new to investing in btc

[illanz]

As someone new to investing, how can I balance regularly putting in a set amount each week with grabbing extra when prices dip to protect my money and grow it smartly over the next few years?

[apogio]

As someone new to investing, how can I balance regularly putting in a set amount each week with grabbing extra when prices dip to protect my money and grow it smartly over the next few years?

If you are ok with using a centralised exchange, like Binance, Kraken etc, they all support automatic buys and withdrawals, so you can set an order to be executed monthly.
It will, essentially, automatically buy BTC (spending a specific amount in your fiat currency) and then automatically withdraw the BTC at a specific address that you want.
The latter can be used with a threshold as well, meaning that you can say "if it reaches 0.01 btc, then withdraw, else keep accumulating".
As far as the extra payments at the dips are concerned, you can do them manually very easily.

If you are not ok with centralised exchanges, things are more complicated, but more private. You gain privacy, but you lose convenience.

Never forget one thing: Reminder: do not keep your money in online accounts

[notocactus]

As someone new to investing, how can I balance regularly putting in a set amount each week with grabbing extra when prices dip to protect my money and grow it smartly over the next few years?

Your post means you are going to do your investment with Dollar Cost Averaging aka. DCA strategy, and the DCA frequency is weekly.

Another bold part in your post likely does not express your opinion correctly, as buying dips is taking risk but at the same time believing that it can help you improve your finance, enrich your money, not protect it.

"Don't invest what you afford to lose" is a famous saying about risk and risk management in any investment. Bitcoin investment is risky but it's worth to do because chance of getting good profit is high if Bitcoin history repeats itself in future years and future market cycles.

Two example guides from Binance and OKX.

• How to Grow Your Crypto Portfolio: A Guide to Binance's Recurring Buy
• How do I set up a recurring buy plan?

[Ruttoshi]

You should first of all check your income and make total expenses of your monthly needs and expenses, take it out from your income, if there's extra, that's the money that you should use to invest in bitcoin. Don't use money for your important needs to invest but only with your extra cash.

After that, it's good that you set up an account with any reputable exchange in your country, where you can buy bitcoin with whatever method that is suitable to you, but I prefer using p2p method. Try your best to always use part of that your extra cash to invest in bitcoin whenever you receive your income overtime. If possible have a bitcoin accumulation target.

As your DCA is ongoing, it's good that you use some part of your extra cash, which means it will be nice that you share your extra cash into two part and use one to keep your DCA ongoing, while the other part to start building up an emergency funds of at least three months of your monthly income. When investing in bitcoin for long term, you need an emergency funds to be a back up to your bitcoin investment, so that when some unforeseen circumstances play around that you didn't expect, you can use your emergency funds take care of a real emergency.

Lastly, after setting up an emergency funds, you still need to set up a reserve funds by channeling the money that yiu were using to build your emergency funds initially, into building your reserve funds after that, you can DCA aggressively based on your discretionary income. Your reserve funds is what you can use to buy bitcoin when there's a dip but you don't have to stop your weekly /monthly ongoing DCA.

[CryptopreneurBrainboss]

As someone new to investing, how can I balance regularly putting in a set amount each week with grabbing extra when prices dip to protect my money and grow it smartly over the next few years?

DCA is the answer and I believe others would have done justice to what DCA is  all about and then when you noticed the market has gotten a correction that you want to take advantage of then you can add to your bag by buying more. You can do your DCA in both ways and that's buying after receiving your paycheck and also when the market has a correction. Since you're not in a rush to invest that means this strategy of investing is going to work perfectly for you. Just examine your finances to know how much you can risk comfortably and not getting into financial crisis. The investment should be for both your monthly DCA and also the correction DCA that'll come occasionally and must not be on a month basis.

[348Judah]

As someone new to investing, how can I balance regularly putting in a set amount each week with grabbing extra when prices dip to protect my money and grow it smartly over the next few years?

I have some suggestions here for you to start with.

DCA Bitcoin
https://dcabtc.com/

The use of this method or strategy to say is very important for long term investors, whereby you buy upon every dip in which the market go through and you keep on holding, i also want you to read through the use of this investment strategy before starting, i will in addition recommend the speculation thread for you to read up on what other members are discussing there in other to learn more.

Speculation thread
https://bitcointalk.org/index.php?board=57.0

Buy the DIP, and HODL!
https://bitcointalk.org/index.php?topic=5132720.0

[Zoomic]

As someone new to investing, how can I balance regularly putting in a set amount each week with grabbing extra when prices dip to protect my money and grow it smartly over the next few years?

