Does the DCA strategy inspire newbies to invest?

[Hardyrobust]

There is no need for that in my view, it is better to take action as soon as we possess even a minimal amount of knowledge. Fundamentally, waiting leads to regression in our pursuit of our goals.

Moreover, by taking action we gain both experience and knowledge simultaneously. I fully agree with your idea that acquiring knowledge should happen through action rather than waiting; we maximize our knowledge when we are actively engaged in the process. Therefore, moving forward I will prioritize active involvement in my journey of accumulating Bitcoin, as this engagement makes it easier to acquire the necessary knowledge and experience.

Thus, when we have discretionary income available, I believe it is better to start immediately rather than delaying in hopes of gaining experience first to ensure a more guided approach later. To me, waiting for that reason reflects a lack of the courage needed to take the necessary steps—steps that must be tested if we are to achieve our desires through effort grounded in our own experience and knowledge.

It is not always true that waiting will lead to regression.Taking some time to learn, understand the risks and create security setups can also be part of progress. Procrastinating indefinitely and consciously taking some time to prepare before making a decision is not the same thing. In my opinion, acquiring basic knowledge to avoid big mistakes, starting with small amounts, gaining real experience, and learning more at the same time is the most correct, accurate, and safe way to invest in Bitcoin.

On the other hand, there is no universal rule that says someone has to immediately invest in Bitcoin just because they have discretionary income. Investing should be a personal choice for everyone, it should never be mandatory for anyone. Discretionary income simply means that there is money left over after necessary expenses. It does not, by itself, prove that investing that money in Bitcoin is the right decision for that person or that it will guarantee a profit.

You can do all those after you've figured out how to buy and store Bitcoin properly, you could be taking some time to learn while Bitcoin is improves to a higher point than the current price, so buying while trying to understand it better is a good approach than talking time to learn without having coin in the portfolio.

 What made someone realise that the discretionary fund is needed for investment is enough to let the person figure out how to buy and store Bitcoin atleast so why waiting when the discretionary fund is available? It's not like figuring how to Buy and hold Bitcoin takes too long to understand, a single day is enough to figure it out.

Theree is need for an investor to have the right mindset before they can start accumulating bitcoin as this will help then to be able to hold bitcoin for a long term. The reason why most people end up selling there bitcoin is because they started buying bitcoin with the wrong mindset . There are people that feel that once they invest in bitcoin that they would probably cash out a huge amount of becomes rich within a month's. So having the right mindset before starting will definitely help investor to avoid this mistake of thinking that bitcoin is a get rich quick scheme. For getting started, figuring out our discretionary is the most important thing and having the right mindset then every other thing about bitcoin can be learn as we continue with our bitcoin investment.

[Stive009]

There is no need for that in my view, it is better to take action as soon as we possess even a minimal amount of knowledge. Fundamentally, waiting leads to regression in our pursuit of our goals.

Moreover, by taking action we gain both experience and knowledge simultaneously. I fully agree with your idea that acquiring knowledge should happen through action rather than waiting; we maximize our knowledge when we are actively engaged in the process. Therefore, moving forward I will prioritize active involvement in my journey of accumulating Bitcoin, as this engagement makes it easier to acquire the necessary knowledge and experience.

Thus, when we have discretionary income available, I believe it is better to start immediately rather than delaying in hopes of gaining experience first to ensure a more guided approach later. To me, waiting for that reason reflects a lack of the courage needed to take the necessary steps—steps that must be tested if we are to achieve our desires through effort grounded in our own experience and knowledge.

It is not always true that waiting will lead to regression.Taking some time to learn, understand the risks and create security setups can also be part of progress. Procrastinating indefinitely and consciously taking some time to prepare before making a decision is not the same thing. In my opinion, acquiring basic knowledge to avoid big mistakes, starting with small amounts, gaining real experience, and learning more at the same time is the most correct, accurate, and safe way to invest in Bitcoin.

On the other hand, there is no universal rule that says someone has to immediately invest in Bitcoin just because they have discretionary income. Investing should be a personal choice for everyone, it should never be mandatory for anyone. Discretionary income simply means that there is money left over after necessary expenses. It does not, by itself, prove that investing that money in Bitcoin is the right decision for that person or that it will guarantee a profit.

You can do all those after you've figured out how to buy and store Bitcoin properly, you could be taking some time to learn while Bitcoin is improves to a higher point than the current price, so buying while trying to understand it better is a good approach than talking time to learn without having coin in the portfolio.

 What made someone realise that the discretionary fund is needed for investment is enough to let the person figure out how to buy and store Bitcoin atleast so why waiting when the discretionary fund is available? It's not like figuring how to Buy and hold Bitcoin takes too long to understand, a single day is enough to figure it out.

