As a newbie, don't invest what you cannot HODL for long-term

[Alonso_]

As a newbie to bitcoin investment it is very important to invest only what you can be able to HODL for a long-term of at least 4 to 10 years period. This implies that a newbie has to invest the fraction of his income which he practically doesn't have any need of it at the moment. This money is usually referred to as your discretionary income. Bitcoin investment should be strictly done with a discretionary income which will allow you not to worry too much about the bitcoin price at anytime so that you can continue to buy gradually without thinking about selling your bitcoin.

Some of the newbies use to be faster than their shadow and they will want to have the same amount of bitcoin with somebody who has been in bitcoin investment very long time before them. This is why they go to the extent of investing with all their money without keeping some money to take care of their responsibilities. Your financial management is very important because if you don't manage your finances very well by taking care of all your basic responsibilities before investing in bitcoin, you may end up selling your bitcoin stash very soon to use and save yourself from doom.

Finally, as a newbie always make sure that you make provision for back up funds and emergency funds each time you get your income before investing in bitcoin. This will help to keep your mind away from always thinking about selling your bitcoin. Backup funds will help you to take care of some price changes that may occur in some commodities which you may need before your next salary. Let's say that in your basic responsibilities, you provided for half bag of rice for the month and you budgeted #25k and on reaching the store, you then discover that half bag is now #28k, instead of going to sell part of your bitcoin, it is your backup funds that you will use to compensate for the #3k that you didn't budget for. Also, Emergency funds will help you to take care of unforeseen circumstances that may happen during the period you are waiting for your next salary which could be natural disasters or health issues. Instead of going to sell your bitcoin, you will use that money which you called the emergency funds to take care of it. By so doing, your bitcoin will be safer and you can HODL for a very long time which will help you to make the best profit from bitcoin so that you will not loose your money.

I think it makes good sense if we are able to invest what we can afford to lose and what we can as well sustain for a very long term, that is why it’s important to be very sensitive when we have a discretionary income, that is why it makes more sense for us to be able to invest within our reach, because as an investor its possible we hold Bitcoin for a very long time, if a newbies is investing with all his money that means he is making a huge mistake and it’s more likely they will end up making a huge mistake, because we should take our Bitcoin investment gradually and little by little.

[Fivestar4everMVP]

Finally, as a newbie always make sure that you make provision for back up funds and emergency funds each time you get your income before investing in bitcoin. This will help to keep your mind away from always thinking about selling your bitcoin. Backup funds will help you to take care of some price changes that may occur in some commodities which you may need before your next salary. Let's say that in your basic responsibilities, you provided for half bag of rice for the month and you budgeted #25k and on reaching the store, you then discover that half bag is now #28k, instead of going to sell part of your bitcoin, it is your backup funds that you will use to compensate for the #3k that you didn't budget for. Also, Emergency funds will help you to take care of unforeseen circumstances that may happen during the period you are waiting for your next salary which could be natural disasters or health issues. Instead of going to sell your bitcoin, you will use that money which you called the emergency funds to take care of it. By so doing, your bitcoin will be safer and you can HODL for a very long time which will help you to make the best profit from bitcoin so that you will not loose your money.

This is a very well articulate advice I must say, and kudos for bringing this knowledge to the newbies here in our Nigerian cryptocurrency community, I personally made this very mistake several times when I was still new in the industry..

I remember vividly a lot of times when I will buy bitcoin with the aim of holding it for a very long time, like let's say at least, one year or more, but i will often find myself having absolutely no choice but to sell of the same bitcoin I planned on holding for a year minimum, and some times I even sell it off at loss but I can't help it since that is my only source of getting money at that very moment..
I made this mistake several times before I finnally learned to always keep enough money aside for my planned expenses and still keep something aside as well for my unplanned expenses, then I used what ever is remaining to buy as much bitcoin as it can afford, this was when I started being able to hold the bitcoin I bought till my next salary, and this is how I managed to be able to save and hold the little bitcoin I own today..

