the future. If you save money one day that money will save you. You can save that money in Bitcoin only when you can HOLD it. Many first-time Bitcoin investors are attracted to the potential for quick profits and balk at the traditional psychological challenge of holding onto their investments for the long term. One of the biggest challenges for an investor is to avoid making hasty decisions when prices are low or falling. If you want to multiply your money then definitely HOLD Bitcoin long term.

I have been trying to build this idea that as a bitcoiner, you should have a wallet for holding and the wallet for transactions where a merchant accept bitcoin as a payment option. There is a strong thing here which is that, you do not have to worry whether you should spend what you hold in a case of urgency. Having a "spending" wallet solves this. It works like an emergency fund unit.

Having a spending wallet and a holding wallet is a good idea but without decipline and a strong financial back up one might still end up spending from both wallets as long as you are the one in control of the wallet phrase.

[Wakate]

If you invest in Bitcoin today, you must prioritize it for the future. If you save money one day that money will save you. You can save that money in Bitcoin only when you can HOLD it. Many first-time Bitcoin investors are attracted to the potential for quick profits and balk at the traditional psychological challenge of holding onto their investments for the long term. One of the biggest challenges for an investor is to avoid making hasty decisions when prices are low or falling. If you want to multiply your money then definitely HOLD Bitcoin long term.

I have been trying to build this idea that as a bitcoiner, you should have a wallet for holding and the wallet for transactions where a merchant accept bitcoin as a payment option. There is a strong thing here which is that, you do not have to worry whether you should spend what you hold in a case of urgency. Having a "spending" wallet solves this. It works like an emergency fund unit.

Having a spending wallet and a holding wallet is a good idea but without decipline and a strong financial back up one might still end up spending from both wallets as long as you are the one in control of the wallet phrase.

Discipline is one of the most important thing that would really help us as holders and investors. Someone that is not discipline would always miss tracks and end up doing what they never intended to do. Having two separate wallet for spending and holding is good and things alone can help to be conscious about the way we spend our funds especially on unreasonable things. At least we can keep a separate wallet that would be motivating us to save for the future or when things are not okay for us. The idea of having separate wallet could be achieved if we are disciplined and focused.

[Sarah Azhari]

Now that there will be ETF and the financial institutions are already in. This is going to make anyone wanting to hold more of their Bitcoins.

Besides that, the higher fee (even if we don't like it), indirectly makes people reluctant to make transactions from their own wallet to exchange, this situation indirectly makes them Hold their BTC. I'm experiencing it right now, yesterday I just needed money (fiat) for the New Year event, but when I looked at the network fee, I just gave up that intention, and replan to create a simple event at home. This situation makes me think to just saving my BTC until peak, I just rethink collecting as much as I can. This unexpected situation may be good for a person who is very calculating in managing his finances.

[avp2306]

If you invest in Bitcoin today, you must prioritize it for the future. If you save money one day that money will save you. You can save that money in Bitcoin only when you can HOLD it. Many first-time Bitcoin investors are attracted to the potential for quick profits and balk at the traditional psychological challenge of holding onto their investments for the long term. One of the biggest challenges for an investor is to avoid making hasty decisions when prices are low or falling. If you want to multiply your money then definitely HOLD Bitcoin long term.

I have been trying to build this idea that as a bitcoiner, you should have a wallet for holding and the wallet for transactions where a merchant accept bitcoin as a payment option. There is a strong thing here which is that, you do not have to worry whether you should spend what you hold in a case of urgency. Having a "spending" wallet solves this. It works like an emergency fund unit.

Having a spending wallet and a holding wallet is a good idea but without decipline and a strong financial back up one might still end up spending from both wallets as long as you are the one in control of the wallet phrase.

Having that will be a great decision to do since you cannot think more nicely especially taking good decision if you only have one wallet available that's the reason that its important for us to have an alternative secured wallet intended for hodling purposes so that we could just deposit the amount we want to save then leave those balance we want to use for investment or other things we need.

That's why to many people fail to hodl and they are just good by words since they usually don't have something like this and have plan to hodl since they are just riding up on the discussion about hodling so that they can feel that they belong and not left behind for any discussions like this. For sure we can enjoy our daily activity on investment and will not think about touching our balance separated on other wallet since we could think about that is for future use.

[Ruttoshi]

If you invest in Bitcoin today, you must prioritize it for the future. If you save money one day that money will save you. You can save that money in Bitcoin only when you can HOLD it. Many first-time Bitcoin investors are attracted to the potential for quick profits and balk at the traditional psychological challenge of holding onto their investments for the long term. One of the biggest challenges for an investor is to avoid making hasty decisions when prices are low or falling. If you want to multiply your money then definitely HOLD Bitcoin long term.

