Does the DCA strategy inspire newbies to invest?

[Taskford]

Actually, you should buy what you really need, but if you don't need it, then don't buy it. A few days ago I bought a phone. I really needed the phone, so I sold my saved Bitcoin and bought a mobile phone, but it wasn't very expensive, only $215, I couldn't move forward without the phone. I had to stop all my work, and so I was forced to sell Bitcoin to meet my needs. That's why I want to say that when you really need something, you should buy it, but I won't say anything without reason because investing in Bitcoin without buying anything unnecessary will definitely be profitable.

investing in bitcoin doesn't stop you from attending to your basic needs since you only need discretionary income to invest. Your Bitcoin investment is far more valuable than any mobile phone so selling it just to acquire a mobile is wrong. Instead of selling your bitcoin stash you should have seek another alternatives such as using your reserve fund to acquire it. Tampering with your bitcoin investment should have been your last alternative instead of your first if other alternatives failed. For me, acquiring a phone worth $215 is expensive It is better to purchase a cheaper phone and use the remaining balance to invest in bitcoin.

Best to think about as Bitcoin as long term store value, then not something to accumulate without taking any precautions. If they can decide not to sell their Bitcoin and use only their discretionary income to buy their phone for important matters then its fine, but if they don't have any choice and only have their Bitcoins. Maybe he don't have a choice but to sell it, but make sure that he didn't sold all he have because his past action is so pointless.

But they better learn from this experience then correct this situation, so that by next time they need something they can somehow assure that their Bitcoin holding is fine and they are using their reserve funds or even their emergency funds if they manage to have that.

[Alonso_]

I dont see anything difficult about combining the three strategy provided you know what you are doing. An investor can be doing DCA strategy using discretionionary income and still apply the other two strategies. An extra cash may rise or a huge sum of money as a gift, an investor can decide to used this huge sum to do lump sum since the money wasn't meant for his or her expenses. It is also possible for an investor to set aside some percentage of there discretionionary income for buying the dip whenever it will occur. I don't see how combining this strategies will become a problem provided you know what you are doing.

If you are accumulating Bitcoin for sometimes and you get some extra cash all of sudden then you won't buy an expensive smartphone with that money rather you will invest all that in Bitcoin as Lump Sum investment. The reason is that as you continue to spend time in accumulating Bitcoins along with your research then you can easily see that investing in Bitcoin for long term is best idea. Whether its investment, sports or any other domain, with time we learn new techniques which help us in better handling of that particular domain. 

Actually, you should buy what you really need, but if you don't need it, then don't buy it. A few days ago I bought a phone. I really needed the phone, so I sold my saved Bitcoin and bought a mobile phone, but it wasn't very expensive, only $215, I couldn't move forward without the phone. I had to stop all my work, and so I was forced to sell Bitcoin to meet my needs. That's why I want to say that when you really need something, you should buy it, but I won't say anything without reason because investing in Bitcoin without buying anything unnecessary will definitely be profitable.

There is nothing wrong with you getting your needs, which is why it’s very important to take care of your expenses and bills before buying bitcoin, but I think you had a wrong approach with bitcoin which is why you had to sell your bitcoin to buy a new phone which is your needs, Considering that you have been investing in bitcoin for a very long time, and you have good basic knowledge about bitcoin you will not be selling your bitcoin to buy a phone when you haven’t gotten to your over accumulation stages.

Apparently, if you had started investing in bitcoin, and you had some back up funds, I don’t think you will have any need of selling your bitcoin just to buy a self phone, which is why it’s necessary that you have an emergency fund and a reserved funds set outside for situations that an unprecedented, I don’t really know how long you have been buying and stacking bitcoin, from the amount that you have mentioned I will suggest that you’re still a beginner so there is every tendency that you will make mistakes, and you can only be investing in bitcoin when you have a discretionary income from your wages that you’re paid or whatever that you’re getting money from and you have a discretionary income.

Perhaps I will obviously think that situations like this would present a different approach entirely, maybe when you have a job again, and you want to start investing in bitcoin again, you can try and have what we call basic knowledge about what bitcoin is all about, most especially having a backup funds three months into your bitcoin investment, I think that will provide you with more stability should you have any unforeseen difficulties that will require you in need of your money, so you don’t have to tamper with your bitcoin investments.

