Self control cannot be neglected as an early investor

[kentrolla]

Only a few people have mastered the art of self-control. A lot of people might scream that you're indiscipline and all, but the truth is we all fall into these types of urges in several ways.
Yours was a game, for some, it's a vacation, phone or laptop an expensive dinner date, etc.
It isn't just about Bitcoin investments, it's everything. It could be when you saving money for something. All we have to do is keep disciplining ourselves and learning as we go.
It's okay that you have learned from this experience as that's the main point about life. We should always learn from every experience in life.

Yup, there is a huge difference between screaming and trying to teach others about basic discipline about the investment or trading without practicing it as practicing it is not everyone's cup of tea and moreover people fail not because they don't have self control but rather for the fact that they don't want to change as they don't learn from their mistake. It took me hell lot of time to understand this and avoid this mistake hence I am not trying to offend anyone but rather sharing my own experience.

[Hamphser]

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.

One of the biggest challenge as a long term holder is on how established and disciplined you are or simply having that dedication on holding up your bag no matter what happened.
Ive been there and i could say that it is really that hard to stop yourself when it comes to those temptations on selling out specially if you do really like on buying something then
you would really be that making  yourself having that kind of struggling on fighting whether you should hold or sold those coins. 
If you are someone who are really that emotionally impulsive and doesnt have that kind of discipline then most likely you would really be ending up on selling it out in the end of the day.

[ShowOff]

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.

One of the biggest challenge as a long term holder is on how established and disciplined you are or simply having that dedication on holding up your bag no matter what happened.

Of course, that is the challenge. Some holders tend to change their plans midway for one reason or another, but if they are truly able to persist then greater returns can still be expected. Of course this is not about how well established you are, but it is about how good you are at preparing everything including a reserve budget in anticipation of emergency needs.

Planning long-term investments is easy, but what is difficult is managing them and maintaining them. You can't just have an investment and hold onto it while you don't have emergency funds, I think you're just one step closer to changing your plans if you have an urgent need. Holders are required to have emergency funds regardless of their abilities. In essence, emergency funds can help them be holders for longer.

Ive been there and i could say that it is really that hard to stop yourself when it comes to those temptations on selling out specially if you do really like on buying something then
you would really be that making  yourself having that kind of struggling on fighting whether you should hold or sold those coins. 
If you are someone who are really that emotionally impulsive and doesnt have that kind of discipline then most likely you would really be ending up on selling it out in the end of the day.

Every investor certainly has the temptation to sell at a high price, but if they stick to their plan and have prepared everything well, then there is no word selling in their dictionary, especially in the short term. Holders will also sell their holdings in the future, but not with a change of 10% to 20% from their initial investment.

[danadc]

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.

One of the biggest challenge as a long term holder is on how established and disciplined you are or simply having that dedication on holding up your bag no matter what happened.
Ive been there and i could say that it is really that hard to stop yourself when it comes to those temptations on selling out specially if you do really like on buying something then
you would really be that making  yourself having that kind of struggling on fighting whether you should hold or sold those coins. 
If you are someone who are really that emotionally impulsive and doesnt have that kind of discipline then most likely you would really be ending up on selling it out in the end of the day.

Well things with the halving, with the ETFs they always raise the spirit for this year , I don't know if the price will go up, if it goes up it is only Worse Because of the Effect of these oil prices, but why is it going to grow because it is time for the Halving to happen ? I think for me things are very real when it comes to making bitcoin predictions, this year I think that it will reach $100k, but I don't know how much it will stay at that price, because there will be many I'm going to sell there at that price and they can make the difference, so it's difficult to establish things, I'm rather inclined to think that when it reaches $100k we have to Hold on , because we don't Know the Reactions of the Other Traders.

Investors are people who , despite all Prognoses , have good Faith that their Investment will pay off , of course this is just what I think for bitcoin , there is no other way, I will Always see Things like that , and now I Will never have that Conviction , something that many people lack.

[mirakal]

Most of the time, the way to learn your lesson is to commit mistakes at first. So I guess what you did is not actually bad, it only gets bad if you never learned from it. And the fact that it's your hard-earned money so you have all the right to spend it on your wants and desires, and just invest in bitcoin if you have save again sufficient amount of capital.

However, self-control is always at its utmost importance. Whether you're in for investing or for any attempts in life, self-control is always necessary so you can focus and go straight to your goal without fallbacks and lapses.

[Nothingtodo]

There are certain things that beginners must learn before investing, without mastering Bitcoin investing or trading. Being overly greedy is an important lesson because an overly greedy investor can sometimes profit from investing because he can't hold himself steady for a profit after investing, which often leads him to sell the investment in a panic market. Self-control is another important factor because an investor who cannot control himself can never invest profitably.

[$weetne$$]

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.

