Self control cannot be neglected as an early investor

[Troytech]

I just started DCAING into bitcoin some months ago with the purpose of becoming a long term holder, I've got my funds in place, I've done my cashflow check up, I've started building my emergency funds, I'm following all the rules that I think I need to follow to reach my goals as long term holder. But guess what happened yesterday?.
I used the money I was supposed to use to lump sum into bitcoin to buy a game. Lame right, very lame. While a lot of persons would talk down on me right now about this cause I know I've messed up and was supposed to say no to that urge to just spend more. Although I've replaced it today with a lot of hard work. I've learnt a lesson. To succeed as an investor you must have self control. I had every reason to say no to the urge to get a game but I didn't. I lacked self control to say no myself and do the right thing.
If anyone must achieve any desire in life, he must have the self control to control his lust cause here I am burning with desire to accumulate bitcoin and this same me went ahead to forfeit it for a game. All I know is I'm never gonna make this same mistake again.

[Fundamentals Of]

It seems your story is not consistent. You said you are into DCA and everything seems to be in place. So how come you have money supposedly set aside for lump sum buying? Do you also buy lump some in addition to your DCA strategy?

Anyway that game that you bought must really be a nice game because it affected even your solid plan despite you burning with desire to DCA Bitcoin. I think that's not really a big deal. You can always get back to your DCA. And enjoy your game too.

[mk4]

Buying 'wants' isn't really necessarily bad when done from time to time. Just instead of using your investment money into buying 'wants', probably have a small monthly/annual budget allocation for it so you won't need to get the allocation elsewhere.

[Sebas.tian]

Since you realized your mistakes on time, I don't think you will allow such mistakes to happen to your plan in the future again, because assume you succeed in savings those money till now when the price of Bitcoin has decreased back to $40,891 to buy and hold, it would have help you to secure some huge amount of Bitcoin that will would have given you income when the bullish season appear. If you can be able to control yourself in the next opportunity that is coming, I believe you will not regret the way you regretted of spending your money for other things that did not bring you income. There is something special about self control in any investment, and if you can be able to handle your self-control at the moment to plan your investment well and put them into practice, I think you will definitely achieve something good at the end of the investment.

[Troytech]

It seems your story is not consistent. You said you are into DCA and everything seems to be in place. So how come you have money supposedly set aside for lump sum buying? Do you also buy lump some in addition to your DCA strategy?

Anyway that game that you bought must really be a nice game because it affected even your solid plan despite you burning with desire to DCA Bitcoin. I think that's not really a big deal. You can always get back to your DCA. And enjoy your game too.

Yeah don't you follow on the buy the dip and hold thread, if you do you would well understand me. And yes I keep money for lump summing, we are expecting a bullish would only dca be a wise thing to you?

[Oshosondy]

It is good to be disciplined and not let other things to take the money you want to use to invest in bitcoin from you A good example is gambling. The money that you want to use to invest can be taken by gambling. Another important one is also trading. Trading give traders false sense of hope to let them think that they can make more money within short period of time, but this might be otherwise as the holder will trade with the money he supposed to invest with but lost it all to trading. If some people are only investing instead, their lives would have been better than what their lives is as at now.

[Moreno233]

I just started DCAING into bitcoin some months ago with the purpose of becoming a long term holder, I've got my funds in place, I've done my cashflow check up, I've started building my emergency funds, I'm following all the rules that I think I need to follow to reach my goals as long term holder. But guess what happened yesterday?.
I used the money I was supposed to use to lump sum into bitcoin to buy a game. Lame right, very lame.

Buying a game is not lame like you think because game is for leisure and a good part of your needs. Rather than see the decision as lame, see it as a motivation to set up emergency fund as this is what the emergency fund is for, unexpected needs that do come up sometimes.

While a lot of persons would talk down on me right now about this cause I know I've messed up and was supposed to say no to that urge to just spend more. Although I've replaced it today with a lot of hard work.