[Proty]

I dont see anything difficult about combining the three strategy provided you know what you are doing. An investor can be doing DCA strategy using discretionionary income and still apply the other two strategies. An extra cash may rise or a huge sum of money as a gift, an investor can decide to used this huge sum to do lump sum since the money wasn't meant for his or her expenses. It is also possible for an investor to set aside some percentage of there discretionionary income for buying the dip whenever it will occur. I don't see how combining this strategies will become a problem provided you know what you are doing.

If you are accumulating Bitcoin for sometimes and you get some extra cash all of sudden then you won't buy an expensive smartphone with that money rather you will invest all that in Bitcoin as Lump Sum investment. The reason is that as you continue to spend time in accumulating Bitcoins along with your research then you can easily see that investing in Bitcoin for long term is best idea. Whether its investment, sports or any other domain, with time we learn new techniques which help us in better handling of that particular domain. 

Actually, you should buy what you really need, but if you don't need it, then don't buy it. A few days ago I bought a phone. I really needed the phone, so I sold my saved Bitcoin and bought a mobile phone, but it wasn't very expensive, only $215, I couldn't move forward without the phone. I had to stop all my work, and so I was forced to sell Bitcoin to meet my needs. That's why I want to say that when you really need something, you should buy it, but I won't say anything without reason because investing in Bitcoin without buying anything unnecessary will definitely be profitable.

The reason why you sold of your bitcoin in other to get a phone is because weren't doing the right thing. It seems you may have accumulated those bitcoin with money that isn't your discretionionary funds that is while when the need for a phone arises, you were left with no other options but to fall back to your bitcoin investment. It is good to always invest in bitcoin using discretionionary income and also to set up a backup funds as we go on with our bitcoin accumulation to avoid being pushed into selling it before the anticipated timeline because of making the mistake of using money that was meant for our expenses into buying bitcoin. It may also be that you were too over aggressive in such away that you were unable to set up a backup funds.

[Obulis]

Since beginners understand less, it is better to wait to buy at a lower price in the beginning. Buy at a lower price first, but the profit will be higher in the end.

No, it's the opposite. Because you are a beginner with no bitcoin is the main reason why you don't need to wait for the price to get cheaper before buying because you don't even have any experience of the market. A no coiner or a brand new investor should start investing in bitcoin the moment he has his discretionary income available so that, you can learn by experience which is the best way of learning.

Having little knowledge is another reason why he doesn't need to wait for any reason that isn't lack of discretionary income. The more you are buying and learning continuously, the more your knowledge and confidence increases in bitcoin. DCA is a very good strategy for new investore because it gives them the opportunity to buy bitcoin weekly/monthly whenever, there discretionary income is available so that, they can increase their bitcoin stash on a regular basis.

If you're waiting for a cheap price, you will buy only little bitcoin all through your investment time because you will buy once in a while since you are like a confused person waiting clueless at the ball park of when to buy next. A lot of buying opportunities will be missed. Those waiting for the dip will regret in future when bitcoin price is very high and other are making profits you will be sitting on the fence watching.

Yes a very clear opposite.
Zubaka have to be specific in these advice or encouragement. Specificity as per telling us if you wants to talk to all the beginners or particular beginners because what is said can't be for holders, a beginners holder using DCA strategy will learn while investing small amount frequently instead of waiting for what you don't know. So it doesn't make sense to ask a newbie holder to wait for the dip much more when they're not going to talk about immediate profit.

The advice or encouragement zubaka gave is best fit for a newbie trader. Waiting to buy when the price is low to be able to make immediate profit. By so doing they will learn how trading works and that explains that most importantly a trader shouldn't buy Bitcoin at any time because of the price since they have to buy at low price.

[Joeboy]

Actually, you should buy what you really need, but if you don't need it, then don't buy it. A few days ago I bought a phone. I really needed the phone, so I sold my saved Bitcoin and bought a mobile phone, but it wasn't very expensive, only $215, I couldn't move forward without the phone. I had to stop all my work, and so I was forced to sell Bitcoin to meet my needs. That's why I want to say that when you really need something, you should buy it, but I won't say anything without reason because investing in Bitcoin without buying anything unnecessary will definitely be profitable.

Surely there are some expenses that are worthwhile, infact they are very important to the continuity of your accumulation... Like in your case it was getting a new phone since it enables you stay connected to the Internet so as to continue your Bitcoin purchasement... And so the purchasement itself isn't a problem since you need it for you accumulation, however the problematic part is the decision of you selling your holding so you could fund the purchasement of that new phone...