[EG_O]

Thank you OP for bringing this important notice to we the newbies, it's interesting to note that having knowledge of what you re going into will go a long way in shaping your mindset about that particular thing, investing in Bitcoin for a long term or short term requires patience and consistency, every newbies should have someone he look up to, someone that can be of help at any given time

If one wants to grow in his or her business, be it Bitcoin or any other investment, the person must inculcate discipline, patience and consistency.

[Ever-young]

I think it makes good sense if we are able to invest what we can afford to lose and what we can as well sustain for a very long term, that is why it’s important to be very sensitive when we have a discretionary income, that is why it makes more sense for us to be able to invest within our reach, because as an investor its possible we hold Bitcoin for a very long time, if a newbies is investing with all his money that means he is making a huge mistake and it’s more likely they will end up making a huge mistake, because we should take our Bitcoin investment gradually and little by little.

Yeah, investing within your means has lots of benefits, such as helping an investor to maintain financial safety as well as emotional stability. A lot of newbies who come into the crypto space often get carried away by market hypes, some even come with the mindset of Bitcoin being a get rich quick scheme, which usually pushes them into investing due to FOMO, and by that, they end up using way too much funds to invest, so that they can also reach bigger profits, and when the market DIPs, they begin to panic and some end up selling in order to secure what’s left of their money, thereby landing themselves in serious losses.

[gracreavix]

Normally as an investor, we surpose know say na investment something wey go take enough time to rip, like years, so when investing in the first place, we normally surpose use money wey we  no go need anytime soon.
 why most Investors they get problem with their investment is that them dy go invest with money that is meant for their basic needs or upkeeps, and when them need the money for that thing, when the time don reach wey them surpose use that money, them go come sell off their Bitcoin or sell part of it just to meet up with one or two of their needs,  and with that kind pattern, your Bitcoin investment no go fit give you any good result on the longer run.

And just as the op do talk already, if your investment no get back up financially, that investment no go last because if any serious emergency situation come up in the future, the possibilities of selling of your holdings dey very high, so emergency funds is a must if you must be successful on your investment on the longer run because na wetin go protect your Bitcoin investment when serious emergency situation arise in the future.

investing with money meant for daily needs is a big mistakeand that's what we should try and avoid. Bitcoin needs time to grow, and without backup funds, any small emergency can make you sell early. Having an emergency fund keeps your investment safe and lets you stay patient for the long term.

[Father111]

That was the orientation that the person that introduced me in this forum said, that i should not invest with what i can't be able to handle or afford to lose, so I'm always caution of that.

[Tonimez]

Finally, as a newbie always make sure that you make provision for back up funds and emergency funds each time you get your income before investing in bitcoin. This will help to keep your mind away from always thinking about selling your bitcoin. Backup funds will help you to take care of some price changes that may occur in some commodities which you may need before your next salary. Let's say that in your basic responsibilities, you provided for half bag of rice for the month and you budgeted #25k and on reaching the store, you then discover that half bag is now #28k, instead of going to sell part of your bitcoin, it is your backup funds that you will use to compensate for the #3k that you didn't budget for. Also, Emergency funds will help you to take care of unforeseen circumstances that may happen during the period you are waiting for your next salary which could be natural disasters or health issues. Instead of going to sell your bitcoin, you will use that money which you called the emergency funds to take care of it. By so doing, your bitcoin will be safer and you can HODL for a very long time which will help you to make the best profit from bitcoin so that you will not loose your money.

This is a very well articulate advice I must say, and kudos for bringing this knowledge to the newbies here in our Nigerian cryptocurrency community, I personally made this very mistake several times when I was still new in the industry..

I remember vividly a lot of times when I will buy bitcoin with the aim of holding it for a very long time, like let's say at least, one year or more, but i will often find myself having absolutely no choice but to sell of the same bitcoin I planned on holding for a year minimum, and some times I even sell it off at loss but I can't help it since that is my only source of getting money at that very moment..
I made this mistake several times before I finnally learned to always keep enough money aside for my planned expenses and still keep something aside as well for my unplanned expenses, then I used what ever is remaining to buy as much bitcoin as it can afford, this was when I started being able to hold the bitcoin I bought till my next salary, and this is how I managed to be able to save and hold the little bitcoin I own today..

