Investment Become Gambling

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Using a good strategy to invest in bitcoin won't control risk as you may think but rather risk can be managed and minimise by making use of the right strategy, however controlling risk is something that may not be possible.

What exactly do you mean by taking risk? For those who follow (DCA) when investing in bitcoin, the idea of risk is hardly seen as a major concern. People who invest with a long-term mindset usually accept market ups and downs, so they do not focus too much on risk. Those who stay invested for a long time can still make good profit. So I want to understand, who exactly are you referring to when you talk about risk, are you saying that even those using (DCA) are still exposed to risk or are you trying to point out something else?

  There is no strategy that you will used in accumulating bitcoin that will make it to become risk free. The DCA strategy you made mention doesn't eliminate risk. If you using the DCA strategy with the mindset that your bitcoin investment will be risk free then you are living to yourself. The only thing a good strategy will do is to help to manage and minimise risk but it won't completely eliminate risk. The fact that you are using dca strategy to accumulate bitcoin doesn't mean your guaranteed of success there will always be risk in bitcoin investment no matter the strategy used.

You are right, DCA strategy will not remove the risk in Bitcoin investment, some people don't understand that the DCA is just a strategy just like other Bitcoin accumulation strategy.
The DCA strategy will only help you feel very comfortable when growing your Bitcoin and it will also help you accumulate regularly and their by making you very fast in your accumulation, but the risk is still there, there's no Bitcoin accumulation strategy that removes the risk that is associated with Bitcoin investment.

It is true that there's risk in bitcoin, but the level of risk attached to long term investment is far less than the risk associated with trading. So before you try to lay emphasis on the risks associated with bitcoin, first consider the aspect of bitcoin handling that the mate is into.

Yes, DCA strategy is only an investment strategy which does not remove the risks in bitcoin just like every other strategy, but then DCA strategy has a way of supporting bitcoin investors in gaining a freelance to longer patience when it comes to Holding. I will set an example.

Let's consider a DCA investment process that the investor invests $50 monthly with an initial investment target era of 10 years. He would have less attachment to his invested amount. Note that within the 10 years, he must have invested 50*12(months*10years which will be $6,000 invested assuming he is ideally investing with out increase nor decrease. Such mate may achieve that feat without feeling much worried about his money because he hasn't invested such amount in just one or two occasions. Compare with someone who has invested by lump-sum of $6,000 in a go, he would always be on the chart, worried about his money even when he also had initial holding period of 10 years too. Such mate can notice a slight uptrend and now want to play smart to sell and buy back, that's how he gets exposed to gambling which was never his intention.

So DCA strategy is definitely better when it comes to long-term investments because it supports patience and continuity.

[liasbaa]

You might have a clear strategy or plan at the beginning of your investment but when you let your emotions start taking over you cannot call that an investment anymore because you are being carried away by the market and not moved by your initial plans. As you already lnow, both of you had good plans and adequate knowledge but your friend fell off due to lack of emotional control or behaviour. One aspect people need to develop before starting their journey as investors is mental discipline, Having knowledge, strategy and knowing how to apply risk management is good but in the long run you need mental discipline if you really want to achieve significant results.

If the economic situation is good, it is easy to control emotions. Then a person can keep himself calm in any situation. He has the ability to think logically with reality and make the right decisions.But if he is not in a good financial position, then if the price starts falling after investing, he will not be able to wait. Then he may want to wait, but his mind will force him to sell again and again. When such a situation come , people break down and sell bitcoin. Many times, unexpected expenses come in daily life  at that emergency moment he will force sell. Therefore, the right plan before investing is to start with discretionary income and along with this, focus on creating a back up fund.

Your idea about controlling emotions with financial status is not correct. A rich person cannot control emotions easily and the same is true for poor people. If you think about it in terms of reality, you will see that meeting basic needs is more important for a poor person and he can invest in Bitcoin if he has discretionary income at the end of the month. If he does not have discretionary income, he is not suitable for investment, he will have to find multiple sources of income or work hard to increase his income.

Even if a rich person has a lot of money, his needs are very high and most rich people are in debt. There is another class of rich people who allocate their available funds to invest in Bitcoin and they can be successful sometime.