Truth be told, Bitcoin is a very volatile asset and so there are always chances that you could have sold your holding below the average prices that you bought it, and that could very well mean that you took a huge loss probably without even you realizing it... This is why it becomes crucial that folks as well prioritize the creation of backup/ or emergency funds,.. There shouldn't always be a trade-off so that your long-term holding don't get disrupted for whatever reasons... Andd so while you are building your Bitcoin portfolio, you are as well building your backup/or emergency funds...

[devouring-DARKNESS]

I dont see anything difficult about combining the three strategy provided you know what you are doing. An investor can be doing DCA strategy using discretionionary income and still apply the other two strategies. An extra cash may rise or a huge sum of money as a gift, an investor can decide to used this huge sum to do lump sum since the money wasn't meant for his or her expenses. It is also possible for an investor to set aside some percentage of there discretionionary income for buying the dip whenever it will occur. I don't see how combining this strategies will become a problem provided you know what you are doing.

If you are accumulating Bitcoin for sometimes and you get some extra cash all of sudden then you won't buy an expensive smartphone with that money rather you will invest all that in Bitcoin as Lump Sum investment. The reason is that as you continue to spend time in accumulating Bitcoins along with your research then you can easily see that investing in Bitcoin for long term is best idea. Whether its investment, sports or any other domain, with time we learn new techniques which help us in better handling of that particular domain. 

Actually, you should buy what you really need, but if you don't need it, then don't buy it. A few days ago I bought a phone. I really needed the phone, so I sold my saved Bitcoin and bought a mobile phone, but it wasn't very expensive, only $215, I couldn't move forward without the phone. I had to stop all my work, and so I was forced to sell Bitcoin to meet my needs. That's why I want to say that when you really need something, you should buy it, but I won't say anything without reason because investing in Bitcoin without buying anything unnecessary will definitely be profitable.

It's regrettable that you had to stop working for whatever the reason, I hope you get yourself an alternative and get back on your feet, your situation is a perfect example of why people need back up funds, let's say you had your emergency fund, your reserve fund and a bit of extra cash floating around, they would have cushioned your situation a bit, at least to a point where you might not have had to sell your bitcoin although you didn't really say for how long this happened and maybe you ran out of backup funds but you not mentioning it makes me think it simply wasn't available to mention.

[Chinesebaby]

Actually, you should buy what you really need, but if you don't need it, then don't buy it. A few days ago I bought a phone. I really needed the phone, so I sold my saved Bitcoin and bought a mobile phone, but it wasn't very expensive, only $215, I couldn't move forward without the phone. I had to stop all my work, and so I was forced to sell Bitcoin to meet my needs. That's why I want to say that when you really need something, you should buy it, but I won't say anything without reason because investing in Bitcoin without buying anything unnecessary will definitely be profitable.

It's regrettable that you had to stop working for whatever the reason, I hope you get yourself an alternative and get back on your feet, your situation is a perfect example of why people need back up funds, let's say you had your emergency fund, your reserve fund and a bit of extra cash floating around, they would have cushioned your situation a bit, at least to a point where you might not have had to sell your bitcoin although you didn't really say for how long this happened and maybe you ran out of backup funds but you not mentioning it makes me think it simply wasn't available to mention.

But it's still not an excuse for people without a backup funds not to invest in Bitcoin, because just as @Powejumboo clearly stated that he sold his Bitcoin to buy his phone, simply because he was in deep need of it, it still doesn't stop the fact that if he has the opportunity to buy more after having more funds, he won't. Because inasmuch as you sell your Bitcoin and still have the intention of buying it back when you have enough money, its definitely not a bad idea. Because we all know the importance of having basic items for work like phone and laptop, and if you are in a position to get new one for your work, you should definitely get it, because Bitcoin has come to stay and it's going nowhere. So as long as you have the mindset of investing long term, it's perfectly okay.

[Sim_card]

Actually, you should buy what you really need, but if you don't need it, then don't buy it. A few days ago I bought a phone. I really needed the phone, so I sold my saved Bitcoin and bought a mobile phone, but it wasn't very expensive, only $215, I couldn't move forward without the phone. I had to stop all my work, and so I was forced to sell Bitcoin to meet my needs. That's why I want to say that when you really need something, you should buy it, but I won't say anything without reason because investing in Bitcoin without buying anything unnecessary will definitely be profitable.

