You don't any any kind of prepping to avoid any costly mistakes before you need to get started. Provided you have the basic knowledge of bitcoin and your discretionary income, you can start right away and learn as you go to avoid those mistakes. Bitcoin is a long-term investment which you only need to be buying with part of your discretionary income and build your emergency funds and other backup funds gradually as you are investing overtime.
I think we are just saying the same thing and you’re probably misunderstanding my point.
Do you think the basic knowledge you claim newbies need normally just fly from the sky and just dumps into their head? Not every newbies knows those basic things and when you who’s experienced in the field fill them in on those basic knowledge, that’s basically part of prepping. When I say prepping, I don’t mean having to acquire all the knowledge and when you see newbies don’t need any kinda prepping, you’re legit saying that they can literally just go in as long as they have discretionary income. Infact, some newbies don’t even know how to figure out their discretionary income, these are the kinds of prepping I’m talking about. Some newbies only hear from friends or see it online that people are really gaining financial freedom through bitcoin investment, but yet don’t have a single clue on how to go about it, do you still think such a person don’t need prepping?
No prepping needed once the newbie figures out the extent to which he has discretionary funds, he can get started investing in bitcoin.
He can use common sense to figure the extent to which he might need to learn more and the extent to which he might his adjust his starting amount up or down, since no one with common sense wants to lose money, even though with an investment, we do not necessarily look at short term profits (or losses) while we are building up our bitcoin holdings, which could take 4-10 years or longer depending on how aggressively and/or even how consistently such newbies can invest into bitcoin.
[Snip.]................The longer a guy is in and serious about bitcoin, he may well have some periods in which he is able to add a lot to his investment.. so then his overall holdings ends up getting larger and larger... so then each incremental additional amount invested is not very much as compared with what it was in the first few years of the investment... which from my point of view does not justify fucking around trying to figure out whether dip or not or what range and instead just buying every week and sure, if you are able to catch the dip in the week, no problem. If not, that also should not be a problem.. since you still were able to build your bitcoin stash and add more bitcoin to your stash, even if there might have had been some weeks that were more expensive than other weeks.
You are correct that there is no use in waiting around to get drop when data has shown that there is only small 0.77 percentage point in gains between most useful and least useful days of week to buy. Although I agree with your reason about lower small changes, I would like to tell that even in cases of caught rare quick crash, it may be of no use, but peace of mind, set buy would bring to many people is much more useful.
The purchase amounts might be small or large yet they would likely add up over the years and put the bitcoin investor in a better position for having had invested into bitcoin as compared with if he had not... especially after 4-10 years or longer and as long as he emphasize ongoing buying and holding rather than including any trading attempts or selling.
My opinion is that once you have serious amount, you should no longer think about trying to make a "deal" but just trying to get your part of set stock before the results of the halving.
Don't be fucking around trying to trade... just keep building your BTC holdings for a couple of cycles without trying to play around with the price moves within.
After a couple of cycles, you would probably be in a better place both financially and psychologically if you are not gambling with your bitcoin and trying to act as if you know which way the BTC price might or might not move.
You are correct, after all, more you put into certain item, less the amount of distraction made by weekly price change you have to listen to, and only thing you have to do is own the item.
And, you think that you are smarter because you are intending to trade longer term timeframes (such as within the cycle) rather than shorter time frames (such as weekly). I doubt that your longer time frames are going to save you from screwing up.. since DCA tends to be better for investing rather than trading, and we are talking about investing in this thread, so if you are fucking around trying to time the cycles, then you are not investing, even though you can do whatever you like.
If a guy invests $100 per week for 6 years, then over the 6 year period, he might have had gotten some purchases for less and he bought some for more, and over the 6 years, he ended up making 52 per year, which would be 312 purchases at $100 each (which ended up being $31,200 invested), which is part of the reason that any particular $100 purchase might not make much of a difference.. He might Not even have every week with the same amount of cash available, and he might have some weeks with only $10 and other weeks with $300 or more .. and so sure, he might even have had a preference to buy on the dip during the week, yet after he had invested for 6 years, and he is adding another $100 or maybe even another $500 or even $1k, it likely would not change his overall average throughout the period of 312 weeks.. and think about it.. investing $1k would be 1/31 of the size of his whole stash, and if he invests for 10 years, then his amount invested in $52,000 and if he puts in an additional $1k, then that is 1/52 of the size of his investment.
Your calculation is correct for 6 years. If someone is planning to invest for 6 years then during that course of investment he might encounter weeks in which he can invest only 10$ yet he will also have weeks in which he has more then 100$ available to invest. The main thing is that he must main consistent for that 6 years
only then he will have 52 buys.Yes. I gave you an example in which if a guy invests every week for a year then he has 52 investments after 1 year, 312 investments after 6 years and 520 investments after 10 years.