I'm very glad for this your compliment sir and I can tell you that I really appreciate. One thing about being a newbie is that it comes with a lot of struggles, the person struggles between making money and saving money. He is willing to HODL but responsibilities are knocking. Virtually every one that joined bitcoin investment who have not really made it very big in life had the same experience in their early days and this is why I deemed it fit to enlighten others of same mistakes others have made of which I made same mistakes back then. Cashflow management is a very critical aspect of bitcoin management and until a newbie understands that not every money in your hand should be spent, things will keep going wrong.

Some newbies are lucky enough to have a stable source of income while others don't have such privilege. Whichever way, if a person decides to invest in bitcoin out of his scarce resources, he must first plan how not to loose the little money he has out of greed. The importance of emergency funds and back up funds have been tested and confirmed by experienced bitcoin Investors as the best saviour to an investors bitcoin stash. Investing with discretionary income is very important and doing it within your financial capacity would save you the stress of emergency situations if any of them arises.

Thank you OP for bringing this important notice to we the newbies, it's interesting to note that having knowledge of what you re going into will go a long way in shaping your mindset about that particular thing, investing in Bitcoin for a long term or short term requires patience and consistency, every newbies should have someone he look up to, someone that can be of help at any given time

If one wants to grow in his or her business, be it Bitcoin or any other investment, the person must inculcate discipline, patience and consistency.

You're right about the roles of discipline, patience and consistency in this regards since that's some of the basic tools for achieving greatness in bitcoin investment. However, you should note that Short term holding is not the best practice as a newbie. If you invest with the hope of selling in short term as a newbie, you probably haven't understood the chart and could end up loosing your assets in short term. So it is very advisable to invest only the percentage of your Discretionary income that you can afford to HODL for a very long time. A wise bitcoin investor invests in such a manner that he forgets his wallet and could HODL foe a very long time. When you know your income and monthly expenditure, you can easily plan yourself, mark your discretionary income and discipline your self never to invest beyond that percentage you can really HODL no matter how little, consistency would multiply every little investment over time.

I think it makes good sense if we are able to invest what we can afford to lose and what we can as well sustain for a very long term, that is why it’s important to be very sensitive when we have a discretionary income, that is why it makes more sense for us to be able to invest within our reach, because as an investor its possible we hold Bitcoin for a very long time, if a newbies is investing with all his money that means he is making a huge mistake and it’s more likely they will end up making a huge mistake, because we should take our Bitcoin investment gradually and little by little.

Yeah, investing within your means has lots of benefits, such as helping an investor to maintain financial safety as well as emotional stability. A lot of newbies who come into the crypto space often get carried away by market hypes, some even come with the mindset of Bitcoin being a get rich quick scheme, which usually pushes them into investing due to FOMO, and by that, they end up using way too much funds to invest, so that they can also reach bigger profits, and when the market DIPs, they begin to panic and some end up selling in order to secure what’s left of their money, thereby landing themselves in serious losses.

Such people you just described are bitcoin gamblers. They see bitcoin as a commodity to toil with and in most cases, it doesn't end well with them. A newbie into bitcoin knows very little or nothing about bitcoin and it's Chart so why will a person go ahead to play with such fire? FOMO is a very great factor too due to greed because that's also the reason behind the greedy investment and behind such out-of-budget investment.You are joining bitcoin for the first time and you already want to rival those began many years ago. Patience is a virtue and I think everyone needs to know this. Even old investors don't do well in bitcoin trading/gambling which they most of them still join hands to save the newbies in order not to repeat same mistakes.To be fore warned is to be fore armed.

 

That was the orientation that the person that introduced me in this forum said, that i should not invest with what i can't be able to handle or afford to lose, so I'm always caution of that.

You have learned the right way and the rest is left for you to analyse your daily, weekly or monthly income to determine what percentage of it would become your discretionary income. From there, you can set aside your emergency funds which is the money you will use in case of any unforeseen circumstances which could be natural disasters or accidents or even health grounds; you would also choose your backup funds which would allow you make up for inflation effects on the your already planned responsibilities for the month before your next payday. Your DCA allocation must be thoroughly monitored and kept within your financial statement in order to safeguard your bitcoin stash for a very long period of time of at least 4 to 10 years time.

