How to HODL for long.

[Mate2237]

setting out your goals

That part of the thread is the most attractive one to me because many people wey dey clamour about bitcoin investment e no dey think of setting up a goal to achieve their aim. Before you invest in bitcoin you have to sit down.ans bring out a book and start your plans wey or how you want so am. First you ask yourself if na short term investment or long term investment. And if it is any of those periods then what are you doing to embark on the bitcoin investment.

Because if you no dey do anything before going into investment whether short or long term investment you no go survive and you go chop everything finished so you better do some extra so dat your investment fo reach the stated goal. Op I must tell you the truth e no dey easy to set aside emergency funds in Nigeria if not to create thread or say it in theoretically to at least encourage people to do e no dey easy oh. But do something so that your investment go last.

[CryptopreneurBrainboss]

I understood the principle of setting goals before I invested on Bitcoin and I can tell you for real that it has helped me in this journey of long-term hodling, I don't think of anything else each time I see my Bitcoin apart from the goals I have set in place for it.

If you no set goals you never start be that. Every achievement starts from goals setting as e go give you directions and any distraction wey come your way you go fit avoid dem because e get wetin dey your mind wey you wan achieve. The goal setting needs to start from the quantity of Bitcoin wey you wan get and how long wey you wan hodl am. Sometimes e make sense to have short term plans while you still get long term plans because some long term plans dey feel Impossible to achieve but if you get other small small targets e fit make you achieve your goals quickly and you no go even feel am say na that impossible goals wey you been dey see so na wetin you dun achieve already.

Emergency funds:
Before going into long-term bitcoin investment you need to save for emergencies.
When you have an emergency funds it helps you settle emergency issues without dipping into your investment.

Dem say make you no do pass yourself, make you no go invest inside Bitcoin with important money that'll be needed urgently. Na only spare money go well or money wey be say we dun keep aside say na for investment na wetin we suppose to dey use and the percentage from your salary no supposed too much. The thing be say Bitcoin investment no be cashflow investment unless na trading wey you dey do for here or other various means of receiving cashflow for the industry. If na strictly investment wey you dey do then you need to plan yourself well so you go always dey get urgently 2k dem wey go dey bail you out of problem because dem go always dey around as for you dey alive.

[kentrolla]

To put it in simple terms we can keep apart a decided amount for DCA on Bitcoin, will make on lumpsum Investment during the dip and set a target for that lumpsum investment of atleast 2X profit and leave it, Also keep accumulating Bitcoin through the DCA but the most important thing is these amount should t be affecting your daily expenses else you will end up selling it off hence need to increase the income by having better paying job to ensure a right balance is maintained.

[Smilevictorobinna]

I understood the principle of setting goals before I invested on Bitcoin and I can tell you for real that it has helped me in this journey of long-term hodling, I don't think of anything else each time I see my Bitcoin apart from the goals I have set in place for it.

Sometimes e make sense to have short term plans while you still get long term plans because some long term plans dey feel Impossible to achieve but if you get other small small targets e fit make you achieve your goals quickly and you no go even feel am say na that impossible goals wey you been dey see so na wetin you dun achieve already.

Na true talk you talk, e go even better say as a starter you start with short term investment so you go confirm am well say true true this thing good and en go even better say person hodl for long. When you done confirm am with short term investment when you enter long term nothing person fit tell you way go make you pull out because you done see the good result before through the short term investment you been do.

Emergency funds:
Before going into long-term bitcoin investment you need to save for emergencies.
When you have an emergency funds it helps you settle emergency issues without dipping into your investment.

Dem say make you no do pass yourself, make you no go invest inside Bitcoin with important money that'll be needed urgently. Na only spare money go well or money wey be say we dun keep aside say na for investment na wetin we suppose to dey use and the percentage from your salary no supposed too much. The thing be say Bitcoin investment no be cashflow investment unless na trading wey you dey do for here or other various means of receiving cashflow for the industry. If na strictly investment wey you dey do then you need to plan yourself well so you go always dey get urgently 2k dem wey go dey bail you out of problem because dem go always dey around as for you dey alive.

I agree with watin you talk. Any body way they go into Bitcoin investment no suppose use money way en go dey in need of the next month because Bitcoin no be Ponzi scheme. Any body way won investment on Bitcoin make en prepare for am save out money way go be for the investment and also make sure say en salary money they come too so that en go use am settle challenges way come without dipping into the investment.