Theree is need for an investor to have the right mindset before they can start accumulating bitcoin as this will help then to be able to hold bitcoin for a long term. The reason why most people end up selling there bitcoin is because they started buying bitcoin with the wrong mindset . There are people that feel that once they invest in bitcoin that they would probably cash out a huge amount of becomes rich within a month's. So having the right mindset before starting will definitely help investor to avoid this mistake of thinking that bitcoin is a get rich quick scheme. For getting started, figuring out our discretionary is the most important thing and having the right mindset then every other thing about bitcoin can be learn as we continue with our bitcoin investment.

I will tell those who invest in Bitcoin hoping to get rich in 1 month or overnight brother this is your gambling mentality not investing.
Many people come to Bitcoin thinking that if they put in $1,000 today they will be able to withdraw double the amount invested next month. They expect huge profits overnight without understanding the market cycle.
When you invest with a timeframe of just 1 month then you are not an investor but a gambler. Because of this impatience these people buy when the market is pumping and sell at a loss for fear of the market dropping 10-20%. And they blame their greed on Bitcoin.
If you want to succeed in Bitcoin you have to throw the get rich quick mentality in the dustbin.

[BluebloodCXVI]

It is not always true that waiting will lead to regression.Taking some time to learn, understand the risks and create security setups can also be part of progress. Procrastinating indefinitely and consciously taking some time to prepare before making a decision is not the same thing. In my opinion, acquiring basic knowledge to avoid big mistakes, starting with small amounts, gaining real experience, and learning more at the same time is the most correct, accurate, and safe way to invest in Bitcoin.

On the other hand, there is no universal rule that says someone has to immediately invest in Bitcoin just because they have discretionary income. Investing should be a personal choice for everyone, it should never be mandatory for anyone. Discretionary income simply means that there is money left over after necessary expenses. It does not, by itself, prove that investing that money in Bitcoin is the right decision for that person or that it will guarantee a profit.

Perhaps you may be right to an extent but do you know that sometimes waiting and “preparing” can just be a polite way of sitting on the sidelines while the train leaves you behind at the station?

Bitcoin is not gonna be waiting for anybody to finish their research phase first before it does whatever the fuck it wants to do.

So if you know that you already have discretionary income available to you but you still keep on making constant excuses not to act, then that is not you being careful anymore, you’re simply just choosing to have zero exposure to the bitcoin market.

You certainly don’t need to know everything about bitcoin first before you can start to ongoingly make purchases.
You can just keep learning while still gradually building your position.

[Moreno233]

It is not always true that waiting will lead to regression.Taking some time to learn, understand the risks and create security setups can also be part of progress. Procrastinating indefinitely and consciously taking some time to prepare before making a decision is not the same thing. In my opinion, acquiring basic knowledge to avoid big mistakes, starting with small amounts, gaining real experience, and learning more at the same time is the most correct, accurate, and safe way to invest in Bitcoin.

On the other hand, there is no universal rule that says someone has to immediately invest in Bitcoin just because they have discretionary income. Investing should be a personal choice for everyone, it should never be mandatory for anyone. Discretionary income simply means that there is money left over after necessary expenses. It does not, by itself, prove that investing that money in Bitcoin is the right decision for that person or that it will guarantee a profit.

Your statement makes you appear like a trader who have studied technical analysis to the extent of cultivating the illusion that they have mastered the market. You cannot understand the market so well to the point of knowing with certainty where and when certain things will happen so thinking thaf you are mitigating against risk by waiting for the market is same thing like opening yourself up for mistakes and even bigger risks.

If we discuss sustainability,  then you will agree with me that waiting for the dip is a bad decision because it is never sustainable. A lot of things can go wrong due to waiting for the perfect time to be when there is nothing like perfect time in Bitcoin investing. So it is always better to adopt a continuous accumulation approach with long term goal so that you will not exhibit fear or worries when markets is taking its time to go through its phases.

[Sticky Bomb]

I will tell those who invest in Bitcoin hoping to get rich in 1 month or overnight brother this is your gambling mentality not investing.
Many people come to Bitcoin thinking that if they put in $1,000 today they will be able to withdraw double the amount invested next month. They expect huge profits overnight without understanding the market cycle.

This is the attitude when people have been exposed to countless shitcoin, that they believe every investment should take that pattern, but they end up frustrated because bitcoin is not predictable and it is best going long-term in it rather than trying to gamble around it. Most people in this category don't invest with their discretionary income, which is the reason they stand on their toes every time the market moves against their position and I wonder what benefits they gain from going into an investment which they don't have any peace of mind.

DCA enables Investing into bitcoin with a long-term timeline solely from your discretionary income, and this is the best since you are only accumulating more and more bitcoin periodically and holding, without allowing the market sentiments to prompt your decisions. Another helpful practice is building backup funds alongside your buying and holding bitcoin. If you have good backup funds in place, it would be easier to maintain your portfolio for long since you have good cash reserves to attend to your needs and also prepare for emergencies, thereby having no  need to tamper your portfolio for survival.