It's good that you have learnt your lesson, some people still don't learn their lesson after experiencing same situation that you went through. To become successful, you have to be discipline and discipline comes with self control. It's self control that'll help you to hold your Bitcoin for many years without thinking about selling them. Investing early in Bitcoin needs patience or you can't hold for very long and you'll be force to sell your Bitcoin due to fear of the market crashing and making you to lose the money you invested into Bitcoin. Self control helps you to not belike other investors that'll be regret for selling their Bitcoin to invest into the new. and  trending altcoins that won't last in the market.

[taufik123]

There are certain things that beginners must learn before investing, without mastering Bitcoin investing or trading. Being overly greedy is an important lesson because an overly greedy investor can sometimes profit from investing because he can't hold himself steady for a profit after investing, which often leads him to sell the investment in a panic market. Self-control is another important factor because an investor who cannot control himself can never invest profitably.

Self-control when you want to make a sale or purchase, this will happen at every moment.
There will be many hurdles that will be faced when the market starts to rise or fall.
Self-control belongs to trading psychology, and this will determine where we are going.

Some investors or traders sometimes can't control themselves to follow according to the rules, they panic too much when the market is not what they want.
The need to have a backup plan will be very useful when things happen outside the original plan.

[Vinaa77]

There are certain things that beginners must learn before investing, without mastering Bitcoin investing or trading. Being overly greedy is an important lesson because an overly greedy investor can sometimes profit from investing because he can't hold himself steady for a profit after investing, which often leads him to sell the investment in a panic market. Self-control is another important factor because an investor who cannot control himself can never invest profitably.

Every beginner who will try to invest must first learn about the investments or trades they will make, because without knowledge they will easily lose the money they invest and also the trades they make, so it is very important for them to be able to learn it first and then try it according to their ability and can bear the loss if they make mistakes in investing or trading.

Yes, in investing and trading, self-control is of course very important, whether beginners or those who already have a lot of experience in this field, because if they cannot control themselves, they will of course do it greedily in the hope of getting big profits, but They make the wrong decision, resulting in losses from investment and trading.

[iamsange]

There are certain things that beginners must learn before investing, without mastering Bitcoin investing or trading. Being overly greedy is an important lesson because an overly greedy investor can sometimes profit from investing because he can't hold himself steady for a profit after investing, which often leads him to sell the investment in a panic market. Self-control is another important factor because an investor who cannot control himself can never invest profitably.

An investor's self-control will only be visible when they face bad or unfavorable conditions at a certain time, because we can see the level of panic that can arise in themselves when facing bad conditions that are currently occurring in their investment.

However, in this case we also need to differentiate between investment and trading because they are not the same thing even though they can be done simultaneously on the same assets in the market. Because the more profitable investment is investment in the long term and this is of course more focused on Bitcoin, while trading is something that is not always profitable in the short term or in the long term. So every trader still has to monitor the market more often when trading on one or several crypto assets.

[ShowOff]

There are certain things that beginners must learn before investing, without mastering Bitcoin investing or trading. Being overly greedy is an important lesson because an overly greedy investor can sometimes profit from investing because he can't hold himself steady for a profit after investing, which often leads him to sell the investment in a panic market. Self-control is another important factor because an investor who cannot control himself can never invest profitably.

An investor's self-control will only be visible when they face bad or unfavorable conditions at a certain time, because we can see the level of panic that can arise in themselves when facing bad conditions that are currently occurring in their investment.

I'm not sure what kind of bad conditions you're referring to, but if the problem is an urgent need for money, perhaps investors need to reverse their plans and break the rules. As a good and experienced investor, in my opinion everything needs to be prepared well. It is never advisable to put all your money in investments when you don't have an emergency budget that you can safely save.

Having an emergency budget is one of the preparations for long-term investment planning. You won't easily break your investment plans and rules just because you need money, so it's best to consider everything before investing.

However, in this case we also need to differentiate between investment and trading because they are not the same thing even though they can be done simultaneously on the same assets in the market. Because the more profitable investment is investment in the long term and this is of course more focused on Bitcoin, while trading is something that is not always profitable in the short term or in the long term. So every trader still has to monitor the market more often when trading on one or several crypto assets.

Not all long-term investments are profitable, and trading is no different. It all really depends on how you strategic approach and adjust your investment strategy and asset selection, so it cannot be generalized.

[kotajikikox]

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.

This is a best advise , Simple but full of truth inside because in anything that needs achievement it is our dedication and perseverance is needed and without self control nothing will be achieved so thanks for this as reminder for everyone that dealing specially in so much volatile like crypto market , each small wrong decision will result to bigger result so try to focus and have this attitude if you wanted to succeed.

[Woodie]

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.

I like the fact that you bring out a real life experience and not some cooked up story that tries to paint the investing journey being easy when it's not!

Self control well I don't know about that...The fact that we have needs, other responsibilities or commitments..DCAing or investing isn't easy and takes alot of sacrifice to succeed in it, and whatever happened in your journey is normal AFAIK and perhaps you need to be saving for two things now...miscellaneous expenses and Bitcoin to try avoid emptying the crypto bag for unforeseen expenses as you can't guarantee this from happening again.
Otherwise, self control alone won't work, it needs a supporting system as advised above and good luck with the DCAing

[DanWalker]

However, in this case we also need to differentiate between investment and trading because they are not the same thing even though they can be done simultaneously on the same assets in the market. Because the more profitable investment is investment in the long term and this is of course more focused on Bitcoin, while trading is something that is not always profitable in the short term or in the long term. So every trader still has to monitor the market more often when trading on one or several crypto assets.