Although there is a difference in reality between the rich and the poor in terms of Bitcoin investment, I think poor investors are more reliable and more committed to continuing Bitcoin for the long term. They prepare mentally for long term investment and have a strong desire to become rich in the future.

[Crytohillss]

You might have a clear strategy or plan at the beginning of your investment but when you let your emotions start taking over you cannot call that an investment anymore because you are being carried away by the market and not moved by your initial plans. As you already lnow, both of you had good plans and adequate knowledge but your friend fell off due to lack of emotional control or behaviour. One aspect people need to develop before starting their journey as investors is mental discipline, Having knowledge, strategy and knowing how to apply risk management is good but in the long run you need mental discipline if you really want to achieve significant results.

I don't really believe with the opinion that poor investors are automatically more reliable or commited to long term, sometimes it's actually the opposite when cash is tight it is much difficult to stay patience during dips because real life needs to force One to sell too early. Having disposable income is the real deciding factor whether anyone is rich or not if they are investing money they can afford to lose, emotions will always take over one over at some point being wealthy doesn't guarantee the emotions control either people at every level make impulsive decision it truly really comes to down to mindset and discipline not just a financial status.

[Orpichukwu]

You might have a clear strategy or plan at the beginning of your investment but when you let your emotions start taking over you cannot call that an investment anymore because you are being carried away by the market and not moved by your initial plans. As you already lnow, both of you had good plans and adequate knowledge but your friend fell off due to lack of emotional control or behaviour. One aspect people need to develop before starting their journey as investors is mental discipline, Having knowledge, strategy and knowing how to apply risk management is good but in the long run you need mental discipline if you really want to achieve significant results.

I don't see what happened in the story shared by the OP as a result of lack of discipline, but I can say from the outset the friend is more focused on what will give him fast profit instead of waiting for a long period just to get rewarded with a price increase he might not be satisfied with; in this case, the friend is just a day trader who wants to enter all the markets he sees an opportunity in, not knowing the danger involved in trading a highly volatile asset.

[Houston240]

There are so many ways one will reason answer to this question because it's critical and requires more thinking. Investment and Gambling works hand in hand. There are so many people too who says people that gamble and people that do forex or crypto are all the same.

Investment becomes gambling when you don't know much about investment. When you are rushing to buy or sell at anytime just to make profit it enters your system and you will become addicted to it making you run mad like those who are gambling. So many investors today are just investors who doesn't know anything about crypto or Bitcoin. There are people who doesn't have patience when it comes to investing, they only sees it as a just a buy and sell process not knowing that there so many things involved in it.

When you go to all this gambling shop, you see them spend a lot of money even though they have won a lot, they are not satisfied, until they have used all the money and even lose thats when they will regretting. So for people who don't know much about investment, they act the same, just so fast to make out and by so doing they lose everything in there investment causing them to lose everything.

[liasbaa]

You might have a clear strategy or plan at the beginning of your investment but when you let your emotions start taking over you cannot call that an investment anymore because you are being carried away by the market and not moved by your initial plans. As you already lnow, both of you had good plans and adequate knowledge but your friend fell off due to lack of emotional control or behaviour. One aspect people need to develop before starting their journey as investors is mental discipline, Having knowledge, strategy and knowing how to apply risk management is good but in the long run you need mental discipline if you really want to achieve significant results.

I don't see what happened in the story shared by the OP as a result of lack of discipline, but I can say from the outset the friend is more focused on what will give him fast profit instead of waiting for a long period just to get rewarded with a price increase he might not be satisfied with; in this case, the friend is just a day trader who wants to enter all the markets he sees an opportunity in, not knowing the danger involved in trading a highly volatile asset.

