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

[Tonimez]

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.

[B-BossMan]

Op, you have highlighted a good points on this thread, as a newbie the most crucial thing you should put In your mind is invest what you can afford to lose before holding for long-term investment, when you invest within these 4,5 to 10 years or more you have to make sure that all your financial responsibilities and other expenses are being settled, maintaining your backup plans and emergency funds are also important,because when you have a backup funds it would help you tackle some unexpected price increasment, the same to emergency funds which also help you handle some accidental expenses without forcing yourself to sell off your bitcoin investment, however, when all these key points are being maitained as a newbie it will enable you to hold your bitcoin for long-term investment.

[Cold_Joker]

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.

the points highlighted by OP are excellent points but i have to highlight this paragragh. a youth leader in my environ recently got interested in bitcoin he is a very successful real estate mogul and he is very wealthy among the richest in my state but since he is just startng to invest he is a newbie. i am say this because some newbies can be richer than people who have been in bitcoin investment before them and have capacity to invest more. it is invest what you can afford to lose.


-Coldjoker

[Futurexxx]

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.

[bestcandy]

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.

You are perfectly correct, Bitcoin investment require time and patience so anyone that want to make it a meaningful income from bitcoin should be to exercise some patience and invest with a fractional income that he can hold for long time.
The amount of fractional or discretionary income depend on the financial capacity of the investor because what maybe a discretionary income of someone may not be for another.

[Cossyblack]

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.

the points highlighted by OP are excellent points but i have to highlight this paragragh. a youth leader in my environ recently got interested in bitcoin he is a very successful real estate mogul and he is very wealthy among the richest in my state but since he is just startng to invest he is a newbie. i am say this because some newbies can be richer than people who have been in bitcoin investment before them and have capacity to invest more. it is invest what you can afford to lose.


-Coldjoker

Have you not heard of broke kids that were once rich, being Rich doesn't mean he cannot be broke tomorrow and it also doesn't determine a successful Bitcoin holding. If he is rich and lacks proper money management,he may end up tampering with his Bitcoin investment. Although been rich place him in a strategic advantage over an average investor only if he knows how to figure out his Discretional income from his steady income. If a Rich investor starts Using funds meant for his basic necessities to buy Bitcoin,he may end up to selling some fraction of his Bitcoin portfolio to patch up when pressures from those neglected needs that hitting hard at him. Furthermore, investing with Discretional income whether you're a Rich investor or low income earner is the right approach to a successful bitcoin investments.

[fredericktaylor]

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.

It is true that there are many new investors who invest in Bitcoin from the money needed to meet basic needs, which is not at all the right step to complete a long-term investment. To properly manage a long-term investment in Bitcoin, it is very important for a person to have a discretionary income. In addition, it is good to have an emergency fund for three month because we do not know any emergency information about the future, so if we face unknown dangers, we do not have to stop our long-term investment, so an emergency fund is needed to properly manage long-term investment. To get long-term profits from Bitcoin, you must invest patiently long-term, and good results can be expected in the future, otherwise no profit can be expected.

[Cold_Joker]

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.

the points highlighted by OP are excellent points but i have to highlight this paragragh. a youth leader in my environ recently got interested in bitcoin he is a very successful real estate mogul and he is very wealthy among the richest in my state but since he is just startng to invest he is a newbie. i am say this because some newbies can be richer than people who have been in bitcoin investment before them and have capacity to invest more. it is invest what you can afford to lose.


-Coldjoker

Have you not heard of broke kids that were once rich, being Rich doesn't mean he cannot be broke tomorrow and it also doesn't determine a successful Bitcoin holding. If he is rich and lacks proper money management,he may end up tampering with his Bitcoin investment. Although been rich place him in a strategic advantage over an average investor only if he knows how to figure out his Discretional income from his steady income. If a Rich investor starts Using funds meant for his basic necessities to buy Bitcoin,he may end up to selling some fraction of his Bitcoin portfolio to patch up when pressures from those neglected needs that hitting hard at him. Furthermore, investing with Discretional income whether you're a Rich investor or low income earner is the right approach to a successful bitcoin investments.

i did not say he was going to the club to throw his money away. i said he is investing in bitcoin. do you think investing in bitcoin is against proper money management? a newbie that has more than a billion naira before knowing bitcoin and got it from scratch, no family inheritance has a proper money management and he is financially capable to invest more than people who  has known bitcoin before him but arent close to his wealth.