[Creeper0]

It is not always true that waiting will lead to regression.Taking some time to learn, understand the risks and create security setups can also be part of progress. Procrastinating indefinitely and consciously taking some time to prepare before making a decision is not the same thing. In my opinion, acquiring basic knowledge to avoid big mistakes, starting with small amounts, gaining real experience, and learning more at the same time is the most correct, accurate, and safe way to invest in Bitcoin.

On the other hand, there is no universal rule that says someone has to immediately invest in Bitcoin just because they have discretionary income. Investing should be a personal choice for everyone, it should never be mandatory for anyone. Discretionary income simply means that there is money left over after necessary expenses. It does not, by itself, prove that investing that money in Bitcoin is the right decision for that person or that it will guarantee a profit.

What do you mean by basic knowledge? Basic knowledge generally does not mean that a person needs to know much about it except to know whether they have discretionary funds or not or whether they have calculated it correctly. Yes, there are people who do not have a single bit of knowledge about Bitcoin, they have just heard about Bitcoin and are willing to invest. Such a person can start investing by just figuring out how to buy Bitcoin and whether they are able to calculate discretionary income. One can start investing with a small amount of money and start gaining knowledge and as his knowledge increases, he can increase the amount of his investment.

[manisell]

It works for me, and I always recommend it to anyone who's interested and curious about getting started. It's simple enough and gives you time to get familiar. Also, you're not constantly fixated on the price.

[Silikiem]

There is no need for that in my view, it is better to take action as soon as we possess even a minimal amount of knowledge. Fundamentally, waiting leads to regression in our pursuit of our goals.

Moreover, by taking action we gain both experience and knowledge simultaneously. I fully agree with your idea that acquiring knowledge should happen through action rather than waiting; we maximize our knowledge when we are actively engaged in the process. Therefore, moving forward I will prioritize active involvement in my journey of accumulating Bitcoin, as this engagement makes it easier to acquire the necessary knowledge and experience.

Thus, when we have discretionary income available, I believe it is better to start immediately rather than delaying in hopes of gaining experience first to ensure a more guided approach later. To me, waiting for that reason reflects a lack of the courage needed to take the necessary steps—steps that must be tested if we are to achieve our desires through effort grounded in our own experience and knowledge.

It is not always true that waiting will lead to regression.Taking some time to learn, understand the risks and create security setups can also be part of progress. Procrastinating indefinitely and consciously taking some time to prepare before making a decision is not the same thing. In my opinion, acquiring basic knowledge to avoid big mistakes, starting with small amounts, gaining real experience, and learning more at the same time is the most correct, accurate, and safe way to invest in Bitcoin.

On the other hand, there is no universal rule that says someone has to immediately invest in Bitcoin just because they have discretionary income. Investing should be a personal choice for everyone, it should never be mandatory for anyone. Discretionary income simply means that there is money left over after necessary expenses. It does not, by itself, prove that investing that money in Bitcoin is the right decision for that person or that it will guarantee a profit.

You can do all those after you've figured out how to buy and store Bitcoin properly, you could be taking some time to learn while Bitcoin is improves to a higher point than the current price, so buying while trying to understand it better is a good approach than talking time to learn without having coin in the portfolio.

 What made someone realise that the discretionary fund is needed for investment is enough to let the person figure out how to buy and store Bitcoin atleast so why waiting when the discretionary fund is available? It's not like figuring how to Buy and hold Bitcoin takes too long to understand, a single day is enough to figure it out.

Theree is need for an investor to have the right mindset before they can start accumulating bitcoin as this will help then to be able to hold bitcoin for a long term. The reason why most people end up selling there bitcoin is because they started buying bitcoin with the wrong mindset . There are people that feel that once they invest in bitcoin that they would probably cash out a huge amount of becomes rich within a month's. So having the right mindset before starting will definitely help investor to avoid this mistake of thinking that bitcoin is a get rich quick scheme. For getting started, figuring out our discretionary is the most important thing and having the right mindset then every other thing about bitcoin can be learn as we continue with our bitcoin investment.

I will tell those who invest in Bitcoin hoping to get rich in 1 month or overnight brother this is your gambling mentality not investing.
Many people come to Bitcoin thinking that if they put in $1,000 today they will be able to withdraw double the amount invested next month. They expect huge profits overnight without understanding the market cycle.
When you invest with a timeframe of just 1 month then you are not an investor but a gambler. Because of this impatience these people buy when the market is pumping and sell at a loss for fear of the market dropping 10-20%. And they blame their greed on Bitcoin.
If you want to succeed in Bitcoin you have to throw the get rich quick mentality in the dustbin.