I have seen in several posts on the forum that a person loses not because of lack of experience. They lose because they become greedy in the hope of getting more profit. A person expects profit through investment but he should be realistic if he initially starts something like gambling (trading) then he will have to bear the responsibility alone.
If someone shows you greed about quick profit projects, you can be sure that it is not a reliable advice. That friend wanted to get rich quick in the hope of getting quick profit and his decision was wrong and this is a lesson for us

[ZeroVinsonN]

Definitely, even though success isn't guaranteed bitcoin has been able to prove after all these years that it's an asset that can be trusted, and when people want to doubt bitcoin they should remember that the same rule of uncertainty that affects bitcoin affects everything else as well, nothing is guaranteed, everyother investment opportunities out there are essentially experiencing the same thing; success isn't guaranteed but bitcoin has been good for over a decade and half now and every available data still point to bitcoin performing well enough even now so dwelling on the risk of it not being successful and decided to not invest is not s sign of being smart investment wise but of actually being too short sighted, and that's why we should continue accumulating using our discretionary income, success isn't guaranteed so we use money we can afford to lose and it's long term so in order to ensure we don't end up selling too early and possibly at a loss we invest only with our discretionary income.

I almost completely agree with you, but I can't agree with one thing. Bitcoin has been a reliable asset since the beginning. Whether Bitcoin is reliable or not depends on the extent of each person's knowledge. If we talk about a person who does not know about Bitcoin and how strong the Bitcoin network is, Bitcoin will never be reliable for them. For a person who is aware of Bitcoin from the beginning, the Bitcoin network and what Bitcoin is, Bitcoin is reliable from then on.

I saw a video and if I'm not mistaken, the video may have been from when Bitcoin was first launched in the market or a few years later. A person was telling everyone to buy Bitcoin and hold it for the long term. He believed in Bitcoin before us at that time and today he has become very successful. Bitcoin has been a reliable currency since the beginning, it seems to me that each person depends on its knowledge.

I agree with you on the issue of it depending on a person's knowledge but not in the way you phrased it, only someone with very limited knowledge about bitcoin will preach 100% success which I'm assuming that's what you are saying because I never said bitcoin wasn't a reliable asset, what I said was that success with bitcoin investment isn't guaranteed and that's the truth, anyone saying success is guaranteed with no margin whatsoever for the potential of failure doesn't know what bitcoin is, anyone who truly knows what bitcoin is as an asset will understand the potential of value bitcoin has essentially when they accumulate and hold it long term but they will never tell themselves that it is 100% guaranteed to hit success, it's natural to hope for it but it's also good to know the possibilities.

You might have a clear strategy or plan at the beginning of your investment but when you let your emotions start taking over you cannot call that an investment anymore because you are being carried away by the market and not moved by your initial plans. As you already lnow, both of you had good plans and adequate knowledge but your friend fell off due to lack of emotional control or behaviour. One aspect people need to develop before starting their journey as investors is mental discipline, Having knowledge, strategy and knowing how to apply risk management is good but in the long run you need mental discipline if you really want to achieve significant results.

I don't really believe with the opinion that poor investors are automatically more reliable or commited to long term, sometimes it's actually the opposite when cash is tight it is much difficult to stay patience during dips because real life needs to force One to sell too early. Having disposable income is the real deciding factor whether anyone is rich or not if they are investing money they can afford to lose, emotions will always take over one over at some point being wealthy doesn't guarantee the emotions control either people at every level make impulsive decision it truly really comes to down to mindset and discipline not just a financial status.

Success in bitcoin investment or even just being able to accumulate bitcoin isn't dependent on whether or not a person is rich, we need money to invest in bitcoin, yes, but we also need to understand that what we need is our discretionary income, it doesn't really matter how tough things are, provided that you are able to generate discretionary income then you are good to go as far as investing in bitcoin is concerned, the idea that a person needs to be rich first before they can invest and accumulate bitcoin is the reason why alot of people who can accumulate bitcoin are not able to do so, they are the ones holding themselves back.

[Proty]

You might have a clear strategy or plan at the beginning of your investment but when you let your emotions start taking over you cannot call that an investment anymore because you are being carried away by the market and not moved by your initial plans. As you already lnow, both of you had good plans and adequate knowledge but your friend fell off due to lack of emotional control or behaviour. One aspect people need to develop before starting their journey as investors is mental discipline, Having knowledge, strategy and knowing how to apply risk management is good but in the long run you need mental discipline if you really want to achieve significant results.