No one have the right to talk down on you because of your decision. It is your money so you have rights to spend it as you desire. What we can only do is to make suggestions which are still up to you to consider. You don't have to beat yourself up because you committed no crime. Like I said before, just set up emergency funds and things like this will not happen again.

You could also revisit your DCA budget if it is too high, then you can make the necessary adjustments to enable you follow it while enjoying your life.

[Davidvictorson]

It is easy to get sidetracked when you are distracted by a lot of things. In the crypto space, you need to have tunnel vision, and tunnel vision requires self-discipline and loads of patience. No one is saying you should invest 100% of your income in bitcoin, but whenever you budget 10% of your income into bitcoin investment, self-discipline requires that you put all of it into bitcoin investment and not split it into some fraction to invest in other things like shitcoins or any other risky investments that promise returns too good to be true.

To be patient is to know that it will take some time to build your bitcoin investment through strategic means. It means sticking to your strategy and growing your bitcoin slowly. If you do not know about trading, do not attempt to increase your bitcoin through that means. Instead, take your time to learn about it. That requires self-control as well.

[kentrolla]

It happens man, I have made similar mistake but not buying game though, but we need to ensure we don't repeat it because it's easy to say we are doing DCA or we have set of rules which we follow before making any trade but we often tend to get carried away by the emotions especially when the market is fluctuating. I have been doing DCA which I started in 2023 and after some mistake which I made like doing future trading with high leverages, investing into shit coins and etc I have learnt the lesson and I don't say I am 100% but won't be repeating my mistakes.

[Distinctin]

Not only when it comes to investments, but for us to succeed in our life’s goals and targets, we need self-discipline and control. If you lack that, you might be wasting your money and time trying to reach your target but knowing you don’t exercise discipline and control, it’s hard to see you succeeds in the end.

However, self-discipline and control can be learned in time. But maybe, committing some mistakes at first might create a good motivation for you so you won’t be repeating the same mistakes again knowing that would never result into a desirable outcome.

[jossiel]

It's okay if you have already did it as that's part of your personal happiness. But if you want to become a long term holder, what you have to think of is soon if you do, you'll be able to buy a lot of games.

Not to say a lot but tons of games that you're going to get bored because you've been patient with your holdings and accumulation.

Self control and patience and at the same time delay the gratification will help you a lot on this phase of being a long term holder. If we're going to say it, "if we did, you can".

[Fiatless]

I just started DCAING into bitcoin some months ago with the purpose of becoming a long term holder, I've got my funds in place, I've done my cashflow check up, I've started building my emergency funds, I'm following all the rules that I think I need to follow to reach my goals as long term holder. But guess what happened yesterday?.
I used the money I was supposed to use to lump sum into bitcoin to buy a game. Lame right, very lame. While a lot of persons would talk down on me right now about this cause I know I've messed up and was supposed to say no to that urge to just spend more. Although I've replaced it today with a lot of hard work. I've learnt a lesson. To succeed as an investor you must have self control. I had every reason to say no to the urge to get a game but I didn't. I lacked self control to say no myself and do the right thing.

I would have said that you acted unwisely but reading further showed that you converted your mistake to a lesson not just for yourself but for others. We all make mistakes in life but what is important is the lesson we derive from our shortcomings and our ability not to repeat such an error. The ability to separate needs from wants will make you a good investor. Focusing on out basic needs is what will give use the privilege of saving to invest.

If anyone must achieve any desire in life, he must have the self control to control his lists cause here I am burning with desire to accumulate bitcoin and this same me went ahead to forfeit it for a game. All I know is I'm never gonna make this same mistake again.

There are always what to spend or waste money on. Manufacturers will keep producing attractive products that will entice us to buy them even when we know that we don't really need them. Self-discipline is very important if you want to save and invest. Buying a video game is just for pleasure,  meanwhile, investment should always come before fun. If you have a burning desire to accumulate Bitcoin, you should also imbibe the virtues of focus and self-control.

[aoluain]

As most have pointed out, its easy to get side tracked and have a momentary lapse in the
DCA vision. I'm sure its happened to everyone, I include myself! Just look at it as a reward
for all the previous DCAing

The main thing is you can refocus, learn from mistakes and continue to DCA.