You have learned from your mistakes by not setting up an emergency funds along side with your bitcoin investment because it's clear that you phone got bad unexpectedly which you didn't plan for and because you have bitcoin investment, it became your backup funds.

I hope from henceforth, you will start focusing more on putting high percentage of your discretionary income to build your emergency funds because you have already bought some bitcoin and if you don't your investment wouldn't go well for you because more ugly situations will still pop up along the line as you're accumulating bitcoin.

I'm surprised that this is coming from a regular contributor to this thread and other similar ones but you fail to practice the right thing to prevent you from selling your bitcoin when it's not of your will.

[devouring-DARKNESS]

Actually, you should buy what you really need, but if you don't need it, then don't buy it. A few days ago I bought a phone. I really needed the phone, so I sold my saved Bitcoin and bought a mobile phone, but it wasn't very expensive, only $215, I couldn't move forward without the phone. I had to stop all my work, and so I was forced to sell Bitcoin to meet my needs. That's why I want to say that when you really need something, you should buy it, but I won't say anything without reason because investing in Bitcoin without buying anything unnecessary will definitely be profitable.

It's regrettable that you had to stop working for whatever the reason, I hope you get yourself an alternative and get back on your feet, your situation is a perfect example of why people need back up funds, let's say you had your emergency fund, your reserve fund and a bit of extra cash floating around, they would have cushioned your situation a bit, at least to a point where you might not have had to sell your bitcoin although you didn't really say for how long this happened and maybe you ran out of backup funds but you not mentioning it makes me think it simply wasn't available to mention.

But it's still not an excuse for people without a backup funds not to invest in Bitcoin, because just as @Powejumboo clearly stated that he sold his Bitcoin to buy his phone, simply because he was in deep need of it, it still doesn't stop the fact that if he has the opportunity to buy more after having more funds, he won't. Because inasmuch as you sell your Bitcoin and still have the intention of buying it back when you have enough money, its definitely not a bad idea. Because we all know the importance of having basic items for work like phone and laptop, and if you are in a position to get new one for your work, you should definitely get it, because Bitcoin has come to stay and it's going nowhere. So as long as you have the mindset of investing long term, it's perfectly okay.

It's definitely not an excuse, if s person wants to invest in bitcoin and their backup funds aren't there yet they can still invest in bitcoin, it's a good thing for people to get their priorities right, your investment should come first before you start considering setting up your emergency fund and even your reserve fund but inost cases it's better to do them side by side, while accumulating bitcoin you can also save up your emergency fund as well, do them side by side for a while until you have enough for your emergency fund and then also your reserve fund then you can concentrate more on your investment, become even more aggressive since some other things that were cutting down on their discretionary has been taken care of.

[Loyang]

Actually, you should buy what you really need, but if you don't need it, then don't buy it. A few days ago I bought a phone. I really needed the phone, so I sold my saved Bitcoin and bought a mobile phone, but it wasn't very expensive, only $215, I couldn't move forward without the phone. I had to stop all my work, and so I was forced to sell Bitcoin to meet my needs. That's why I want to say that when you really need something, you should buy it, but I won't say anything without reason because investing in Bitcoin without buying anything unnecessary will definitely be profitable.

You have learned from your mistakes by not setting up an emergency funds along side with your bitcoin investment because it's clear that you phone got bad unexpectedly which you didn't plan for and because you have bitcoin investment, it became your backup funds.


If you had created an emergency fund, you might not have faced this situation. If you had an emergency fund, you could have bought your mobile phone with the money from the emergency fund and would have been able to hold on to your investment for the long term. Every person needs to create an emergency fund as soon as they start investing. You can create investments and emergency funds in parallel while investing.

Many of us make a mistake, which is, we start investing and do not think it is necessary to create an emergency fund until we face an emergency. When we face an emergency, we regret not creating an emergency fund and learn from this mistake. But if we had focused on the emergency fund from the beginning, maybe we would not have fallen victim to this situation.