I don't really believe with the opinion that poor investors are automatically more reliable or commited to long term, sometimes it's actually the opposite when cash is tight it is much difficult to stay patience during dips because real life needs to force One to sell too early. Having disposable income is the real deciding factor whether anyone is rich or not if they are investing money they can afford to lose, emotions will always take over one over at some point being wealthy doesn't guarantee the emotions control either people at every level make impulsive decision it truly really comes to down to mindset and discipline not just a financial status.

Being committed to long term at times has nothing to do with an investor financial situation because there arre are people that financially load but they are not being committed with there bitcoin investment and also there are people that are not that financially buoyant but are committed to there bitcoin investment. Therefore, it is more of an investor mindset and discipline in being committed to there bitcoin investment rather than only there financial status. Even the rich folks still do panick and sell out of fear of losing there money.

[The Founding Titan]

You might have a clear strategy or plan at the beginning of your investment but when you let your emotions start taking over you cannot call that an investment anymore because you are being carried away by the market and not moved by your initial plans. As you already lnow, both of you had good plans and adequate knowledge but your friend fell off due to lack of emotional control or behaviour. One aspect people need to develop before starting their journey as investors is mental discipline, Having knowledge, strategy and knowing how to apply risk management is good but in the long run you need mental discipline if you really want to achieve significant results.

I don't really believe with the opinion that poor investors are automatically more reliable or commited to long term, sometimes it's actually the opposite when cash is tight it is much difficult to stay patience during dips because real life needs to force One to sell too early. Having disposable income is the real deciding factor whether anyone is rich or not if they are investing money they can afford to lose, emotions will always take over one over at some point being wealthy doesn't guarantee the emotions control either people at every level make impulsive decision it truly really comes to down to mindset and discipline not just a financial status.

Being committed to long term at times has nothing to do with an investor financial situation because there arre are people that financially load but they are not being committed with there bitcoin investment and also there are people that are not that financially buoyant but are committed to there bitcoin investment. Therefore, it is more of an investor mindset and discipline in being committed to there bitcoin investment rather than only there financial status. Even the rich folks still do panick and sell out of fear of losing there money.

Anyone can commit long term if they want to, it's all about whether they can keep themselves in bitcoin investment or not, we might need money to invest but if a person isn't even interested in investing in bitcoin then it doesn't matter how much discretionary income they have because they will not be able to invest if they are not interested in investing, there are so many people who can be considered rich and with the resources needed to invest in bitcoin but are not doing so, they have the money to do it, if it was just about they financial standing then these people would be the ones investing in bitcoin more

[Hardyrobust]

You might have a clear strategy or plan at the beginning of your investment but when you let your emotions start taking over you cannot call that an investment anymore because you are being carried away by the market and not moved by your initial plans. As you already lnow, both of you had good plans and adequate knowledge but your friend fell off due to lack of emotional control or behaviour. One aspect people need to develop before starting their journey as investors is mental discipline, Having knowledge, strategy and knowing how to apply risk management is good but in the long run you need mental discipline if you really want to achieve significant results.

I don't really believe with the opinion that poor investors are automatically more reliable or commited to long term, sometimes it's actually the opposite when cash is tight it is much difficult to stay patience during dips because real life needs to force One to sell too early. Having disposable income is the real deciding factor whether anyone is rich or not if they are investing money they can afford to lose, emotions will always take over one over at some point being wealthy doesn't guarantee the emotions control either people at every level make impulsive decision it truly really comes to down to mindset and discipline not just a financial status.

Being committed to long term at times has nothing to do with an investor financial situation because there arre are people that financially load but they are not being committed with there bitcoin investment and also there are people that are not that financially buoyant but are committed to there bitcoin investment. Therefore, it is more of an investor mindset and discipline in being committed to there bitcoin investment rather than only there financial status. Even the rich folks still do panick and sell out of fear of losing there money.