The truth about this is that, most newbies comes to bitcoin investment with little or zero experience or understanding about how the market volatility operates, most of them decides to join bitcoin investment probably because they’ve seen or might have heard that a certain guy is doing so well in bitcoin investment, and they only thought the success of this guy happens overnight , they don’t really know how long the particular guy have been secretly accumulating and investing in bitcoin. By so doing, they also want to join so that they can also be like this guy, and as a result they start investing without taking proper account of their financial position, setting their priorities first especially taking care of their basic needs, they go all in with the mindset that afterwards, after few days the money will multiply and then they will be rich. But as the day goes by they waited to see results but instead of multiplying, reverse is the case. It is from this point they will start getting to understand that it doesn’t work the way they thought, and since they already might have invested with the amount they couldn’t afford to lose, they starts panicking and sell for fear of further losses, that was my experience when I got started. Bitcoin investment is a long term investment and so expecting quick profit might end up getting you disappointed because bitcoin is very volatile and for this reason folks should only invest with a discretionary income while adopting the DCA strategy to enable them still buy bitcoin at any market price and HODL patiently weather their entry level is when the market is pumping or not. Because obviously newbies are encouraged to set their goal on regular or consistent accumulation of bitcoin at any market price and hold to gradually build up a decent portfolio for long term gains.

[Jostern]

A wise investor will invest with his discretionary income and to be able to figure out a discretionary income they need to have a good financial management skill, so as they don’t end up investing with money meant to sort out their basic needs or the one they cannot afford to lose.

You don't need a good financial management skills to figure out your discretionary income neither, do you need financial management skills to get started with your bitcoin investment. Common sense is enough for a brand new investor to use to figure out his discretionary income because it's taking care of your basic needs and monthly expenses then the leftover is your discretionary income and that's what you need to invest into bitcoin.

Common sense does not help anyone to calculate their discretionary funds.  In order to calculate discretionary funds they need to be able to add and subtract and maybe even to figure out the difference between needs and wants.

If a person is not able to add/subtract or to figure out their discretionary funds, then common sense might tell them to spend time to learn and to practice how so that mistakes are not made.

It's when you have started your bitcoin investment that you need to start learning a good financial management skills and put it into practice in order to sustain you in your long term bitcoin accumulation goal without overdoing it because it will enable you use the right amount of money for the right purpose. All a beginner needs is his discretionary income and where to buy his first bitcoin from in order for him to start his bitcoin investment.

Practice does help us to get better at things that we don't know.

You’re completely correct, common sense doesn’t help anyone to have a discretionary income, common sense doesn’t help anyone to know there discretionary income, what an investor needs to do is figure out their discretionary income is by trying to know their needs and wants.

However we can apply different factors that would help us to manage our financial capabilities, there are times that we can try cutting off some unnecessary expenses, things that might not really be important to us, and knowing how to apply some financial audit, oh yes getting started is very important and necessary because that is the only opportunity of having experience.

As soon as we know our discretionary income, it’s better to start immediately that is our starting point which is very important to know our starting point of bitcoin investment.

[Tongley]

The truth about this is that, most newbies comes to bitcoin investment with little or zero experience or understanding about how the market volatility operates, most of them decides to join bitcoin investment probably because they’ve seen or might have heard that a certain guy is doing so well in bitcoin investment, and they only thought the success of this guy happens overnight , they don’t really know how long the particular guy have been secretly accumulating and investing in bitcoin. By so doing, they also want to join so that they can also be like this guy, and as a result they start investing without taking proper account of their financial position, setting their priorities first especially taking care of their basic needs, they go all in with the mindset that afterwards, after few days the money will multiply and then they will be rich. But as the day goes by they waited to see results but instead of multiplying, reverse is the case. It is from this point they will start getting to understand that it doesn’t work the way they thought, and since they already might have invested with the amount they couldn’t afford to lose, they starts panicking and sell for fear of further losses, that was my experience when I got started. Bitcoin investment is a long term investment and so expecting quick profit might end up getting you disappointed because bitcoin is very volatile and for this reason folks should only invest with a discretionary income while adopting the DCA strategy to enable them still buy bitcoin at any market price and HODL patiently weather their entry level is when the market is pumping or not. Because obviously newbies are encouraged to set their goal on regular or consistent accumulation of bitcoin at any market price and hold to gradually build up a decent portfolio for long term gains.

You don't need to know much to start investing. If a person is able to calculate discretionary income, they can easily start investing and start investing and gain knowledge and expertise.

As you said, experience is needed to start investing, if a person does not invest, how will he gain experience. If you want to gain experience in any field, then you must do that and gradually you will be able to gain experience. Start investing with a small amount first and start investing and gain knowledge and expertise, all at the same time, it will be the best decision.