[mustapha67]

Almost everyone is enjoining newbies to put in, or invest what they can lose or hold for a long period of time. Is it possible that great investors with commercial insight, and prowess should not bother about investment strategies?

I still think it is important to understand what it takes at a particular time to establish a business. One thing is significant to all students, and that is knowledge, regardless of classes, and learning pattern.

Probably, we are trying to convey a message of the higher the level of investors, the higher the level of investment, and the lower the level of investors, the lower they should invest.

In this case, it means that taking risks in business may not be necessary, hence, the fear of what we stand to lose. I think I really need a clear, and concrete orientation concerning this matter of "A newbie putting in less in an investment". How do we justify risk taking in commercial domain, then?

[Ever-young]

Such people you just described are bitcoin gamblers. They see bitcoin as a commodity to toil with and in most cases, it doesn't end well with them. A newbie into bitcoin knows very little or nothing about bitcoin and it's Chart so why will a person go ahead to play with such fire? FOMO is a very great factor too due to greed because that's also the reason behind the greedy investment and behind such out-of-budget investment.You are joining bitcoin for the first time and you already want to rival those began many years ago. Patience is a virtue and I think everyone needs to know this. Even old investors don't do well in bitcoin trading/gambling which they most of them still join hands to save the newbies in order not to repeat same mistakes.To be fore warned is to be fore armed.

Well you’d be surprised to what extent some people would go just to make quick money. The reason why majority of folks, particularly newbies make the mistake of toying with Bitcoin is mostly due to misinformation and ignorance, most of them often have the wrong idea about bitcoin, either from their predecessors or from online, yeah Bitcoin has the potential of making one rich but many do not really understand that this wealth is built within the long term and so they just go in without a long term perspective and plan, which usually makes them to often misbehave and landing themselves into making costly mistakes that usually leads to losses of funds. This is why it’s always important to make sure one is always on the right path, with the right knowledge about something before walking into it.

[I_Anime]

Almost everyone is enjoining newbies to put in, or invest what they can lose or hold for a long period of time. Is it possible that great investors with commercial insight, and prowess should not bother about investment strategies?

I still think it is important to understand what it takes at a particular time to establish a business. One thing is significant to all students, and that is knowledge, regardless of classes, and learning pattern.

Probably, we are trying to convey a message of the higher the level of investors, the higher the level of investment, and the lower the level of investors, the lower they should invest.

In this case, it means that taking risks in business may not be necessary, hence, the fear of what we stand to lose. I think I really need a clear, and concrete orientation concerning this matter of "A newbie putting in less in an investment". How do we justify risk taking in commercial domain, then?

Bitcoin is not like other investments that will require a certain huge amount of money to start or make something good from it . Most time those that can not purchase large portion of bitcoin tend to make use of strategy like dca buying methods , which is the process of purchasing a certain amount of bitcoin within a fixed time either monthly or weekly. With that you be able to build something good from your investment just by applying consistency. Those little fraction you are buying now will later turn to something massive just keep buying while applying proper management.

[Father111]

Yes a newbie can't invest what he can't hold in long term because with still my learning process i learnt that once newbies invest with an amount that he can not hold or invest with the money that is meant for paying of bills without having the full patients of waiting till the discretionary income comes, that investors will be forced to sell up his investment due to the unforeseen circumstances or because the newbies used money meant for another things, that is why i will never to pay all bills then the remaining money automatically become my discretionary income, that will give me the free mindset of investing in a long term without pulling out my investment in a hurry.

[EG_O]

Yes a newbie can't invest what he can't hold in long term because with still my learning process i learnt that once newbies invest with an amount that he can not hold or invest with the money that is meant for paying of bills without having the full patients of waiting till the discretionary income comes, that investors will be forced to sell up his investment due to the unforeseen circumstances or because the newbies used money meant for another things, that is why i will never to pay all bills then the remaining money automatically become my discretionary income, that will give me the free mindset of investing in a long term without pulling out my investment in a hurry.