Anyone can commit long term if they want to, it's all about whether they can keep themselves in bitcoin investment or not, we might need money to invest but if a person isn't even interested in investing in bitcoin then it doesn't matter how much discretionary income they have because they will not be able to invest if they are not interested in investing, there are so many people who can be considered rich and with the resources needed to invest in bitcoin but are not doing so, they have the money to do it, if it was just about they financial standing then these people would be the ones investing in bitcoin more

Bitcoin investment is not for everybody. So it is not everyone that have discretionionary that may invest in bitcoin. It is matter of personal decision and choices. There are those that won't want to invest in bitcoin because they fail to appreciate bitcoin for what it is or what it represents. Investment in bitcoin is something of personal decision and just about having discretionionary income because it is possible for someone to have discretionionary income but fail to invest in bitcoin.

[Proty]

You might have a clear strategy or plan at the beginning of your investment but when you let your emotions start taking over you cannot call that an investment anymore because you are being carried away by the market and not moved by your initial plans. As you already lnow, both of you had good plans and adequate knowledge but your friend fell off due to lack of emotional control or behaviour. One aspect people need to develop before starting their journey as investors is mental discipline, Having knowledge, strategy and knowing how to apply risk management is good but in the long run you need mental discipline if you really want to achieve significant results.

I don't really believe with the opinion that poor investors are automatically more reliable or commited to long term, sometimes it's actually the opposite when cash is tight it is much difficult to stay patience during dips because real life needs to force One to sell too early. Having disposable income is the real deciding factor whether anyone is rich or not if they are investing money they can afford to lose, emotions will always take over one over at some point being wealthy doesn't guarantee the emotions control either people at every level make impulsive decision it truly really comes to down to mindset and discipline not just a financial status.

Being committed to bitcoin investment for long term has nothing to do with being poor or rich. Therefore, it is wrong for anyone to say or think that it is only the poor that can be committed to long term investment. It is more of conviction and self discipline because not all poor people are committed to long term holding of bitcoin likewise the rich , it is not all rich people that are also committed to long term holding.

[Emjay24]

Let's consider a DCA investment process that the investor invests $50 monthly with an initial investment target era of 10 years. He would have less attachment to his invested amount. Note that within the 10 years, he must have invested 50*12(months*10years which will be $6,000 invested assuming he is ideally investing with out increase nor decrease. Such mate may achieve that feat without feeling much worried about his money because he hasn't invested such amount in just one or two occasions. Compare with someone who has invested by lump-sum of $6,000 in a go, he would always be on the chart, worried about his money even when he also had initial holding period of 10 years too. Such mate can notice a slight uptrend and now want to play smart to sell and buy back, that's how he gets exposed to gambling which was never his intention.

So DCA strategy is definitely better when it comes to long-term investments because it supports patience and continuity.

This is not a valid analysis and I'm tell you why, Bitcoin investment is dependent on the financial strength of the investor and the quantity of discretionary income available to him with which he wants to invest. The investor A in your description did his investment from his comfort level which is $50 monthly, another investor with a higher available discretionary income of $6k to put into Bitcoin and has backup assets in place can decide to use $6000 to lump sum into Bitcoin. The difference between the two of them is that the second person had more discretionary funds available when starting his investment journey and the first didn't. If both of them holds for 10 years, you'll see that the person who bought right away and continued holding would have more value and likely bought more quantities than the guy who invested for a period of 10 years.

I'm trying to illustrate to you that lump summing doesn't necessarily mean the person is being over aggressive or took the wrong decision, as long as he did it from his discretionary income and he can go long-term with holding his portfolio. DCA isn't the only accumulation strategy, lump sum is still good if you've the funds available to buy straight up.

[GIF-JOBS]

You might have a clear strategy or plan at the beginning of your investment but when you let your emotions start taking over you cannot call that an investment anymore because you are being carried away by the market and not moved by your initial plans. As you already lnow, both of you had good plans and adequate knowledge but your friend fell off due to lack of emotional control or behaviour. One aspect people need to develop before starting their journey as investors is mental discipline, Having knowledge, strategy and knowing how to apply risk management is good but in the long run you need mental discipline if you really want to achieve significant results.

I don't really believe with the opinion that poor investors are automatically more reliable or commited to long term, sometimes it's actually the opposite when cash is tight it is much difficult to stay patience during dips because real life needs to force One to sell too early. Having disposable income is the real deciding factor whether anyone is rich or not if they are investing money they can afford to lose, emotions will always take over one over at some point being wealthy doesn't guarantee the emotions control either people at every level make impulsive decision it truly really comes to down to mindset and discipline not just a financial status.