[NewRevelation]

It is not always true that waiting will lead to regression.Taking some time to learn, understand the risks and create security setups can also be part of progress. Procrastinating indefinitely and consciously taking some time to prepare before making a decision is not the same thing. In my opinion, acquiring basic knowledge to avoid big mistakes, starting with small amounts, gaining real experience, and learning more at the same time is the most correct, accurate, and safe way to invest in Bitcoin.

How long do you intend to wait @abaeze? Or perhaps, how long will it take you to learn or gather all the basic knowledge you claim is important and necessary before starting your investment?  Come to think of it, how do you even gain real experience when you haven't started investing, since you proposed above that gaining real experience is necessary.

All a newbie needs to get started with his investment is been able to figure out what his discretionary income is. If such a person has a common sense, then he should be able to buy Bitcoin gradually. For the sake of the lacked knowledge that you mentioned, an investor can start out with small amounts as a beginner while he gets familiar with some certain things, and most importantly, also learns the best way to manage his income and also allocate them properly to meet up his demands and investment.

The truth about this is that, most newbies comes to bitcoin investment with little or zero experience or understanding about how the market volatility operates, most of them decides to join bitcoin investment probably because they’ve seen or might have heard that a certain guy is doing so well in bitcoin investment, and they only thought the success of this guy happens overnight , they don’t really know how long the particular guy have been secretly accumulating and investing in bitcoin.

Yea, this is true, and thats why the DCA plays an important role for them since they can liverage on the freedom of the DCA by starting there investments with little amounts even though they have bigger discretionary amounts. This is to help them adjust properly and learn better ways to manage there income and/or allocations. If after the investor must have gained a balance or confidence, he can freely increase his accumulation amount to meet up his original intentiona or target.

[Pakistani Shaheen]

You don't need to know much to start investing. If a person is able to calculate discretionary income, they can easily start investing and start investing and gain knowledge and expertise.

As you said, experience is needed to start investing, if a person does not invest, how will he gain experience. If you want to gain experience in any field, then you must do that and gradually you will be able to gain experience. Start investing with a small amount first and start investing and gain knowledge and expertise, all at the same time, it will be the best decision.

You should do it by trial and mistake, but it is not a great idea if you are at the same time taking a money risk that you cannot pay for. But it is fine to go step by step, as long as you are aware of the changes in price. I am a trader and know almost everything. But for Bitcoin I always use DCA.

Do not wait until you are an expert, was said. The first, and most important thing to know, is the very basics that bitcoin can lose 50%. If you have read this and you want to quit, you are not ready yet, no matter how much you put in.

I lost much in Coldcard issue but I will start it again and profit which I get from every trade I do the DCA in Bitcoin.

[samadam007]

Theree is need for an investor to have the right mindset before they can start accumulating bitcoin as this will help then to be able to hold bitcoin for a long term. The reason why most people end up selling there bitcoin is because they started buying bitcoin with the wrong mindset . There are people that feel that once they invest in bitcoin that they would probably cash out a huge amount of becomes rich within a month's. So having the right mindset before starting will definitely help investor to avoid this mistake of thinking that bitcoin is a get rich quick scheme. For getting started, figuring out our discretionary is the most important thing and having the right mindset then every other thing about bitcoin can be learn as we continue with our bitcoin investment.

And what’s your definition of the right mindset folks should have before investing? Because everyone have different interpretation of it(even traders). A person does not need to have any perfect mindset before he can start accumulating Bitcoin. What he needs to start is calculating his discretionary income and having a solid plan to help him stay invested. Don’t create unnecessary barrier.

DCA itself can even help to build whatever qualities that you’re calling “right mindset”. When someone follows a sustainable DCA plan, they learn consistency, patience and discipline over time.
They also get to experience Bitcoin volatility and understand that it’s a long term asset, not something that should be traded for quick profit

[Tonimez]

[Edited out]

Theree is need for an investor to have the right mindset before they can start accumulating bitcoin as this will help then to be able to hold bitcoin for a long term. The reason why most people end up selling there bitcoin is because they started buying bitcoin with the wrong mindset . There are people that feel that once they invest in bitcoin that they would probably cash out a huge amount of becomes rich within a month's. So having the right mindset before starting will definitely help investor to avoid this mistake of thinking that bitcoin is a get rich quick scheme. For getting started, figuring out our discretionary is the most important thing and having the right mindset then every other thing about bitcoin can be learn as we continue with our bitcoin investment.

How long do you suppose it takes a beginner to gain the right mindset in bitcoin investment? Does he need more years or months or days to have the right mindset? The irony is that we spend more time on trying to learn what you may never learn and hiding it under the guise of learning the right mindset of which I doubt it takes beyond minutes to learn. A beginner wants to invest in bitcoin: he must have heard about it from friends, he has likely read about it on the media, he has his Discretionary income ready". What does he do, he decides to hold the future by buying bitcoin first. As long as he has bought the bitcoin with his Discretionary income, he would have  all the time to learn every other thing.