Newbies before investing should be able to know what they re investing in, it's important for newbies like us to read more on Bitcoin so we won't make mistakes, I have spent few weeks in this platform and I have learnt alot that one can actually buy using DCA method which has so many advantages and it makes a lot of sense

[abaeze]

Newbies before investing should be able to know what they re investing in, it's important for newbies like us to read more on Bitcoin so we won't make mistakes, I have spent few weeks in this platform and I have learnt alot that one can actually buy using DCA method which has so many advantages and it makes a lot of sense

For beginners, the first thing they need to invest in Bitcoin is income and a proper plan. What you need is regular income, patience for long-term investment and a proper plan. If you have these things, then you can buy Bitcoin on a monthly, weekly or regular basis. If you buy Bitcoin regularly, a fixed amount at a fixed time, then this process is called DCA. This is a safe investment method especially for those who are new to investing in Bitcoin, although it is safe for all investors.

[BitBakerr1]

Tonimez you are correct, accumulating Bitcoin that you cannot hold for a very long time is not a good one unless you are a trader if you are not a trader and you are planning to hold as an investor then you need to use only your Discretionary income to invest in Bitcoin, this is a mistake that newbies do that cost them a lot they usually use aggression to start bitcoin investment and they use even money meant for their upkeep to invest in Bitcoin and they still dip hands inside their bitcoin investment to take care of themselves which is very bad for an investment.
The only secret that will make you hold your bitcoin for a very long time without dipping hands in it is by using only your Discretionary income to invest in Bitcoin and also having a backup funds that will be helping you out in case of any emergency.

[liasbaa]

Yes a newbie can't invest what he can't hold in long term because with still my learning process i learnt that once newbies invest with an amount that he can not hold or invest with the money that is meant for paying of bills without having the full patients of waiting till the discretionary income comes, that investors will be forced to sell up his investment due to the unforeseen circumstances or because the newbies used money meant for another things, that is why i will never to pay all bills then the remaining money automatically become my discretionary income, that will give me the free mindset of investing in a long term without pulling out my investment in a hurry.

Newbies before investing should be able to know what they re investing in, it's important for newbies like us to read more on Bitcoin so we won't make mistakes, I have spent few weeks in this platform and I have learnt alot that one can actually buy using DCA method which has so many advantages and it makes a lot of sense

The most important reason for this method of accumulation Bitcoin is its ease of use. It is very natural balance to the use of discretionary income and Bitcoin deposit with personal needs. You should know that the DCA strategy can only be effective for long term Bitcoin accumulation this method is not effective for other currencies. Most shitcoins will make you greedy and entice you to buy but these coins have no intrinsic value.

[Gamanka@@]

Normally as an investor, we surpose know say na investment something wey go take enough time to rip, like years, so when investing in the first place, we normally surpose use money wey we  no go need anytime soon.
 why most Investors they get problem with their investment is that them dy go invest with money that is meant for their basic needs or upkeeps, and when them need the money for that thing, when the time don reach wey them surpose use that money, them go come sell off their Bitcoin or sell part of it just to meet up with one or two of their needs,  and with that kind pattern, your Bitcoin investment no go fit give you any good result on the longer run.

And just as the op do talk already, if your investment no get back up financially, that investment no go last because if any serious emergency situation come up in the future, the possibilities of selling of your holdings dey very high, so emergency funds is a must if you must be successful on your investment on the longer run because na wetin go protect your Bitcoin investment when serious emergency situation arise in the future.

As a newbie if you want to invest you gas commot mind for gain first because for the game you gas need learn to be patience if not you no go far for the game you go loose interest normally self if you be newbie and you want to invest money wey you no say you no go borda yourself and you no say you fit endure for long time na him be the best for to start so newbie take note make you get endurance mind otherwise you go they Eagar and your investment no go follow.

So as a newbie you gas commot that disturbances of gain wey you go get if not you no go far for the game so if you no say  you get make you kuku no start otherwise you interest and for you to be successful and earn higher you gas treat your with endurance na endurance them they take achieve something for life.