Being committed to bitcoin investment for long term has nothing to do with being poor or rich. Therefore, it is wrong for anyone to say or think that it is only the poor that can be committed to long term investment. It is more of conviction and self discipline because not all poor people are committed to long term holding of bitcoin likewise the rich , it is not all rich people that are also committed to long term holding.

Everyone's financial situation and mental outlook are different, and if we come to Bitcoin investment, then everyone is suitable for investment here. Holding Bitcoin for the long term does not actually depend on one's financial situation, i.e. rich or poor, but rather on mentality, patience and discipline, if there is a real desire, we can hold an investment for the long term through discipline despite having a bad financial situation. Basically, it depends on consistency and mental situation, Bitcoin investment is suitable for everyone.

[Crakryptvest]

To be successful in investing in Bitcoin, it is very important to first achieve the right knowledge because without the right knowledge, it is not possible for an investor to achieve success. Along with achieve the right knowledge, consistency is very important. If there is no consistency in investment, then success cannot be achieved, so you should buy Bitcoin consistently with a long-term plan with prudent money and do not be disappointed by the instability of the market. You should wait patiently for a good time with confidence, as a result of which long-term profits can be expected. We must remember that it is never possible to achieve success by investing in Bitcoin long-term investment or short-term plans, so success can be achieved buy Bitcoin with a long-term plan with confidence and patiently waiting for the right time.

If I may ask what do you think that's the right knowledge, I only know that we should have the basic knowledge then start investing with our discretionary income may be as time pass by we will continue to improve in our knowledge, knowledge is good, furthering our knowledge is very beautiful but waiting to have the right knowledge before we invest in Bitcoin can also be an obstacle to us because we might think that we don't have the right knowledge to invest while we have what it takes just that we are thinking that there more to learn when all we need is the basic knowledge to start, the market is volatile and we don't expect a stable market and that shouldn't confuse us either because that's how the market is, profit may not be guaranteed in the future but the history has already that Bitcoin has continued to make a positive impact on its price meaning that it is better of when folks invest in it on a long-term.

[Gost ms]

To be successful in investing in Bitcoin, it is very important to first achieve the right knowledge because without the right knowledge, it is not possible for an investor to achieve success. Along with achieve the right knowledge, consistency is very important. If there is no consistency in investment, then success cannot be achieved, so you should buy Bitcoin consistently with a long-term plan with prudent money and do not be disappointed by the instability of the market. You should wait patiently for a good time with confidence, as a result of which long-term profits can be expected. We must remember that it is never possible to achieve success by investing in Bitcoin long-term investment or short-term plans, so success can be achieved buy Bitcoin with a long-term plan with confidence and patiently waiting for the right time.

To start investing, we need to ensure that we have discretionary income and if we are able to do so, then we need to start investing immediately. After starting investing, a person can learn a lot and can progress in investment and knowledge acquisition in parallel. There is no certainty of success from investing, but if a person is able to hold on for a long time, then the chances of them benefiting from the investment are much higher. But to hold on for a long time, we need patience and discipline.

[icebar]

You might have a clear strategy or plan at the beginning of your investment but when you let your emotions start taking over you cannot call that an investment anymore because you are being carried away by the market and not moved by your initial plans. As you already lnow, both of you had good plans and adequate knowledge but your friend fell off due to lack of emotional control or behaviour. One aspect people need to develop before starting their journey as investors is mental discipline, Having knowledge, strategy and knowing how to apply risk management is good but in the long run you need mental discipline if you really want to achieve significant results.

I don't really believe with the opinion that poor investors are automatically more reliable or commited to long term, sometimes it's actually the opposite when cash is tight it is much difficult to stay patience during dips because real life needs to force One to sell too early. Having disposable income is the real deciding factor whether anyone is rich or not if they are investing money they can afford to lose, emotions will always take over one over at some point being wealthy doesn't guarantee the emotions control either people at every level make impulsive decision it truly really comes to down to mindset and discipline not just a financial status.