A beginner only has to understand that he is investing for the future, say 4 to 10 years as his initial HODLing period. During this timeframe, he may have seen reason to see his bitcoin as his retirement plan if he has actually been true to himself, investing with only his Discretionary income.

The real challenge is in breaking out of that initial confused state or whether or not a person should invest in bitcoin. If a folk has gone past the initial period, he has a stronger mind and uses their experience to HODL further. You may think you are trying to develop the right mindset and you will end up never investing in bitcoin.

[Edited out]

I will tell those who invest in Bitcoin hoping to get rich in 1 month or overnight brother this is your gambling mentality not investing.
Many people come to Bitcoin thinking that if they put in $1,000 today they will be able to withdraw double the amount invested next month. They expect huge profits overnight without understanding the market cycle.
When you invest with a timeframe of just 1 month then you are not an investor but a gambler. Because of this impatience these people buy when the market is pumping and sell at a loss for fear of the market dropping 10-20%. And they blame their greed on Bitcoin.
If you want to succeed in Bitcoin you have to throw the get rich quick mentality in the dustbin.

You're right but still, don't think that when a person is able to hold his bitcoin for just one year, two years or even 3 years that he is now qualified to be called a bitcoin investor. Infact, holding bitcoin for only 4 years is still considered as a short term holding and your options are leaner as to what percentage return such person would have on his bitcoin. Bitcoin is volatile and pumps and dumps continuously and periodically shooting up beyond its previous resistance area. This is while having patience over a longer period of time raises your chances of having bitcoin shoot above various resistance periods repeatedly which means that even if you don't sell when market is at a new All time high, you may also never sell at loss because bitcoin would have consolidated far above your purchase price.

Market drop by 10 to 20% is almost the least decline that happens in bitcoin. We're currently witnessing a 50% decline from the All time high, so if a person panics at only 10 to 20% decline what would he do at this moment. Knowing what you're out for is very important as that's the passion that drives you through the thick and thin in bitcoin process.

There is no need for that in my view, it is better to take action as soon as we possess even a minimal amount of knowledge. Fundamentally, waiting leads to regression in our pursuit of our goals.

Moreover, by taking action we gain both experience and knowledge simultaneously. I fully agree with your idea that acquiring knowledge should happen through action rather than waiting; we maximize our knowledge when we are actively engaged in the process. Therefore, moving forward I will prioritize active involvement in my journey of accumulating Bitcoin, as this engagement makes it easier to acquire the necessary knowledge and experience.

Thus, when we have discretionary income available, I believe it is better to start immediately rather than delaying in hopes of gaining experience first to ensure a more guided approach later. To me, waiting for that reason reflects a lack of the courage needed to take the necessary steps—steps that must be tested if we are to achieve our desires through effort grounded in our own experience and knowledge.

It is not always true that waiting will lead to regression.Taking some time to learn, understand the risks and create security setups can also be part of progress. Procrastinating indefinitely and consciously taking some time to prepare before making a decision is not the same thing. In my opinion, acquiring basic knowledge to avoid big mistakes, starting with small amounts, gaining real experience, and learning more at the same time is the most correct, accurate, and safe way to invest in Bitcoin.

It is not fixed that wanting to wait before investing in bitcoin means you will wait indefinitely, but it exposes you to chances of waiting indefinitely. No one intentionally procrastinates, it starts from "wanting to learn more" about bitcoin and not actively buying bitcoin. You may be longing for more knowledge as would every bitcoin enthusiast, but you have to start your accumulation process. Starting will give you a practical experience while you learn and this means you're also learning better, by practice.

You may choose to waste your time to study volatility thinking you're learn basic knowledge, it's all your choice!

On the other hand, there is no universal rule that says someone has to immediately invest in Bitcoin just because they have discretionary income. Investing should be a personal choice for everyone, it should never be mandatory for anyone. Discretionary income simply means that there is money left over after necessary expenses. It does not, by itself, prove that investing that money in Bitcoin is the right decision for that person or that it will guarantee a profit.

Yeah for sure, investing in bitcoin has never been mandatory for anyone and remains a personal choice. If you decide not to invest in bitcoin no one would hold you just as no one is interested in whether you invest in bitcoin or not. Bitcoin is an open market, everyone has the right to every choice he wants. There's no rule that also says that immediately a person has discretionary income, the next thing to buy is bitcoin. You are free to spend your money the way you want as there's no amount of money that you may not also squander if you choose to do so. You can also choose a different investment area, what matters is that you're building for the future because old age and your inactive days will rely on the choices you make today.

[PhilosopherKing]

It is not always true that waiting will lead to regression.Taking some time to learn, understand the risks and create security setups can also be part of progress. Procrastinating indefinitely and consciously taking some time to prepare before making a decision is not the same thing. In my opinion, acquiring basic knowledge to avoid big mistakes, starting with small amounts, gaining real experience, and learning more at the same time is the most correct, accurate, and safe way to invest in Bitcoin.