[Tonimez]

Normally as an investor, we surpose know say na investment something wey go take enough time to rip, like years, so when investing in the first place, we normally surpose use money wey we  no go need anytime soon.
 why most Investors they get problem with their investment is that them dy go invest with money that is meant for their basic needs or upkeeps, and when them need the money for that thing, when the time don reach wey them surpose use that money, them go come sell off their Bitcoin or sell part of it just to meet up with one or two of their needs,  and with that kind pattern, your Bitcoin investment no go fit give you any good result on the longer run.

And just as the op do talk already, if your investment no get back up financially, that investment no go last because if any serious emergency situation come up in the future, the possibilities of selling of your holdings dey very high, so emergency funds is a must if you must be successful on your investment on the longer run because na wetin go protect your Bitcoin investment when serious emergency situation arise in the future.

As a newbie if you want to invest you gas commot mind for gain first because for the game you gas need learn to be patience if not you no go far for the game you go loose interest normally self if you be newbie and you want to invest money wey you no say you no go borda yourself and you no say you fit endure for long time na him be the best for to start so newbie take note make you get endurance mind otherwise you go they Eagar and your investment no go follow.

So as a newbie you gas commot that disturbances of gain wey you go get if not you no go far for the game so if you no say  you get make you kuku no start otherwise you interest and for you to be successful and earn higher you gas treat your with endurance na endurance them they take achieve something for life.

The problem be say many newbies no dey like wait for knowledge. They go assume say they don sabi everything wey concern bitcoin. But e no suppose be like that because if you dey invest beyond wetin you fit HODL you no go get mind leave am for a long time and e fit even make you loose money wey you think say you wan make sharp sharp. Patience na better thing wey everyone suppose get before you go begin reason say you wan join bitcoin. Some people go hear say bitcoin trading dey give money but they no go wan wait learn how e dey work. They go just put money for trading and when they finally loose the money, they go run away completely from bitcoin and na those kind people dey always dey tell people say bitcoin na scam.

[Makus]

When you consider making any investment in the crypto market you must be ready to hold for long term,  if you dont have the patience to invest then its best to go into trading, as a trader you can make profit on a daily, weekly or monthly basis depending on what strategy of trading you intend to use. As an investor you must learn to think like one, if you dont have what it takes to keep holding for a year or maybe more then you are not ready to make profit from it. But one important thing you must do before you start investing is to make sure that you do your research before you put in money

[I_Anime]

The truth be shey the best strategy to use nah both but it actually boil down to your cashflow for instance you are someone that earn a lot or have multiple good sources, you can choose to start up with some lumpsum buying first to give yourself some head start . Because using lumpsum go give some nice quantity first then later use Dca strategy follow up which go help you with consistent buying at different price interval while keeping to your budget or without over doing it .

[Nheer]

When you consider making any investment in the crypto market you must be ready to hold for long term,  if you dont have the patience to invest then its best to go into trading, as a trader you can make profit on a daily, weekly or monthly basis depending on what strategy of trading you intend to use. As an investor you must learn to think like one, if you dont have what it takes to keep holding for a year or maybe more then you are not ready to make profit from it. But one important thing you must do before you start investing is to make sure that you do your research before you put in money

I don't think holding for a year would be enough, I think holding for like about 5 years should do. Trading is risky but if anyone must involve in it they should be ready to learn about it properly but I would advise newbies to start with investing first. Investing requires patience and no matter what strategy you use holding for a long time is more profitable.

The truth be shey the best strategy to use nah both but it actually boil down to your cashflow for instance you are someone that earn a lot or have multiple good sources, you can choose to start up with some lumpsum buying first to give yourself some head start . Because using lumpsum go give some nice quantity first then later use Dca strategy follow up which go help you with consistent buying at different price interval while keeping to your budget or without over doing it .

You have a point using the both strategy wouldn't be that bad at all one can take advantage of the market but even with money one needs to be careful with the market movement.

I wouldn't advise newbies to try that out though because of the volatility. It would be effective and a good head start if the market moves well but if things go opposite it could affect the investors plan so newbies should start with DCA first.