Every other thing with Bitcoin accumulation comes after a good source of income, if you are not financially stable, your Bitcoin accumulation will not be that effective, you will be sluggish about it because you are to also survive financially while buying Bitcoin, the best advice I can share with people is to find a good source of income first, how and when you will start buying Bitcoin comes after.
Some people get tired of accumulation after a while, maybe because it looks like the bull market isn't coming soon, a close friend is presently behaving in such a manner right now and I am the only one cheering him up to be strong, it seems most people are like this, they get tired along the way too quick.
Most likely they need to adjust their position size - or at least maybe the amount that they are putting into bitcoin.. because maybe they put in too much in the beginning.. and sure they could also be in the negative if they front loaded at higher prices and then even if they continue to buy, they are not able to bring down their average cost per BTC below their current average cost per BTC.
Well said JJG,
I would never recommend a beginner to invest much at his initial level, reason being that, at that level the investor might not have the ability to make decisions using his knowledge rather than emotions, at least the person should apply DCA with smaller amount before graduating gradually to accumulate with higher figures. I will also recommend knowledge before diving into holding, and knowledge without application is as good as waisted efforts because, there is no need for learning at the first place if you'll discard all that you've learnt when the time for applying them arrives, it's wise to ask experienced persons questions, so you'll learn from practical individuals rather than reading too many articles that has misleading solutions to your question.
I think that we are saying these kinds of things differently Makus because almost always, I recommend to almost everyone to get into bitcoin as soon as possible and don't delay and to establish some kind of a stake in bitcoin, and I don't recommend that people try to find any kind of a great entry point or that they wait and study the bitcoin matter. From my point of view, they can study once they are already in, and surely bitcoin can be somewhat complicated, but there are still ways to start right away and get price exposure, but don't get so much price exposure that you are either gambling and/or not prepared fo rthe price to move in either direction, including potentially correcting 70% to 90% after the purchase. Another thing that I say is that I am not responsible for whatever people choose to do. They can do what they want, and an overwhelming majority of the time people fail/refuse to act, and if I had known them for a long time, they might remember that they should have had listened to me many years earlier, but I still tend to repeat the same thing.. "get the fuck started." and if you are unsure about it, then just take a smaller position size, build your position size and/or learn about bitcoin since it is such a great thing to know about - including that if they have some level of price exposure, then they are going to be more likely to pay closer attention and perhaps to learn better, as compared with someone who does not have any bitcoin exposure.
Regarding a specific situation in which a person is regretting that s/he bought too much at an earlier time, then they might well have to consider what to do and if they are going to keep buying, stop buying or sell, and surely I hardly ever recommend to sell unless it is some kind of an emergency, then there are selling strategies too, in order to lessen some of the BTC price exposure, but most people do not have the problem of having too many bitcoin, an overwhelming majority of people have the problem (maybe even in the ballpark of 99% of the world's population) of not having enough bitcoin.... so if the overwhelming majority of folks have a problem that they do not have enough bitcoin, then most of the time selling is not a good solution, unless it is just to deal with some kind of a short term situation that they might have put themselves into if they had bought too many BTC in accordance to their own budget and to have not been prepared for BTC prices to either go down or sideways more than they expected, and perhaps for longer than they expected.
Honestly, it's best to prepare yourself for the bear market before it even get started, make your money in the bull market and wait for the bear market, divide your money into three for three long years of possible bear market, and use those funds to DCA monthly as we gradually go through the bear season, things don't just get easy, you prepare for it.
Sometimes people conclude that they prepare for the bear season by selling, and sure, I am not really opposed for selling on the way up, but it can be a bit problematic to be selling on the way down. And, another thing with selling is that frequently there are needs NOT to sell too much too soon.--- especially if you consider yourself to be in BTC accumulation phase, and maybe you don't really have a lot of bitcoin, so it would not even make a whole hell of a lot of sense to sell much of your BTC, especially if you are really early in your BTC accumulation phase.. .and only you (or each one of us) can determine much BTC that we believe that we need based on where we are at in life and other personal circumstances.
I saw a month ago where a bitcoiner was advising other not to sell their coins the way he did.
Yep.. I largely agree with the sentiment of the story in terms of describing that selling the BTC was the mistake, and generally people are likely going to figure out ways to manage their budgets, especially if they start to feel that they have a lot of value building up in bitcoin, and so selling is not necessarily a problem if you have figured out a kind of longer term plan, and surely the guy in the story had little to no plan to even be in a position to sell 95% of his bitcoin, instead maybe selling 5-20% might be more practical, but really if the guy is not in some kind of a BTC surplus situation, it makes little sense to sell very many bitcoin at all unless it is spend and replace and also figuring out how many BTC that he might need in a longer overview kind of a time horizon, which is not easy to do with bitcoin based on how great its volatility tends to be and is likely going to continue to be.
But still it will not affect performance fatally enough if they continue to buy to be able to balance a structure in better planning in the years to come.
I have seen cases where by people buy so much coin and within a short period, they came back selling them, not because they've achieved their goal but because they applied the wrong strategy at the wrong time. I am not a fan of accumulating with lump sum as it can easily tamper with your emotions, especially when you are a beginner.
Lump sum would usually be a kind of advanced strategy for a person who already has a pretty diversified investment portfolio, other kinds of employment of lump sum are better to be supplemented by DCA and buying on dip... but hey, people can do what they like, including getting their lil selfies reckt because they invest too much at into BTC at once and they do not sufficiently/adequately prepare for BTC prices to move against them.