On the other hand, there is no universal rule that says someone has to immediately invest in Bitcoin just because they have discretionary income. Investing should be a personal choice for everyone, it should never be mandatory for anyone. Discretionary income simply means that there is money left over after necessary expenses. It does not, by itself, prove that investing that money in Bitcoin is the right decision for that person or that it will guarantee a profit.

What do you mean by basic knowledge? Basic knowledge generally does not mean that a person needs to know much about it except to know whether they have discretionary funds or not or whether they have calculated it correctly. Yes, there are people who do not have a single bit of knowledge about Bitcoin, they have just heard about Bitcoin and are willing to invest. Such a person can start investing by just figuring out how to buy Bitcoin and whether they are able to calculate discretionary income. One can start investing with a small amount of money and start gaining knowledge and as his knowledge increases, he can increase the amount of his investment.

Investing in bitcoin just because of what you heard about it is a very wrong thing to do. Dude hope you know that wrong information are out there. some deranged wrongly informed fellas are good at spitting out things from their mouth. And some of this thing can be the wrong thing about bitcoin. For example, some people thinks that Bitcoin can give you fast money some even think that it is only for this rich. And anyone that just begins to invest because he heard all this that are just misinformation, then that person will keep making mistakes upon mistakes and can hardly even last long in bitcoin.

Yes, starting as soon as possible is good thing, but having a bit of research is even better. The research here is so as to clear any kind of wrong information that person may have gathered about bitcoin. But if you believe that you aren't misinformed about bitcoin, then the person can just started as soon as possible without wasting any more time.

[Hardyrobust]

Theree is need for an investor to have the right mindset before they can start accumulating bitcoin as this will help then to be able to hold bitcoin for a long term. The reason why most people end up selling there bitcoin is because they started buying bitcoin with the wrong mindset . There are people that feel that once they invest in bitcoin that they would probably cash out a huge amount of becomes rich within a month's. So having the right mindset before starting will definitely help investor to avoid this mistake of thinking that bitcoin is a get rich quick scheme. For getting started, figuring out our discretionary is the most important thing and having the right mindset then every other thing about bitcoin can be learn as we continue with our bitcoin investment.

And what’s your definition of the right mindset folks should have before investing? Because everyone have different interpretation of it(even traders). A person does not need to have any perfect mindset before he can start accumulating Bitcoin. What he needs to start is calculating his discretionary income and having a solid plan to help him stay invested. Don’t create unnecessary barrier.

DCA itself can even help to build whatever qualities that you’re calling “right mindset”. When someone follows a sustainable DCA plan, they learn consistency, patience and discipline over time.
They also get to experience Bitcoin volatility and understand that it’s a long term asset, not something that should be traded for quick profit

You don't need to have a perfect mindset before you can start accumulating bitcoin. However, it is good to have the right mindset. Bitcoin investment isn't were to make quick profit, as there are people that would invest in bitcoin with the mindset that they will cash out within a short time. Also people should learn to invest using there discretionary income and being consistent by using the DCA strategy to accumulate bitcoin continuously. With the right mindset investor can be able to hold bitcoin for a long term without been pressured into selling when they are not supposed to. So the right mindset is for an investor to used discretionary to invest, accumulate bitcoin using DCA strategy, be able to hold bitcoin and invest in bitcoin for a long term.

[JayJuanGee]

A wise investor will invest with his discretionary income and to be able to figure out a discretionary income they need to have a good financial management skill, so as they don’t end up investing with money meant to sort out their basic needs or the one they cannot afford to lose.

You don't need a good financial management skills to figure out your discretionary income neither, do you need financial management skills to get started with your bitcoin investment. Common sense is enough for a brand new investor to use to figure out his discretionary income because it's taking care of your basic needs and monthly expenses then the leftover is your discretionary income and that's what you need to invest into bitcoin.

Common sense does not help anyone to calculate their discretionary funds.  In order to calculate discretionary funds they need to be able to add and subtract and maybe even to figure out the difference between needs and wants.

If a person is not able to add/subtract or to figure out their discretionary funds, then common sense might tell them to spend time to learn and to practice how so that mistakes are not made.

It's when you have started your bitcoin investment that you need to start learning a good financial management skills and put it into practice in order to sustain you in your long term bitcoin accumulation goal without overdoing it because it will enable you use the right amount of money for the right purpose. All a beginner needs is his discretionary income and where to buy his first bitcoin from in order for him to start his bitcoin investment.

Practice does help us to get better at things that we don't know.

You’re completely correct, common sense doesn’t help anyone to have a discretionary income, common sense doesn’t help anyone to know there discretionary income, what an investor needs to do is figure out their discretionary income is by trying to know their needs and wants.