As leadt you can enjoy the game OP.

[rodskee]

It is not only applicable or not to be neglected even by old timers mate because this is an attitude
a trader/investor/gambler or any one in the world of money making must have because if you cannot control your
Emotions and mind then what waits you in profiteering? you will end up being a loser everytime because you cannot
manage your self in either seeking for more or selling for less in aid of desperation.

As most have pointed out, its easy to get side tracked and have a momentary lapse in the
DCA vision. I'm sure its happened to everyone, I include myself! Just look at it as a reward
for all the previous DCAing

The main thing is you can refocus, learn from mistakes and continue to DCA.

As leadt you can enjoy the game OP.

Learning is one step from Failing , we must not afraid to lose because this will thought us how
to be more vigilant and knowledgeable over the days.

[Fundamentals Of]

It seems your story is not consistent. You said you are into DCA and everything seems to be in place. So how come you have money supposedly set aside for lump sum buying? Do you also buy lump some in addition to your DCA strategy?

Anyway that game that you bought must really be a nice game because it affected even your solid plan despite you burning with desire to DCA Bitcoin. I think that's not really a big deal. You can always get back to your DCA. And enjoy your game too.

Yeah don't you follow on the buy the dip and hold thread, if you do you would well understand me. And yes I keep money for lump summing, we are expecting a bullish would only dca be a wise thing to you?

Well if you have sufficient money, of course you can combine the two strategies. You can DCA while also setting aside an amount for lump sum buying in case there's a dip you think is a perfect time to buy.

The disadvantage however with trying to get a good timing in the market is that you can never be accurate. A dip doesn't necessarily mean a good time to buy precisely because it can actually dip further. In the same way that a rise in the price is not necessarily a bad time to buy precisely because it can actually rise further as well.

This difficulty in timing the market is exactly the reason there's DCA. After all the goal is to hodl.

[dothebeats]

You will eventually grow out of your wants and desire to build something better.

I was in a similar position about a decade ago, constantly buying the shiniest and greatest gadget money can buy from my paycheck. Investing was never in my vocabulary, and I was just getting started with bitcoin. Then come 2016, I eventually settled with a 1-year-old flagship phone and started buying bitcoin seriously. When I realized my potential gains, I never looked into buying the greatest gadget again, and just continued stacking up my buys until the bull run of 2017 happened. I was able to start a small business and continued reinvesting and then I'm here, a man in his early 40s already set for life in a country where the cost of living is lower compared to other countries.

It took me years to get rid of my bad financial habit, although I was able to achieve it thanks to my determination and grit. That game you're talking about? You'll grow out of it in a few months and you'll be left thinking about what you could have done with the money and try to make up for it by being serious with your DCA strategy.

[dunfida]

You will eventually grow out of your wants and desire to build something better.

I was in a similar position about a decade ago, constantly buying the shiniest and greatest gadget money can buy from my paycheck. Investing was never in my vocabulary, and I was just getting started with bitcoin. Then come 2016, I eventually settled with a 1-year-old flagship phone and started buying bitcoin seriously. When I realized my potential gains, I never looked into buying the greatest gadget again, and just continued stacking up my buys until the bull run of 2017 happened. I was able to start a small business and continued reinvesting and then I'm here, a man in his early 40s already set for life in a country where the cost of living is lower compared to other countries.

It took me years to get rid of my bad financial habit, although I was able to achieve it thanks to my determination and grit. That game you're talking about? You'll grow out of it in a few months and you'll be left thinking about what you could have done with the money and try to make up for it by being serious with your DCA strategy.

On the time that you arent matured then for sure you wouldnt really be minding about your future but rather you would really be that making yourself trying out to accumulate things as much as you could specially
when it comes into those things which arent really that detrimental when it comes into our future on which this is something that very normal.. To those people who've been wary about tinto this stuff are the ones
that would be able to make out some good decisions whether they should really be that wise when it comes to their choices on which they do know that this is something that would really be important.
Investment is a personal choice whether someone should really be that doing or not, it would be always a matter on you choice on how you would be finding yourself
on making those decisions.