[Zackz5000]

I dont see anything difficult about combining the three strategy provided you know what you are doing. An investor can be doing DCA strategy using discretionionary income and still apply the other two strategies. An extra cash may rise or a huge sum of money as a gift, an investor can decide to used this huge sum to do lump sum since the money wasn't meant for his or her expenses. It is also possible for an investor to set aside some percentage of there discretionionary income for buying the dip whenever it will occur. I don't see how combining this strategies will become a problem provided you know what you are doing.

If you are accumulating Bitcoin for sometimes and you get some extra cash all of sudden then you won't buy an expensive smartphone with that money rather you will invest all that in Bitcoin as Lump Sum investment. The reason is that as you continue to spend time in accumulating Bitcoins along with your research then you can easily see that investing in Bitcoin for long term is best idea. Whether its investment, sports or any other domain, with time we learn new techniques which help us in better handling of that particular domain. 

Actually, you should buy what you really need, but if you don't need it, then don't buy it. A few days ago I bought a phone. I really needed the phone, so I sold my saved Bitcoin and bought a mobile phone, but it wasn't very expensive, only $215, I couldn't move forward without the phone. I had to stop all my work, and so I was forced to sell Bitcoin to meet my needs. That's why I want to say that when you really need something, you should buy it, but I won't say anything without reason because investing in Bitcoin without buying anything unnecessary will definitely be profitable.

This means you have been following this thread without understanding what JJG and some other persons have been saying here, why would you sell your Bitcoin investment to get a phone? Is that what a real investor is supposed to do? This shows that the money you have been using to accumulate Bitcoin is not what you can afford to lose ( not your discrestionary income) because if it was your discrestionary you wouldn't dare to sell your Bitcoin investment. So what happened to your emergency funds? Or you don't have? Selling some part of your Bitcoin when you have not gotten to overaccumulation stage is not advisable because you will be tempted to do it next time and it will become trading.

He is a trader and a gambler and he could also sell in lost because that's what happens to most of them, his intentions was already for a short time purpose. Most people who sold their Bitcoin years back will be regretting now that's how those who are selling off now that are supposed to be accumulating Bitcoin will regret in a long run. Bitcoin investment is a long time investment and investors should only use there discretionary income to accumulate, the DCA strategy will reduce the pressure of trying to buy all time but you can accumulate when ever your discretionary income is available be it weekly or monthly and hodl for long.

[Publictalk792]

Surely there are some expenses that are worthwhile, infact they are very important to the continuity of your accumulation... Like in your case it was getting a new phone since it enables you stay connected to the Internet so as to continue your Bitcoin purchasement... And so the purchasement itself isn't a problem since you need it for you accumulation, however the problematic part is the decision of you selling your holding so you could fund the purchasement of that new phone...

Truth be told, Bitcoin is a very volatile asset and so there are always chances that you could have sold your holding below the average prices that you bought it, and that could very well mean that you took a huge loss probably without even you realizing it... This is why it becomes crucial that folks as well prioritize the creation of backup/ or emergency funds,.. There shouldn't always be a trade-off so that your long-term holding don't get disrupted for whatever reasons... Andd so while you are building your Bitcoin portfolio, you are as well building your backup/or emergency funds...

One of the most popular mistakes newbie can make is to sell Bitcoin to get money to get new phone. As it would make it long term investment into short term cash, at worst possible moment when prices are down. By selling in downturn, as cost to something, you do not only miss money spent on that item, you also miss all profit you would have gained from buying Bitcoin later when price increased. Reason you are correct is that easiest way to prevent this forced selling is to make emergency fund at same time as your portfolio, which serves as kind of shield, preventing your investments each day to be spent and lost on basic needs. Personally, I think that you should not be able to make purchase with money you can afford to buy with your ordinary savings, and then sell your Bitcoin, as actual cost of that object can be tens of thousands of dollars in missed returns in future. In the end, back up fund is key to staying in game because you can have your future wealth increase that will cover surprises of life.

[Bd officer]

Actually, you should buy what you really need, but if you don't need it, then don't buy it. A few days ago I bought a phone. I really needed the phone, so I sold my saved Bitcoin and bought a mobile phone, but it wasn't very expensive, only $215, I couldn't move forward without the phone. I had to stop all my work, and so I was forced to sell Bitcoin to meet my needs. That's why I want to say that when you really need something, you should buy it, but I won't say anything without reason because investing in Bitcoin without buying anything unnecessary will definitely be profitable.