[Zackz5000]

To hodl for long no really dey easy ooh enough patient go really dey involve because Bitcoin investment is more profitable when it is been sighted for a longer term like 4 to 10 years and above and for this to be achieve patient must be involved, and it also advisable to invest that which you can afford to loss and for one to achieve holding Bitcoin for long one must set aside a reserve, emergency and float fund in case there is any unforeseen circumstances that may arise so you won't touch your Bitcoin hodling when this needs may arise.

[Abdulzuruku01]

Holding bitcoin for long term is difficult and the only thing that can help you hold for long is setting out your goals and also having an emergency funds.
Set goals:
Before going into a long-term bitcoin investment you need to tell yourself this is how long I want my investment to last or this is certain amount I want my investment to reach before I pull out.
When you set this goals it helps you have a direction on where you are going and also helps you achieve your goals.
I understood the principle of setting goals before I invested on Bitcoin and I can tell you for real that it has helped me in this journey of long-term hodling, I don't think of anything else each time I see my Bitcoin apart from the goals I have set in place for it.

Emergency funds:
Before going into long-term bitcoin investment you need to save for emergencies.
When you have an emergency funds it helps you settle emergency issues without dipping into your investment.
5 years ago I invested on on a certain cryptocurrency. However I also was saving for something that was not too important, then I had an emergency which I needed to sort out, my only options was either to sell off my crypto investment or dip into the savings I was doing for something that was not important to me at that point in time, all I did was dip into my savings and left my investment from that day I saw the need for an emergency fund.

I was shocked to see the current price of bitcoin when I woke up today. My first thought was of long-term investors, and I said to myself, wow these investors will hit the spot in this halving.
Investing in bitcoin can be challenging, particularly for long-term holders. However, you will find it easier if you set goals and have a direction for your work.

Don't make it mandatory for yourself to hold for a long period if you know you lack the capacity or can't control yourself for that long period. That's why there are two options: short term and long term. You can benefit from your short term investment too, but everyone knows that long term investors are more profitable, which is why people always recommend it. However, both are still possible if you adopt the DCA method..
whether you are making a short-term or long-term investment. It is crucial that you set aside emergency cash, separate from your Bitcoin investment, and have a source of income that you can use to cover expenses without having to touch your investment.

[Tungbulu]

I understood the principle of setting goals before I invested on Bitcoin and I can tell you for real that it has helped me in this journey of long-term hodling, I don't think of anything else each time I see my Bitcoin apart from the goals I have set in place for it.

Sometimes e make sense to have short term plans while you still get long term plans because some long term plans dey feel Impossible to achieve but if you get other small small targets e fit make you achieve your goals quickly and you no go even feel am say na that impossible goals wey you been dey see so na wetin you dun achieve already.

Na true talk you talk, e go even better say as a starter you start with short term investment so you go confirm am well say true true this thing good and en go even better say person hodl for long. When you done confirm am with short term investment when you enter long term nothing person fit tell you way go make you pull out because you done see the good result before through the short term investment you been do.

Wetin you talk nah true, but while you set those short-term goals inside your long-term investment, you go try dey focused make your attention no go shift from the main goal wey be long-term because of the petty profits wey fit come from the short-term goals wey you don achieve, cos sometimes all these investments dey Sabi play tricks on person and you fit easily lose focus before you even know.

Let's say you plan to HODL BTC for the long-term ( maybe 5 to 7 years na e be the initial plan) and then along the line after a year or two, you come dey see the small small profits wey dey enter there, then you decide to shorten the goal by taking small profit while still determined to HODL for the long-term.
But all of a sudden when you don start to dey collect those small small profits, you come dey feel like say you don arrive and say na there the main thing dey, small small your attention go dey divert from the main goal and then you go start to pull out any small profit wey enter on top.

This thing don happen to so many investors wey enter bitcoin investment with long-term goals, due to this main reason them don fall by the roadside, forgetting say that thing wey dey sweet well well, dey also bitter too, because when some kind DIP go hit the market, DIPs wey your long-term goals supposed shield you from, fear go come enter your body then make you go take decisions wey go fit affect your investment and possibly incur even more losses wey go pass the small small profits wey you take initially.