I might have mis-stated the case a wee bit, since guys seem to have had been suggesting that common sense is going to cause us to know all of the things, as if common sense is a substitute way of saying basic knowledge.   And, part of my point was that if we do not know math, then common sense is not going to teach us math.  We have to learn math.  If we do not know math, but we have common sense, then common sense might tell us that we need to learn math.

Common sense might help us to figure out the difference between needs and wants, even though sometimes our emotions can get in the way of figuring out the difference, and so sometimes even a person who has common sense might have to try to think through situations to make sure that he understands what are the relevant factors, so for example, a person with common sense would likely come to conclude that it is better to not spend more than we make... So we have to try to keep our expenses below the amount of our income, and if our income comes down, then we likely need to cut some expenses.  And maybe a person with common sense would realize that it is not a good idea to get a loan to pay for basic needs, but instead it is better to try to find a job or some other income or else we have to cut back on our basic needs and even lower our standard of living.

Common sense takes practice to make sure that we are properly thinking through matters and that includes financial matters that may well not need very many skills beyond math to figure out, yet we still might not be able to figure out financial matters, even if we have math skills, if we are not practicing.

However we can apply different factors that would help us to manage our financial capabilities, there are times that we can try cutting off some unnecessary expenses, things that might not really be important to us, and knowing how to apply some financial audit, oh yes getting started is very important and necessary because that is the only opportunity of having experience.

As soon as we know our discretionary income, it’s better to start immediately that is our starting point which is very important to know our starting point of bitcoin investment.

Another implication of getting started and practicing relates to a likely need to start out slow while we are learning, so we may well get started investing into bitcoin while knowing that we do not know a lot about bitcoin and we might even know that our cashflow management skills are not very strong, so then our recognition of our lack of knowledge, experience and/or skills will likely justify our starting out slowly and building up our bitcoin holdings while we are learning to strengthen our cashflow management skills (to the extent that our cashflow management skills need strengthening).

[Nwaswago]

Theree is need for an investor to have the right mindset before they can start accumulating bitcoin as this will help then to be able to hold bitcoin for a long term. The reason why most people end up selling there bitcoin is because they started buying bitcoin with the wrong mindset . There are people that feel that once they invest in bitcoin that they would probably cash out a huge amount of becomes rich within a month's. So having the right mindset before starting will definitely help investor to avoid this mistake of thinking that bitcoin is a get rich quick scheme. For getting started, figuring out our discretionary is the most important thing and having the right mindset then every other thing about bitcoin can be learn as we continue with our bitcoin investment.

And what’s your definition of the right mindset folks should have before investing? Because everyone have different interpretation of it(even traders). A person does not need to have any perfect mindset before he can start accumulating Bitcoin. What he needs to start is calculating his discretionary income and having a solid plan to help him stay invested. Don’t create unnecessary barrier.

DCA itself can even help to build whatever qualities that you’re calling “right mindset”. When someone follows a sustainable DCA plan, they learn consistency, patience and discipline over time.
They also get to experience Bitcoin volatility and understand that it’s a long term asset, not something that should be traded for quick profit

You don't need to have a perfect mindset before you can start accumulating bitcoin. However, it is good to have the right mindset. Bitcoin investment isn't were to make quick profit, as there are people that would invest in bitcoin with the mindset that they will cash out within a short time. Also people should learn to invest using there discretionary income and being consistent by using the DCA strategy to accumulate bitcoin continuously. With the right mindset investor can be able to hold bitcoin for a long term without been pressured into selling when they are not supposed to. So the right mindset is for an investor to used discretionary to invest, accumulate bitcoin using DCA strategy, be able to hold bitcoin and invest in bitcoin for a long term.

Someone who wants to get into Bitcoin investment can’t automatically be expected to have the discipline to hold through market volatility. That discipline is developed over time by investing only with discretionary income and following a suitable strategy, such as DCA. As they experience the market, they can gradually develop the patience and mindset needed to view Bitcoin as a long-term asset rather than something to trade for quick profits.
So, while having the right mindset is important, it doesn’t necessarily have to be perfect before someone starts. A consistent and sustainable approach can help build that mindset along the way.

[Fara Chan]

It works for me, and I always recommend it to anyone who's interested and curious about getting started. It's simple enough and gives you time to get familiar. Also, you're not constantly fixated on the price.

For those who want to continually buy Bitcoin to invest, not focusing too much on the price can also be a very good option. Investors who like to buy Bitcoin to increase their holdings aren't necessarily looking for the best price to do so consistently, so they'll keep buying regardless of the price. So, if you want to advise others about Bitcoin investment, it's a good idea to inform them about Bitcoin's volatility and the frequent price fluctuations in the market. When the people you recommend are aware of this and Bitcoin's trajectory over the past few years, they won't be immediately afraid to buy Bitcoin if they truly intend to hold Bitcoin long-term.