It seems that your plan was not right and you did not take the necessary steps to maintain the holding for the long term. If you sell Bitcoin for your urgent need, then it cannot be called a long-term investment. Actually, if you are in profit, then selling the investment is not a wrong decision, but if you hold it for a long time, you can make more profit, so you should keep the investment for a long time. And were you in profit when you sold Bitcoin? Anyway, many people have mentioned emergency funds above, so you should pay attention to your emergency fund so that you do not have to face such a situation again in the future. And you should try to invest in DCA strategy with your discretionary income.

[cyberninja2]

It seems that your plan was not right and you did not take the necessary steps to maintain the holding for the long term. If you sell Bitcoin for your urgent need, then it cannot be called a long-term investment. Actually, if you are in profit, then selling the investment is not a wrong decision, but if you hold it for a long time, you can make more profit, so you should keep the investment for a long time. And were you in profit when you sold Bitcoin? Anyway, many people have mentioned emergency funds above, so you should pay attention to your emergency fund so that you do not have to face such a situation again in the future. And you should try to invest in DCA strategy with your discretionary income.

This is more appropriate for the short term as someone investing long-term has already prepared everything they need whether for daily needs or other needs. When struggling to make long-term investments they must refrain from selling even when the situation is difficult. They simply use other methods to maintain/protect their assets for the future. Therefore long-term investments require greater financial and capital preparation to anticipate unfavorable circumstances for those who have adopted long-term methods.

This may be preferable for those lacking financial or capital resources. The right short-term approach to accumulation is investing in a way that doesn't quickly become a headache. This is likely a common practice among beginners just starting out in investing so they will understand better when they have the capital to invest long-term. Therefore investing shouldn't be rushed instead, proceed according to our expectations so that it won't become a burden on our minds.

[BluebloodCXVI]

Actually, you should buy what you really need, but if you don't need it, then don't buy it. A few days ago I bought a phone. I really needed the phone, so I sold my saved Bitcoin and bought a mobile phone, but it wasn't very expensive, only $215, I couldn't move forward without the phone. I had to stop all my work, and so I was forced to sell Bitcoin to meet my needs. That's why I want to say that when you really need something, you should buy it, but I won't say anything without reason because investing in Bitcoin without buying anything unnecessary will definitely be profitable.

It’s true that real life needs come first and should be prioritized when the need be, but I’ll still say that you fell short in the aspect of preparation and that’s why you had to sell from your stash to purchase that phone. I believe with better planning, you wouldn’t have needed to sell your bitcoin in the first place at all unless you have reached your accumulation target already.
Now To prevent something like this from happening again in the future ,it would be wise to separate emergency funds/essential funds from investment funds and also try to avoid over-allocating funds into bitcoin without keeping enough liquid cash. that way you can be able to handle unexpected expenses without disrupting your long term investment position.

[Cyber_warrior]

It seems that your plan was not right and you did not take the necessary steps to maintain the holding for the long term. If you sell Bitcoin for your urgent need, then it cannot be called a long-term investment. Actually, if you are in profit, then selling the investment is not a wrong decision, but if you hold it for a long time, you can make more profit, so you should keep the investment for a long time. And were you in profit when you sold Bitcoin? Anyway, many people have mentioned emergency funds above, so you should pay attention to your emergency fund so that you do not have to face such a situation again in the future. And you should try to invest in DCA strategy with your discretionary income.

As long as you sell after getting any little profits then you're not a long term holder, you're to be called a trader because that's a traders mindset. The difference between traders and investors is the discipline and patience to withstand every pressure along the way and also to understand that taking short term profit is not the end goal but securing the future is. So saying that selling your investment when you're in profit is  wrong, it means you were not fully prepared financially.

As a long term investors you have to have the mindset of holding for long and not dip into your investment every little time, it won't let your investment grow as it should and if you keep taking profits everytime how do you intend to achieve your future goals.

[Bright0515]

If they can decide not to sell their Bitcoin and use only their discretionary income to buy their phone for important matters then its fine, but if they don't have any choice and only have their Bitcoins. Maybe he don't have a choice but to sell it,

I believe having a phone is part of basic needs because if you are a business person or let's just say someone who's working you need it for your business, even though you are not doing any job yet you still need it because we now live in the the digital era whereby technology is needed. So what I'm trying to say here is that all bills much be settled before investment which means if you don't have enough spare money to buy Bitcoin after all bills has been sorted out then it's fine that way, but if in the future you have sorted out your necessary bills and other important expenses and you still have some leftovers money (discretionary income) then you can continue accumulating more Bitcoin. Most importantly, before investment one should have an emergency funds so that if any emergency situation occurs they can use from their to sort them out, let's just use the phone you talked about as an example. If while accumulating Bitcoin your smart phone got lost or stolen, you can take some money from your emergency funds to buy a new smart phone because you need it.