We estimate the best that we can. Of course, in the real world their is going to be variance, yet there is not need to get caught up in the weeds to be able to appreciate the thrust of the meaning of the points that are being made.
You seem to ongoingly want to get caught up proposing ways that you believe that you can outperform, and sure, maybe you might be able to do it, yet it likely is not going to make large differences in the whole scheme of things after 10 years, yet you are free to fuck around and see if there might be various ways that you might be able to do better and you might even feel better when you buy on certain dips along the way.
The longer a guy is in and serious about bitcoin, he may well have some periods in which he is able to add a lot to his investment.. so then his overall holdings ends up getting larger and larger... so then each incremental additional amount invested is not very much as compared with what it was in the first few years of the investment... which from my point of view does not justify fucking around trying to figure out whether dip or not or what range and instead just buying every week and sure, if you are able to catch the dip in the week, no problem. If not, that also should not be a problem.. since you still were able to build your bitcoin stash and add more bitcoin to your stash, even if there might have had been some weeks that were more expensive than other weeks.
Exactly that is what I was saying that if you can figure out dip yourself (which is not an easy thing) then go for it otherwise you must keep investing in Bitcoin every week. Because in the long run it doesn't matter whether you got the dip or not.
If I had gotten the sense that you were saying that, then I wouldn't have felt any need to clarify.
Our core focus must be to keep accumulating Bitcoin over a period of time and not on whether we got the dip or not. Focusing on catching the dip will divert our attention from main goal i.e. bitcoin accumulation for 6 years or more.
Exactly... and even guys who want to play around with dips may well be better off limiting how much they are setting aside to play with dips.. and if it is merely 10% or maybe 20% of their weekly allowance that is used for possible dip buying, then sure, it might mot be a BIG deal as long as the majority of their emphasis continues to be ongoingly on buying regularly, persistently, consistent on a weekly basis or whatever might be their BTC buying schedule that they have authorized for themselves..
And, sure some guys might go through some periods of experimentation, too, which there is nothing wrong with that, either, as long as they are not getting overly distracted from their main mission, which is ongoing bitcoin accumulation and building through ongoingly buying..
If we are planning for long term then it doesn't matter whether you bought Bitcoin at dip of a particular week or not.
Sure. You said what you said.
That makes sense.
DCA is what is good for the newbie bitcoiner (even though from the newbie bitcoiner's perspective, DCAing might seems as if it is too boring). Accordingly the newbie bitcoiner wants excitement, so he tries to do the exciting things in order to be inspired himself into being interested in bitcoin rather than the boring things to be plugging away at DCA building.
The mistake that those newbies in the category you described made is them thinking that the process of investment is always meant to be exciting... When folks begin treating their investments process as what is supposed to give them thrills and excitement, they have gotten it all wrong simply coz that mindset can push them slowly into the aspect of price speculations and/or trading... So DCA may seem boring, but I still agree with you Sir that it is far more better for newbies since it has the ability to placing them in a much more better positions....
Personally, I think that that there are ways to make DCA exciting too.. especially when seeing the results after 1 or 2 cycles or more..
The DCA is probably the best investment method out there but if we are just talking about newbies then there is no questions there, it is by far the best strategy s newbie can employ if they want to invest in bitcoin, it doesn't require having to wait for a particular price range to buy from and it doesn't need a huge amount of capital to start.
Newbies honestly need just one thing and that's to get started in Thier investment. There's no need to try figuring what strategy to use or what time to get started. The only thing that's more like a neccesity that every newbie ought to know before getting started in his or her investment is just how to buy bitcoin,
how to secure it, how to set the right system on ground so after buying of bitcoin they don't get to sale at loss and basically how to ensure they are not doing bad financially and that they can continue to invest not just a time but continuously.
Once a newbie has figured all these things out, the rest is mere stories because he can always learn about more complex investment fact in the process of investing. They don't need to have all things well structured just at the start of Thier investment journey.
Newbies do not need to start out with self-custody to get started, and surely they can start out by storing their coins on an exchange (if they are making their first purchases on an exchange).
If they keep buying bitcoin weekly (or however frequently), then they likely will need to learn about private storage, especially as their stash gets larger and larger.
Of course, if they are starting out investing several thousand dollars, then it makes sense to figure out self-storage in a sooner timeline, even though they might still not need to figure out self-storage prior to getting started if they feel sufficiently comfortable with the exchange that they are using, even though we know that there are exchanges that should not be trusted for keeping large amounts of coins..