Who are asking how you will DCA. It is simple and you understand the theory. But I am little more concerned that you mentioned weekly and also emphasized that you will buy when prices dip in order to grab extra and protect your money. Dollar Cost Averaging method of investment doesn't work that way. If you are to buy only when there is dip, it means you have to closely monitor the market everytime and you will not be able to automate your investment. This is not how DCA work. In DCA you buy consistently when the price dips, bulls or is consolidating. Consistency is the key to achieving success in DCA.

Also, I will advise that you set an amount you are able to invest weekly. Don't set too high amount that will make you to start skipping weeks. Set a realistic amount based on your income. Thanks.

[Jewan420]

As someone new to investing, how can I balance regularly putting in a set amount each week with grabbing extra when prices dip to protect my money and grow it smartly over the next few years?

When someone new wants to enter the investment, my first advice to him is to have a long-term attitude towards investment and hold the investment for a long time. I especially advise a new investor to invest in the DCA strategy.

Read about the DCA strategy: Dollar Cost Averaging Bitcoin

Even in addition to investing in the DCA strategy, you need to be more educated about investment and to increase your knowledge, you need to take more ideas about investment.

Read about Bitcoin investment ideas: JJG's Bitcoin Investment Ideas (Sustainable Withdrawal / Portfolio

Even in order to survive in the long term in investment, you should have a deep knowledge of investment management and risk management. Even you should be aware of the real problems of investment.

Read about investment management: Buy the DIP, and HODL!
                                                       Buy Buy Buy or Sell Sell Sell?

[Callido]

As someone new to investing, how can I balance regularly putting in a set amount each week with grabbing extra when prices dip to protect my money and grow it smartly over the next few years?

Threads have been shared only you can give yourself the best of what you want, access the thread try to understand all it is inside, anywhere you find less comprehensible, use your search options, and if you don't get a clear understanding, you can talk about it in the forum.

First thing you consider your channel of income, will it keep flowing continuously as you don't want to miss out since you prefer to DCA and purchase dips at the same time, you need enough cash to DCA and still get a good amount to capture dips, dips won't happen that often so you take the big opportunity as soon you face it.

[Patikno]

As someone new to investing, how can I balance regularly putting in a set amount each week with grabbing extra when prices dip to protect my money and grow it smartly over the next few years?

If you are indeed someone who is new to investing, maybe you are not familiar with the term DCA or Dollar Cost Averaging, try to learn how to do DCA. I think this method can be used to be able to take additional money when the price drops, and protect your finances, in my opinion this method can really grow or increase your profits for the long term when investing, especially in Bitcoin.

Maybe you can start DCA with funds that you can allocate for investing, do it like 1 time a week, or maybe 1 time a month consistently, so that if there is market volatility, your finances will not be affected too much compared to you putting the money that you want to be invested massively.

For reference, try reading and studying here: Kraken - How to DCA crypto

[The Cryptovator]

It's good to see you are interested in investing in Bitcoin. Before jumping into investing, you should learn a lot about Bitcoin. Since you joined the forum, you are in the right place. You can take lessons from this forum; just use the search button when you need to know anything. Otherwise, you can raise a thread if you aren't satisfied with the search result.

Simply search for what is the DCA strategy on the web, and start accumulating in the DCA strategy. I will advise to buy a hardware wallet that is open source, like Trezor. Otherwise at least use a non-custodial wallet to store your funds instead of trusting a centralised wallet or exchange. So less chance of losing your funds.

[Churchillvv]

I recommend evaluating yourself first before taking up the investment. Look into some factors like how much do you have as discretionary income, look into your expensive and so many others as everyone has different problems and issues to fix so you have to fix your personal issues and also prepare your mind for the volatile nature of bitcoin to be on the safer side and also consider the amount you're investing to be one that you can do with out and hence you can cope with the bitcoin investment this are my first steps to balance my investments.

[BitMaxz]

Nowadays, crypto exchanges have trading bots. One feature they have is spot DCA, where you can set the percentage when it triggers to buy, but doing this, you need a stable coin like USDT.
Binance exchange also has recurring buy, where you can automate a buy with your local currency. The only problem with these features is that, including spot DCA, you can not buy on the dip, but it will help you buy at a cheap if the percentage you set is triggered.