[Greyhats]

I just started DCAING into bitcoin some months ago with the purpose of becoming a long term holder, I've got my funds in place, I've done my cashflow check up, I've started building my emergency funds, I'm following all the rules that I think I need to follow to reach my goals as long term holder. But guess what happened yesterday?.
I used the money I was supposed to use to lump sum into bitcoin to buy a game. Lame right, very lame. While a lot of persons would talk down on me right now about this cause I know I've messed up and was supposed to say no to that urge to just spend more. Although I've replaced it today with a lot of hard work. I've learnt a lesson. To succeed as an investor you must have self control. I had every reason to say no to the urge to get a game but I didn't. I lacked self control to say no myself and do the right thing.
If anyone must achieve any desire in life, he must have the self control to control his lists cause here I am burning with desire to accumulate bitcoin and this same me went ahead to forfeit it for a game. All I know is I'm never gonna make this same mistake again.

Dont beat yourself up too much, the fact that you at least recognized that you had a problem is like 90% of the way to solve it. One strategy I use, is called the the fuck it bucket, when I want to go do something I write it down on a piece of paper and chuck it into the fuck it bucket. I wait a solid week after that and go back check the fuck it bucket. Sometimes what i wanted a week ago is suddenly not as important as wanting it now. Sometimes it is, but if that is case i save up what i need to deal with the fuck it bucket item vs dipping into cash reserves.

All these little tips and tricks, will help you next time this comes up. Learn, grow and move on to the next learning

[Troytech]

I just started DCAING into bitcoin some months ago with the purpose of becoming a long term holder, I've got my funds in place, I've done my cashflow check up, I've started building my emergency funds, I'm following all the rules that I think I need to follow to reach my goals as long term holder. But guess what happened yesterday?.
I used the money I was supposed to use to lump sum into bitcoin to buy a game. Lame right, very lame. While a lot of persons would talk down on me right now about this cause I know I've messed up and was supposed to say no to that urge to just spend more. Although I've replaced it today with a lot of hard work. I've learnt a lesson. To succeed as an investor you must have self control. I had every reason to say no to the urge to get a game but I didn't. I lacked self control to say no myself and do the right thing.
If anyone must achieve any desire in life, he must have the self control to control his lists cause here I am burning with desire to accumulate bitcoin and this same me went ahead to forfeit it for a game. All I know is I'm never gonna make this same mistake again.

Dont beat yourself up too much, the fact that you at least recognized that you had a problem is like 90% of the way to solve it. One strategy I use, is called the the fuck it bucket, when I want to go do something I write it down on a piece of paper and chuck it into the fuck it bucket. I wait a solid week after that and go back check the fuck it bucket. Sometimes what i wanted a week ago is suddenly not as important as wanting it now. Sometimes it is, but if that is case i save up what i need to deal with the fuck it bucket item vs dipping into cash reserves.

All these little tips and tricks, will help you next time this comes up. Learn, grow and move on to the next learning

Thanks a lot mate, your advice would really go a long way. I'll name mine a little different maybe like think twice bucket 🪣 😏. So I would actually have to think twice about my expenses. Just that now I'm thinking it goes a bit sideways from your own.

[Jegileman]

If anyone must achieve any desire in life, he must have the self control to control his lists cause here I am burning with desire to accumulate bitcoin and this same me went ahead to forfeit it for a game. All I know is I'm never gonna make this same mistake again.

Realising this is a mistake and you’ve made up your mind to work towards amending it makes a lot of sense. Bitcoin accumulation shouldn’t be at the expense of you neglecting your basic rights to what you need the most now. With the way you feel bad about this decision you’ve taken, it means it was not necessary for you to have bought that game and you would have still being living a normal life with or without the game. Lesson learnt, so learn how to control your urge next time, as it might lead you to commit a mistake that is not reversible again.