I have been trying to build this idea that as a bitcoiner, you should have a wallet for holding and the wallet for transactions where a merchant accept bitcoin as a payment option. There is a strong thing here which is that, you do not have to worry whether you should spend what you hold in a case of urgency. Having a "spending" wallet solves this. It works like an emergency fund unit.

Having a spending wallet and a holding wallet is a good idea but without decipline and a strong financial back up one might still end up spending from both wallets as long as you are the one in control of the wallet phrase.

Having that will be a great decision to do since you cannot think more nicely especially taking good decision if you only have one wallet available that's the reason that its important for us to have an alternative secured wallet intended for hodling purposes so that we could just deposit the amount we want to save then leave those balance we want to use for investment or other things we need.

That's why to many people fail to hodl and they are just good by words since they usually don't have something like this and have plan to hodl since they are just riding up on the discussion about hodling so that they can feel that they belong and not left behind for any discussions like this. For sure we can enjoy our daily activity on investment and will not think about touching our balance separated on other wallet since we could think about that is for future use.

That is for business people who accepts bitcoin as an alternative payment method. For pleb that are only into bitcoin investment, hodli can be possible when they have good financial management. They have made preparation of their emergency funds and also have funds in reserve that can take care of their monthly expenses, so that no matter what challenge that they are faced with, they will not touch the bitcoin that they are hodli. It needs self discipline, commitment, patience,and sacrifice to achieve this.

This is why you should only use the amount of money that you can afford to lose to invest so that you can always DCA regularly with that amount and build up your investment in a long term. You must have a source of income or multiple source of income to be a successful holder.

[Fuso.hp]

Holding one's own investments for a long period of time is quite a mental challenge for an investor. Not all investors can take this mental challenge and those who can take this mental challenge may hold their investments for a long time. Every investor faces challenges in holding investments for long periods of time. Due to the volatility of the market many times the amount of investment falls drastically and it frustrates an investor and at that time the investor mistakenly decides to sell his investment. On the other hand, due to some positive changes in the market, if there is some profit in the investment, the investor thinks of selling his investment at that time. Investors who can take on these challenges of not selling their investments in bad times and holding onto their investments when there are gains can ultimately hold their investments.

[Taskford]

Holding one's own investments for a long period of time is quite a mental challenge for an investor. Not all investors can take this mental challenge and those who can take this mental challenge may hold their investments for a long time. Every investor faces challenges in holding investments for long periods of time. Due to the volatility of the market many times the amount of investment falls drastically and it frustrates an investor and at that time the investor mistakenly decides to sell his investment. On the other hand, due to some positive changes in the market, if there is some profit in the investment, the investor thinks of selling his investment at that time. Investors who can take on these challenges of not selling their investments in bad times and holding onto their investments when there are gains can ultimately hold their investments.

Its really a huge mental challenge since imagine how many bearish condition we could experience that provably scare us and also many negative news that can change our stand towards continue to hodl  for sure a lot of people cannot last long for having those issues. But for people who experience enough the worse and good things happened on the market for sure they can ignore those negative conditions since they are tough and their decision cannot be change by any other circumstances. Volatility can really frustrate people that's why before going into this things much really better for a person that they should equip first with the knowledge since everything in crypto is really stressful especially if they don't know how to handle their investment and their decision making towards on current happening so their stand towards holding will not be changed.

[FinePoine0]

Holding one's own investments for a long period of time is quite a mental challenge for an investor. Not all investors can take this mental challenge and those who can take this mental challenge may hold their investments for a long time. Every investor faces challenges in holding investments for long periods of time. Due to the volatility of the market many times the amount of investment falls drastically and it frustrates an investor and at that time the investor mistakenly decides to sell his investment. On the other hand, due to some positive changes in the market, if there is some profit in the investment, the investor thinks of selling his investment at that time. Investors who can take on these challenges of not selling their investments in bad times and holding onto their investments when there are gains can ultimately hold their investments.

Investing is really challenging, because if a person invests his wealth in bitcoins and those wealths often come down due to bitcoin market downturns. A normal person would definitely be in a stock position, only those who have invested in Bitcoin for a long time are ready enough to make a long-term investment. But I have also prepared to invest several times, and I am mentally very much prepared at present.

[freedomno1]

Motivates the HODL, since I came back and got a reality check
The ETF is exciting but were not even at the top 100 days of Bitcoin yet until we pass 55,375 USD still got time to accumulate
 100  2021-04-21  55,375