Being committed to long term at times has nothing to do with an investor financial situation because there arre are people that financially load but they are not being committed with there bitcoin investment and also there are people that are not that financially buoyant but are committed to there bitcoin investment. Therefore, it is more of an investor mindset and discipline in being committed to there bitcoin investment rather than only there financial status. Even the rich folks still do panick and sell out of fear of losing there money.

Anyone can commit long term if they want to, it's all about whether they can keep themselves in bitcoin investment or not, we might need money to invest but if a person isn't even interested in investing in bitcoin then it doesn't matter how much discretionary income they have because they will not be able to invest if they are not interested in investing, there are so many people who can be considered rich and with the resources needed to invest in bitcoin but are not doing so, they have the money to do it, if it was just about they financial standing then these people would be the ones investing in bitcoin more

Not everyone has a good knowledge of Bitcoin. There are many who have money but have not yet gained awareness about Bitcoin. There are also some who have knowledge but do not have enough money. What is needed in investing in Bitcoin is to have a prudent income. If those who want to invest do not have a prudent income, then even if they are able to invest in the short term, they will not be able to survive in the long term. Those who are prudent should ensure the proper use of their money. Those who are rich think more about how to increase their wealth. Therefore, if someone knows about Bitcoin, then they should definitely plan more about Bitcoin. Of course, the investor must have the desire to invest, only then can it be possible to gain good knowledge about investment.

[aNot!FicaT!on]

To be successful in investing in Bitcoin, it is very important to first achieve the right knowledge because without the right knowledge, it is not possible for an investor to achieve success. Along with achieve the right knowledge, consistency is very important. If there is no consistency in investment, then success cannot be achieved, so you should buy Bitcoin consistently with a long-term plan with prudent money and do not be disappointed by the instability of the market. You should wait patiently for a good time with confidence, as a result of which long-term profits can be expected. We must remember that it is never possible to achieve success by investing in Bitcoin long-term investment or short-term plans, so success can be achieved buy Bitcoin with a long-term plan with confidence and patiently waiting for the right time.

To start investing, we need to ensure that we have discretionary income and if we are able to do so, then we need to start investing immediately. After starting investing, a person can learn a lot and can progress in investment and knowledge acquisition in parallel. There is no certainty of success from investing, but if a person is able to hold on for a long time, then the chances of them benefiting from the investment are much higher. But to hold on for a long time, we need patience and discipline.

We must not ignore the fact that there is no guaranteed success, everything is possible, everything has its risks as well as possibilities, so we must understand the risks.
Before starting to invest, having a discretionary income is essential, and after beginning to invest, it is also crucial to maintain an emergency fund. Because the market will not always be in your favor, and our financial situation will not be in our favor, and for this reason, it is important to build an emergency fund so that even in the face of any financial emergency, you are not forced to liquidate your investments at a loss.
Another important aspect is that many people make risky decisions in the beginning in the hope of quick profits. But if we start making blind decisions in the hope of quick profits, then these can actually cause us more losses, it is most reasonable to invest regularly, such as weekly or monthly, and if we can control our emotions, it is possible to gradually get good results, because these emotions and greed push us to make wrong decisions.
So we need to be prepared from all sides, along with consistent investment, we definitely need an emergency fund. If you have a strong emergency fund (at least 3-6 months of expenses), you will be much more stable mentally as well, which is very important for long-term survival.

[ZeroVinsonN]

You might have a clear strategy or plan at the beginning of your investment but when you let your emotions start taking over you cannot call that an investment anymore because you are being carried away by the market and not moved by your initial plans. As you already lnow, both of you had good plans and adequate knowledge but your friend fell off due to lack of emotional control or behaviour. One aspect people need to develop before starting their journey as investors is mental discipline, Having knowledge, strategy and knowing how to apply risk management is good but in the long run you need mental discipline if you really want to achieve significant results.

I don't really believe with the opinion that poor investors are automatically more reliable or commited to long term, sometimes it's actually the opposite when cash is tight it is much difficult to stay patience during dips because real life needs to force One to sell too early. Having disposable income is the real deciding factor whether anyone is rich or not if they are investing money they can afford to lose, emotions will always take over one over at some point being wealthy doesn't guarantee the emotions control either people at every level make impulsive decision it truly really comes to down to mindset and discipline not just a financial status.