Dem say make you no do pass yourself, make you no go invest inside Bitcoin with important money that'll be needed urgently. Na only spare money go well or money wey be say we dun keep aside say na for investment na wetin we suppose to dey use and the percentage from your salary no supposed too much. The thing be say Bitcoin investment no be cashflow investment unless na trading wey you dey do for here or other various means of receiving cashflow for the industry. If na strictly investment wey you dey do then you need to plan yourself well so you go always dey get urgently 2k dem wey go dey bail you out of problem because dem go always dey around as for you dey alive.

This na why the DCA strategy dey always dey come in handy for situations like this, because e just be like say you dey comot small money from your salary dey throw for saving box, saving box wey you no plan to break anytime soon, and by that time you go don get other mediums wey go dey sustain you, just incase the need for urgent 2k come, you go fit chest ambulance without even thinking about the investment wey you get.

Make we say for instance, person wey dey earn like 50k every month, as month finish and you collect your salary, you don drop like 10k for your investment knowing fully well say the remaining 40k go fit carry you till month finish again, na this one we dey call DCA.
To even make the whole matter easier for you, inside the 40k self wey remain, you fit dey keep like 10k for your emergency fund, then use 30k take guide till next salary show, you go see am say if emergency lap, instead of to run go meet your investment to collect money there, you get another alternative, wey be your emergency fund, the thimg go come make your investment safe and go dey steadily dey grow for you, and any awoof money wey enter your hand too, you fit split am, put some for investment and some for emergency fund.

E dey very important to take emergency fund seriously o, because na the only thing wey fit pose threat to person investment, so yes, emergency fund dey just as important as person investment because without am, the investment self fit no stand.

[Kliss]

Having a steady source of income is very necessary for long term Bitcoin HODLing. It's important to prioritize your basic needs like food and shelter before diving into investments. Savings for emergencies can also be beneficial. If someone has responsibilities and lacks a stable income, it's best to focus on establishing a reliable source of income first. Building knowledge about Bitcoin investments is valuable and when income exceeds basic needs, starting with small investments using methods like Dollar-Cost Averaging (DCA) can be a good approach. Setting goals is such a crucial part of the Bitcoin hodling journey. It keeps you focused and motivated and it's amazing how it helps you avoid distractions. When you have clear goals in mind, every time you see your Bitcoin, it reminds you of what you're working towards. Starting with setting the quantity of Bitcoin you want and the duration of your hodl is a great way to begin. It's very important that one should not invest in bitcoin with money they intend to get returns immediately or urgently. It's better to invest with money meant or set aside for investment purpose.

[DiMarxist]

Hodling bitcoin for a long time investment is not difficult because all what you have to do is to prepare your capital which you want to invest in and buy bitcoin in the bear market and start the journey of hodling. And if you don't want to buy at once then you can set DCA method to buy bitcoin daily, weekly and monthly. You can select any one that is convenience with you to invest. And when you do invest, you can buy a phone which you can use as airgapped wallet so that you won't disturb yourself to check your wallet everytime.
Even though you don't have a steady income, you can still use the DCA method to accumulate more bitcoin every week. Whenever you hustle something out then you save small to buy bitcoin and that is how you will be doing to accumulate bitcoin until your portfolio go matured. And that is the start small to end big statement.

[Uhwuchukwu53]

Long time holding is a core deal for any good investor in the BTC as the results is always impressive. Op all you mentioned is very important to help whoever with the desire to hold actualize the dream, as many has made mentioned which is not too far from my idea, any investment which the investor is hoping to take income from there to run daily activities or needs hardly withstand long term holding one need set outside element that kill long term holding practice by profiling solution like emergency fund , reserve fund and diversify other means if income as this could promote and keep the investment running untouched.

[DaNNy001]

Long time holding is a core deal for any good investor in the BTC as the results is always impressive. Op all you mentioned is very important to help whoever with the desire to hold actualize the dream, as many has made mentioned which is not too far from my idea, any investment which the investor is hoping to take income from there to run daily activities or needs hardly withstand long term holding one need set outside element that kill long term holding practice by profiling solution like emergency fund , reserve fund and diversify other means if income as this could promote and keep the investment running untouched.

Omo to HODL Bitcoin for long don be the matter of discussion for long since because na watin people known as the early investors dem take cash out massively and the good thing about Bitcoin be say no matter what even till now you still fit hold am for long especially if you no how to plan yourself well because if you rush into investing in Bitcoin without having a good strategy then you might end up regretting because as your money fit increase na the same way your money sef fit take reduce wey fit come make you frustrate sell am off if you no get mind na make dem get the saying dat CRYPTO IS NOT FOR THE WEAK.