If in the future you also want to sell your Bitcoin after making some profits, you don't need to sell all of them just a little figure will be okay, starting to accumulate Bitcoin all over again won't be easy but if you had some Bitcoin remaining you can easily continue accumulating from there. Even in the future Bitcoin will continue to rise, now let's just imagine you sold all your Bitcoin and suddenly Bitcoin skyrocket to a more higher price, there's no way that you won't regret. You might feel emotional and start regretting (which you had know you would have hold more longer or kept some Bitcoin). From my own perspectives I believe those who sold all their Bitcoin are already missing more better opportunities right now.

As an investor, you need to have a plan and a strategy, you don't just get into Bitcoin without have basic knowledge or let's just say common sense which probably includes a strategy, with all this I'm very much sure that thing will be a lot more easier as you get started.

[Tongley]

It seems that your plan was not right and you did not take the necessary steps to maintain the holding for the long term. If you sell Bitcoin for your urgent need, then it cannot be called a long-term investment. Actually, if you are in profit, then selling the investment is not a wrong decision, but if you hold it for a long time, you can make more profit, so you should keep the investment for a long time. And were you in profit when you sold Bitcoin? Anyway, many people have mentioned emergency funds above, so you should pay attention to your emergency fund so that you do not have to face such a situation again in the future. And you should try to invest in DCA strategy with your discretionary income.

If you sell your investment before the expiry of the period and even if you have made a profit, you are not a real investor. The characteristics that I have observed so far in a real investor are.

• Holding until the expiry of the period.
• Implementing all the measures to be taken to protect the holding in full.
• Even after the expiry of the investment period, they do not sell their entire holding but gradually enjoy some profit.
• Always continue to buy depending on the financial situation.

I have seen these things in front of some people and I have learned some things from JayJuanGee's comments. What you are saying is completely listening to a trader, I think we will not be wrong if we call them traders

[Y3shot]

It’s true that real life needs come first and should be prioritized when the need be, but I’ll still say that you fell short in the aspect of preparation and that’s why you had to sell from your stash to purchase that phone. I believe with better planning, you wouldn’t have needed to sell your bitcoin in the first place at all unless you have reached your accumulation target already.
Now To prevent something like this from happening again in the future ,it would be wise to separate emergency funds/essential funds from investment funds and also try to avoid over-allocating funds into bitcoin without keeping enough liquid cash. that way you can be able to handle unexpected expenses without disrupting your long term investment position.

This is why preparation and good planning are very vital in bitcoin investment. Where there is no planning, your bitcoin investment will always be an option when emergency demands arise. Because of cases like this, it is very important to have an emergency fund and to also set discretionary income. At least this will help one to invest and also have money for other demands.

When there is no plan, you channel all your income incorrectly, and it becomes a serious problem when financial demands arise. It is impossible to overlook them because they are necessities, even if bitcoin investment is important too.

[New Judgement]

Actually, you should buy what you really need, but if you don't need it, then don't buy it. A few days ago I bought a phone. I really needed the phone, so I sold my saved Bitcoin and bought a mobile phone, but it wasn't very expensive, only $215, I couldn't move forward without the phone. I had to stop all my work, and so I was forced to sell Bitcoin to meet my needs. That's why I want to say that when you really need something, you should buy it, but I won't say anything without reason because investing in Bitcoin without buying anything unnecessary will definitely be profitable.

You should learn from this experience and build yourself up so that in the future you won’t find yourself in circumstances like this. You left your bitcoin investment exposed. So if it were a problem that was bigger than $215 you would emptied your portfolio and become a no coiner. If I were in your shoe, I wouldn’t turn to my bitcoin directly. I will take a loan and get myself a phone. Then reduce the allocation I use in buying bitcoin weekly or monthly till I fully repay the loan before returning it to the previous allocation. Then start building up emergency and backup funds accounts to avoid finding myself in similar situation in the future.