-Coldjoker

[Jubilee58]

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.

The truth remains that every investment carries a risk , and investment like bitcoin is a risky and a volatile investment and like as they say , invest what you can afford to loose.
As a newbie don't be greedy while investing in cryptocurrency, for it is not something of competition.
Bitcoin investment is best for long time, so when you invest all your money in bitcoin, what if there is emergency, what are you go to do? This can make you to withdraw your asset before maturity.

[sotelorene]

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.

the points highlighted by OP are excellent points but i have to highlight this paragragh. a youth leader in my environ recently got interested in bitcoin he is a very successful real estate mogul and he is very wealthy among the richest in my state but since he is just startng to invest he is a newbie. i am say this because some newbies can be richer than people who have been in bitcoin investment before them and have capacity to invest more. it is invest what you can afford to lose.


-Coldjoker

Whether you are the richest man on earth, if you want to join Bitcoin investment without a knowledge of how everything works automatically make that person a newbie, a newbie is someone when ventures or is intending to start up something he doesn't have a complete knowledge or understanding about though they can have a little knowledge. Investing with what one can afford is very nice and advisable because some of the people that sell off their investment are the people that didn't invest with what they can let go and there is always a consequences if one tries it.

[Yablee0]

Going into bitcoin investment with the long term plan is the only way that  you can achieve something meaningful and profitable out of it. Many successful investors that deed well over the years through their various investments plan was on a long term plan which is obviously the best for every bitcoin enthusiasts.

However when investing in bitcoin it's also important you put in place all necessary measures that can enable or aid a successful investment like set setting up an emergency funds and backup funds as stated by the op and also ensured  using the right approach in investing which is the discretionary funds, these can keep you balanced throughout the period of your investments with out tempering with your holdings unnecessarily.
Finally, it's not a must that it must be bitcoin investment but if you really wanna go into bitcoin investment then go for the long term duration because that's were the hole honey lies.

[Tonimez]

Going into bitcoin investment with the long term plan is the only way that  you can achieve something meaningful and profitable out of it. Many successful investors that deed well over the years through their various investments plan was on a long term plan which is obviously the best for every bitcoin enthusiasts.

However when investing in bitcoin it's also important you put in place all necessary measures that can enable or aid a successful investment like set setting up an emergency funds and backup funds as stated by the op and also ensured  using the right approach in investing which is the discretionary funds, these can keep you balanced throughout the period of your investments with out tempering with your holdings unnecessarily.

You're right, there's no need to venture into bitcoin without being intentional about holding your bitcoin for long. It is important to set your holding period as a target too in order to setting your accumulation target. It is not good to start bitcoin gambling as a beginner because you will get destabilise and you may even end up leaving bitcoin investment completely when you have lost your fortunes due to impatient. If you set your accumulation target and your holding period, it would discipline you too and get you to be more financially disciplined. Setting up a good investment strategy like the DCA strategy can also be of help. You can choose a given fraction of your Discretionary income as your DCA allocation. Such allocation must be flexible to allow you take care of your daily responsibilities. A high level cashflow management is very vital to the success of your bitcoin holding and should not be less than 4 to 10 years period. This will allow your bitcoin complete at least 1 to 2 bitcoin cycle and gives higher chances of making a good profit instead of wasting your time gambling bitcoin which could land you into series of losses.

Finally, it's not a must that it must be bitcoin investment but if you really wanna go into bitcoin investment then go for the long term duration because that's were the hole honey lies.

As long as this thread is concerned, the focus is on bitcoin and not shitcoins. So for a newbie who decides to go into shitcoins, he has already decided to loose his money which is inevitable. I would encourage every newbie to stay away from shitcoins too since based on records, shitcoins don't survive long-term holding and could crash to nothing within a very short period. So it's better to invest on bitcoin because of it's potential to survive over the years.

[Iroh]

All the points you mentioned are quite useful, not just for the newbies to bitcoin but for everyone who intends to hold bitcoin for the long run. Ordinarily, investments are majorly done using money that has been saved up or kept likely for that purpose and not immediately needed.
With bitcoin and like most investments, its best to use only money you've kept for that purpose so, like you noted, you won't be pressured to sell off some of your portfolio when the going gets tough.