[Cryptomultiplier]

Long time holding is a core deal for any good investor in the BTC as the results is always impressive. Op all you mentioned is very important to help whoever with the desire to hold actualize the dream, as many has made mentioned which is not too far from my idea, any investment which the investor is hoping to take income from there to run daily activities or needs hardly withstand long term holding one need set outside element that kill long term holding practice by profiling solution like emergency fund , reserve fund and diversify other means if income as this could promote and keep the investment running untouched.

Omo to HODL Bitcoin for long don be the matter of discussion for long since because na watin people known as the early investors dem take cash out massively and the good thing about Bitcoin be say no matter what even till now you still fit hold am for long especially if you no how to plan yourself well because if you rush into investing in Bitcoin without having a good strategy then you might end up regretting because as your money fit increase na the same way your money sef fit take reduce wey fit come make you frustrate sell am off if you no get mind na make dem get the saying dat CRYPTO IS NOT FOR THE WEAK.

The investor that will enjoy and profit from HODLing long term, is the investor that has a steady source or sources of income. It is also an investor that knows how to oblige to the safe practices of using a hardware wallet and  is matured enough to maintain discipline despite the rise and dip of the cryptocurrency market.

If anyone does their research properly before deciding to HoDL long term, they would understand that HODLing requires a steady fraction of income at a time either quarterly or monthly or depending on ones convenience.

[Manlikefrank1]

Long time holding is a core deal for any good investor in the BTC as the results is always impressive. Op all you mentioned is very important to help whoever with the desire to hold actualize the dream, as many has made mentioned which is not too far from my idea, any investment which the investor is hoping to take income from there to run daily activities or needs hardly withstand long term holding one need set outside element that kill long term holding practice by profiling solution like emergency fund , reserve fund and diversify other means if income as this could promote and keep the investment running untouched.

Nobody fit hold investment for long time without emergency funds. This emergency funds just be like say na im be the fuel wey dey sustain investments. As car no dey fit move without fuel, na so investment no fit survive without emergency funds or other source of income.  Na this emergency funds dey fuck people up we be say dem no dey fit hold their bitcoin for long. As e be like this ba, no be every body get the idea of this emergency funds something. But e good as this forum don open people eye.

[Marykeller]

Bitcoin journey is the best journey of my life, when I knew about Bitcoin I wanted to invest on it but I hard no income because I was still struggling with finance in the university so I decided to save little by little and i saved for a year plus and then started, it was challenging sometimes especially when I had nothing to eat I will remember I have Bitcoin and that I could sell it off.

Above all, get a job or a side hustle when venturing into bitcoin investment, cos that will help you not to sell your bitcoin at any time when you have no funds to cater for your self when finances are low.

Bitcoin investment and its volatility can be frustrating and confusing for peso wey no understand how the crypto market be, as for the right time to enter the market(bearish market) and the right to take profits(bull run).

For one not to have the crypto market and its volatility confusing to them that will make them sell at loss price, em better make them have the basic knowledge of crypto before starting up their bitcoin journey so

[Felicity_Tide]

For one not to have the crypto market and its volatility confusing to them that will make them sell at loss price, em better make them have the basic knowledge of crypto before starting up their bitcoin journey so

Just the perfect word for those who are new. You see, so many people thinks that you need to acquire the depth of knowledge before you can hold a Bitcoin, which shouldn't be the case. Take a good look at the country, where we have so many uneducated but smart people who are willing to learn. The basics won't be difficult for them at all, moreover our digital device has literally become part of us, making it very easy to learn. Signals and candle sticks might not be as important to them, as we can easily identify when there is an increase in price and a decline through the current situation of the country. Which means bull and bear market won't be that difficult either.

The part were you mentioned getting a side job/side hustle is as important as well. Side hustle act as a substantial way to support your investment. When you have other available funds, the temptation to mess around with your investment is reduced.

[Zanab247]

To hodl for long no really dey easy ooh enough patient go really dey involve because Bitcoin investment is more profitable when it is been sighted for a longer term like 4 to 10 years and above and for this to be achieve patient must be involved, and it also advisable to invest that which you can afford to loss and for one to achieve holding Bitcoin for long one must set aside a reserve, emergency and float fund in case there is any unforeseen circumstances that may arise so you won't touch your Bitcoin hodling when this needs may arise.