For me, don't do this in an automated if you want to hunt the dip do it manually with a bit of technical analysis, buy only when the price hits the demand zone combining it with DCA is profitable because you are buying always in the cheap price, or you can use an RSI and stochastic for oversold area 1hr time frame enough in my case to DCA everytime the price hit oversold area.
Because, without the help of indicators or a bit of analysis, you might end up buying BTC an expensive price. Not good if you do it in the long term, you can gain much better if you follow those indicators or analysis to buy BTC at a cheaper price.

[Catenaccio]

Read about the DCA strategy: Dollar Cost Averaging Bitcoin

A more useful website for DCA calculation because it has exchange fee % and % profit/ loss of each DCA investment that can help you to have more detailed plan for your DCA as well as better figures for your investment portfolio with DCA by knowing results of separated DCA investments. Generally DCA is meaningful for your whole portfolio so if one DCA investment round has % loss, it is not too important for your whole portfolio.

Dollar Cost Averaging with costavg.com include exchange fee.
https://costavg.com/

[SmartGold01]

As someone new to investing, how can I balance regularly putting in a set amount each week with grabbing extra when prices dip to protect my money and grow it smartly over the next few years?

Since you didn't care about your privacy then i wouldn't mind telling you to locate that trading platform (exchange) that are more friendly with your country to avoid being delayed. But with what you said there are possibility to regularly refill your bags when the market is dip, but storing your bitcoin in a personal wallets this requires you to keep moving your funds from place to place that is the value of the bitcoin is reducing due to constant moving in/out.

[GreatArkansas]

Most exchanges now already have this ability called DCA bot, where you can set your preference like how frequently you buy, how much worth in $ you want to buy, and until when you want this bot or automation to buy for you in the background, without worrying about forgetting it.

[cryptoaddictchie]

As someone new to investing, how can I balance regularly putting in a set amount each week with grabbing extra when prices dip to protect my money and grow it smartly over the next few years?

Well its always up to your budget mate. Buying bitcoin weekly is good as long as you have some funds or extra to support your investment. Using extra money is always the best to take. Dont use money that you need or use on your daily life. Its a risky volatile asset that needs caution too. Even many users trust bitcoin, still you need to be so careful on it.

[maydna]

That only you will know because we don't know how much your salary and expenses in a month. You need to calculate all things between your salary and expenses so you will know how much money left and that is free to use for anything. You can use that some of free money amount to invest in Bitcoin using DCA method while you still have more money that is free for anything.

You can grab the free money for anything that is left to buy more when the prices dip. You can determine how much money you will use to buy additional Bitcoin that the prices dip.

[Publictalk792]

Nowadays, crypto exchanges have trading bots. One feature they have is spot DCA, where you can set the percentage when it triggers to buy, but doing this, you need a stable coin like USDT.
Binance exchange also has recurring buy, where you can automate a buy with your local currency. The only problem with these features is that, including spot DCA, you can not buy on the dip, but it will help you buy at a cheap if the percentage you set is triggered.

For me, don't do this in an automated if you want to hunt the dip do it manually with a bit of technical analysis, buy only when the price hits the demand zone combining it with DCA is profitable because you are buying always in the cheap price, or you can use an RSI and stochastic for oversold area 1hr time frame enough in my case to DCA everytime the price hit oversold area.
Because, without the help of indicators or a bit of analysis, you might end up buying BTC an expensive price. Not good if you do it in the long term, you can gain much better if you follow those indicators or analysis to buy BTC at a cheaper price.

You are right that those automatic tools that buy when price goes down by certain amount or that buy crypto for you regularly with your local money are easy to use if you want to buy crypto over time without doing it yourself. But like you said they are not very good at buying specifically when price has dropped suddenly. While they might buy at lower price sometimes they do not make sure you are buying when price is really low and might go back up soon.
Idea of buying manually by looking at charts to find good times to buy makes much sense if you want to try and buy at best times. If you combine this with DCA it will make more money in long run.

[OcTradism]

But like you said they are not very good at buying specifically when price has dropped suddenly. While they might buy at lower price sometimes they do not make sure you are buying when price is really low and might go back up soon.

When you call yourself as investor or more impressively like long term investor and you are a fan of DCA strategy and you are applying it for your investment, I am pretty sure that you don't expect quick profit.

So if price dips, you buy either manually or automatically, you never expect price will bounce back quickly and strongly for short term profit. As a long term investor and a DCA applicant, your mindset will be wide and very long term.

If you want to buy dips but wait for quick profit, you are more similar to speculators and traders.