[Different patterns]

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.

Having backupand emergency funds is very important whenever it comes to Bitcoin investment, because the money you are about to invest in Bitcoin should be what you don't plan for for a long period of time. You can invest in Bitcoin and plan to use the investment in a couple of weeks or months, but "NO", that's not an investment; that's just saving to use. Investment in Bitcoin always requires understanding and a patient long-term plan; that's when you will see what you invest in.
That backup fund can help in the aspect of investment in Bitcoin to meet basic needs, and urgent money and backup funds make the investment stable without distraction. When planning for investment, backup should always be included in any business, not only Bitcoin but every investment. It solves the little problems and makes the investment move smoothly. Op, you did a great job for everyone, not only the newbie.

[JoyceBTC]

Thank you very much Op for the valid points you’ve given to newbies that want to invest. Most newbies don’t have the idea of what discretionary income is all about but your post has thrown more light to it for most newbies that don’t have the basic knowledge about investing in Bitcoin but rather they just want to invest because they see other persons investing and making profit from it. In order words, they don’t mind using more that their discretionary income to invest and on the long run they start regretting or even end up selling their Bitcoin at loss without making any profit.

The backup funds and emergency funds are also very important for people that want to start investing because you will always have what to go back to when you’re in need of funds and when this funds are available, your mind would be at peace to be able to HODL your bitcoin for a long-term.

It’s better to invest in bits if you don’t really have much but by the end of the day if you check yourself and find out that even when you want to invest in bits, you will have no emergency funds or backup funds available, it better not to invest until it’s convenient enough for you to do so.

[icebar]

Time is definitely an important factor in investing in Bitcoin. There are many who try to make quick profits after investing in Bitcoin. The chances of losing money will increase for all investors who try this. Bitcoin is not a scheme for quick profits. Therefore, if you invest with the aim of making quick profits, the chances of losing are high. Those who have held Bitcoin investments for a long time are all in profit. If someone holds one or two cycles for the full time, then he will definitely get several times his investment, but those who invest for a short time and want to make quick profits from that investment are bound to lose. It is true that investing in Bitcoin will be one of the main causes of losses if you cannot hold Bitcoin for a long time.

[Gozie51]

This is not just about newbie but maybe op is just focusing on newbie. What I want to add there is while investing, you need a job where you can focus on running your daily life activities plus emergency so that the duration of time you plan for hodling will mature. If you don't have a constant source of income, economic challenges will force the investor deep hands into the hodling thereby cutting the life span of the investment short. Vicissitudes of life are too much that someone will invest in 10 years without touching it until maturity if you don't have very good source of income especially in Nigeria where you don't have social support system. No jobless person thinks of investment in Nigeria.

[rachael9385]

Crypto has different aspects, you can go into trading and you can choose to invest and hodl, not everyone is interested in investing thats the reason why they prefer to trade. If you decide to focus on investments then you should be ready to hodl for a long time. A lot of people lack patience and this is something that you need when it comes to investing, short term investment works mostly with trading

[Faazs]

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.

It's true newbies should only invest discretionary income in BTC. If it’s rent or food money, forget it. But telling them “HODL 4–10 years” is too rigid, not everyone can freeze money that long, Sometimes selling a small piece makes sense — profit-taking or covering a real need isn’t failure. Having a backup/emergency funds is ok, But if you over-prioritize them, you risk missing big BTC upside.  Not all newbies have “extra” income. Flexibility matters more than strict rules. HODL works best with strategy, not stubbornness. Bitcoin is a tool, not a prison. Patience wins, but adaptability keeps you in the game.

[SmartCharpa]

Op, wetin you talk make sense very well. Na true say as person wey just dey start Bitcoin investment, e make no sense to carry all your money put just like that. Na money wey u think say e no go affect you, you suppose use, so if price go up or down, you no go dey panic to sell. Many people dey rush, dem wan get the same level with people wey don dey invest since many years, they don’t know waiting them face to hold am reach this place.

Moreover, na why e good make you always get backup funds and emergency funds so you no go touch your Bitcoin. That one go help you balance when things like food price or any unexpected problem show. Instead make you rush sell your Bitcoin, na that emergency fund you go use hold body. This way, you go fit HODL your Bitcoin for long time and still chop better profit.