If you plan your resources well, is very easy to hodl your coins like 4 or 10 years because you need to have other sources of income you will be using to sustain yourself till the price of your desire occurs before you can sell to make profits.

Yes, when you involve patience in your hodling, it will allow you to see the end of bear season which is a season of hodling not to experience losses in your investment, because if you sell in the bear season, it will not allow you to accumulate profits like long term hodlers.

That is why is advisable to invest what you can afford to lose because anything can happen that will make you to loss, but never you give up on your investment, because you can use another opportunity to recover all that you have loss in the past which is another advantage of hodling your BTC for long .

[Adams0001]

As a bitcoin investor, you don`t think of eating your investment capital or taking from it before you get to accumulation goal even in rainy days except its highly important probably life and death. Its good to invest in bitcoin but when you are now taking from it before even reaching your accumulation goal then you`re not acting as a good investor who has a set planned goal which is bad because in the end you will notice that you have accumulated or nothing in comparison to your investment plan because you just turn your investment to savings

Exactly, before you begin your bitcoin investment, you should invest for the long term, not hoping that whatever comes your way would touch your investment money and cure your problem. That is why it is best to have a steady income before you engage in crypto investment. I've noticed that some people who receive funds will try to invest them without leaving them for the long term because they only want to invest for the short term and think they'll make a profit, and they don't have any other source of income, so if an emergency arises, they sell the coin and may lose or profit. If you want to start your investment, the first thing you need to get is a source of income so that anytime you get problem to solve, You will not touch your investment instead, you will use the personal money you have collected as a source of income to fix the problem. Because if you invest in bitcoin for the short term, I don't think you will profitable from it. Any money you put in bitcoin or other coins should be for the long term, not for the short term, and if you have not met your aim, simply leave because touching your investment will not result in an improvement.

[Jon pyagbara]

When trying to hodl a Bitcoin for long, several qualities must be  to practice on the side of the individual, which includes discipline, patience, and a background knowledge of the rudiments of Bitcoin and crypto currencies in general.

Like you have mentioned above other things too needs to be put in to practice such as setting a goal, by setting a goal you have to define investment goals, weather you are holding for a specific price or a specific time, then we talk about understanding how the market works,  the market might go in for you and can also go against you, either way it goes you have to be ready for it,
Also using a good and well secured wallet will help keep your Bitcoin safe and secured, and also stay up to date to the happenings and trends  in the market and also considering the CDCA.

[AYOBA]

Bitcoin journey is the best journey of my life, when I knew about Bitcoin I wanted to invest on it but I had no income because I was still struggling with finance in the university so I decided to save little by little and i saved for a year plus and then started, it was challenging sometimes especially when I had nothing to eat I will remember I have Bitcoin and that I could sell it off.

Every journey starts with the decision to try so the journey of the Bitcoin investment is not a day jobs you have to start with the little amount. And the best Ideal is that since you have not any success of income what to do is that uos for to keep accumulate some of amount of money before starting investing, invest in Bitcoin deserves a lot of patience if you are out of patience is better for you not introduce yourself into that is why people's always given advice that you should learn exprences about the Bitcoin investment.

Holding bitcoin for long term is difficult and the only thing that can help you hold for long is setting out your goals and also having an emergency funds.

Not all people's are able to hold Bitcoin for long periods of time due lack of patience and holding a Bitcoin for long periods of time is best investment because is more profitable than hold and sell in a short periods of time, and that is what most people's do not understand about which mostly fall in victim of losing too much f their money in terms of investing.

[Cityhunter34]

For one to be able to hodl his or her Bitcoin for long first of all what he or she needs to do is to make sure there a steady flow of income that having like one or two source of income that will enable you not to temper with your Bitcoin holding one can easily go through there in other to settle some unforeseen circumstances that may arise.

Through the source of income you can decide to set aside some reserve fund and emergency fund incase any need arises you can also use the DCA method which help you accumulate more Bitcoin little by little either weekly or monthly as the case may be.

You are absolutely right mate because as a good investor first thing you need to do is to set up something that will be giving you money every day to avoid touch your Bitcoin investment, although one thing that is really making most people's not to hold their Bitcoin investment for a long term is lack of planning because once you plan your self very well by keeping and emergency fund you we see that it we going to help you not to temper your Bitcoin investment.