Not all long-term investments are profitable, and trading is no different. It all really depends on how you strategic approach and adjust your investment strategy and asset selection, so it cannot be generalized.

It's fair to say that making a profit from trading is a lot harder than holding, but that doesn't mean holding will yield better returns than trading. I agree with you, our profits will depend on our knowledge, skills and experience. It is not the case that the holder can make a profit and the trader cannot. I also prefer holding rather than trading but I find it funny that many people cannot trade, cannot profit from trading and they always say that trading cannot be better than holding. They are just trying to cover up their weaknesses.

[Reatim]

There are certain things that beginners must learn before investing, without mastering Bitcoin investing or trading. Being overly greedy is an important lesson because an overly greedy investor can sometimes profit from investing because he can't hold himself steady for a profit after investing, which often leads him to sell the investment in a panic market. Self-control is another important factor because an investor who cannot control himself can never invest profitably.

Every beginner who will try to invest must first learn about the investments or trades they will make, because without knowledge they will easily lose the money they invest and also the trades they make, so it is very important for them to be able to learn it first and then try it according to their ability and can bear the loss if they make mistakes in investing or trading.

Strategy is the most important part and this is the main reason why others grows or falls because of their ways in investing and their way of looking for their profiteering .

Yes, in investing and trading, self-control is of course very important, whether beginners or those who already have a lot of experience in this field, because if they cannot control themselves, they will of course do it greedily in the hope of getting big profits, but They make the wrong decision, resulting in losses from investment and trading.

Self control , and also dedication that is what we all needs to  take care because from there this is the reason why we are falling from losses.

[CODE200]

Totally agree but you have to understand that you've got to consider taking profit along your investing and hodling journey because if it's all hodling and hodling and not taking profit, you wouldn't be finding any joy that will be otherwise present when you're having a lot of investment and a beefy portfolio, it's also a form of control to be able to take out a portion of your investment into something that you can use to buy yourself some stuff that will make you happy, trust me, you don't want to end up having all that investment sitting around and not being used besides staying there, of course this would only be applicable to bitcoin to a certain extent but you need to understand that it's a different animal for altcoins that are totally uncertain when it comes to their future, a lot of them don't make it past one ATH and then never grow again.

[peter0425]

Only a few people have mastered the art of self-control. A lot of people might scream that you're indiscipline and all, but the truth is we all fall into these types of urges in several ways.
Yours was a game, for some, it's a vacation, phone or laptop an expensive dinner date, etc.
It isn't just about Bitcoin investments, it's everything. It could be when you saving money for something. All we have to do is keep disciplining ourselves and learning as we go.
It's okay that you have learned from this experience as that's the main point about life. We should always learn from every experience in life.

Yup, there is a huge difference between screaming and trying to teach others about basic discipline about the investment or trading without practicing it as practicing it is not everyone's cup of tea and moreover people fail not because they don't have self control but rather for the fact that they don't want to change as they don't learn from their mistake. It took me hell lot of time to understand this and avoid this mistake hence I am not trying to offend anyone but rather sharing my own experience.

correct , not everyone can be a trader but all of us can be a HODLER meaning we are deserving to profit in different perspective and different strategy so yeah this is what we have to do or else never engage in the forum.I have tried this for many times but fails and now contented in Hodling of course .

[GreenStox]

Discipline and consistency are the main keys to an investor's success.
For example, when Warren Buffet said I don't invest in technology, he really did, until now he hasn't invested in technology.

[Gozie51]

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.

The most important thing is to understand your mistake and make a decision not to do that again. The decision should not be an empty promise to oneself but that which is backed by an action. Some people after making such mistake and identify it, they still go back to it.

[ShowOff]

Not all long-term investments are profitable, and trading is no different. It all really depends on how you strategic approach and adjust your investment strategy and asset selection, so it cannot be generalized.

It's fair to say that making a profit from trading is a lot harder than holding, but that doesn't mean holding will yield better returns than trading. I agree with you, our profits will depend on our knowledge, skills and experience. It is not the case that the holder can make a profit and the trader cannot. I also prefer holding rather than trading but I find it funny that many people cannot trade, cannot profit from trading and they always say that trading cannot be better than holding. They are just trying to cover up their weaknesses.

Everyone can trade regardless of profit or loss. Understanding, knowledge, experience and skills are several things that can support a trader in getting maximum results in the market, but simply put, traders who buy at low prices and sell at high prices are profitable traders compared to traders who buy high and sell at a loss.

For some people, trading is no better than holding, but others have the opposite mindset. I don't blame either of them as long as they know how to take advantage of their activities. For me, trading or holding are just two options to choose from, both of which are profitable and can also make you lose.