Being committed to bitcoin investment for long term has nothing to do with being poor or rich. Therefore, it is wrong for anyone to say or think that it is only the poor that can be committed to long term investment. It is more of conviction and self discipline because not all poor people are committed to long term holding of bitcoin likewise the rich , it is not all rich people that are also committed to long term holding.

Everyone's financial situation and mental outlook are different, and if we come to Bitcoin investment, then everyone is suitable for investment here. Holding Bitcoin for the long term does not actually depend on one's financial situation, i.e. rich or poor, but rather on mentality, patience and discipline, if there is a real desire, we can hold an investment for the long term through discipline despite having a bad financial situation. Basically, it depends on consistency and mental situation, Bitcoin investment is suitable for everyone.

It also depends on whether you have safety measures in place to guard against selling prematurely, you can have all of the qualities and attributes you just mentioned and still sell your bitcoin early because you failed to set up your emergency fund as well, you can be patient and disciplined but life doesn't care for these things, when an emergency hits your patience and discipline won't stop you from selling, your emergency fund will so while you are making sure to cultivate yourself in mental fortification you should also make sure you are setting up your emergency fund as well.

[GIF-JOBS]

You might have a clear strategy or plan at the beginning of your investment but when you let your emotions start taking over you cannot call that an investment anymore because you are being carried away by the market and not moved by your initial plans. As you already lnow, both of you had good plans and adequate knowledge but your friend fell off due to lack of emotional control or behaviour. One aspect people need to develop before starting their journey as investors is mental discipline, Having knowledge, strategy and knowing how to apply risk management is good but in the long run you need mental discipline if you really want to achieve significant results.

I don't really believe with the opinion that poor investors are automatically more reliable or commited to long term, sometimes it's actually the opposite when cash is tight it is much difficult to stay patience during dips because real life needs to force One to sell too early. Having disposable income is the real deciding factor whether anyone is rich or not if they are investing money they can afford to lose, emotions will always take over one over at some point being wealthy doesn't guarantee the emotions control either people at every level make impulsive decision it truly really comes to down to mindset and discipline not just a financial status.

Being committed to bitcoin investment for long term has nothing to do with being poor or rich. Therefore, it is wrong for anyone to say or think that it is only the poor that can be committed to long term investment. It is more of conviction and self discipline because not all poor people are committed to long term holding of bitcoin likewise the rich , it is not all rich people that are also committed to long term holding.

Everyone's financial situation and mental outlook are different, and if we come to Bitcoin investment, then everyone is suitable for investment here. Holding Bitcoin for the long term does not actually depend on one's financial situation, i.e. rich or poor, but rather on mentality, patience and discipline, if there is a real desire, we can hold an investment for the long term through discipline despite having a bad financial situation. Basically, it depends on consistency and mental situation, Bitcoin investment is suitable for everyone.

It also depends on whether you have safety measures in place to guard against selling prematurely, you can have all of the qualities and attributes you just mentioned and still sell your bitcoin early because you failed to set up your emergency fund as well, you can be patient and disciplined but life doesn't care for these things, when an emergency hits your patience and discipline won't stop you from selling, your emergency fund will so while you are making sure to cultivate yourself in mental fortification you should also make sure you are setting up your emergency fund as well.

Of course, an emergency fund is very important to keep our investments safe in the long term. Our patience, discipline, consistent investment are all good, but if we do not have any financial protection to protect our investments, then we can lose our investments at any moment of danger. That is why we must take the issue of financial protection very seriously. An emergency fund is a freedom that gives us a way to consistently maintain our holdings even in any bad situation, it keeps us away from making unexpected sales, so we must also give this issue a lot of importance.

[SOKO-DEKE]

To be successful in investing in Bitcoin, it is very important to first achieve the right knowledge because without the right knowledge, it is not possible for an investor to achieve success. Along with achieve the right knowledge, consistency is very important. If there is no consistency in investment, then success cannot be achieved, so you should buy Bitcoin consistently with a long-term plan with prudent money and do not be disappointed by the instability of the market. You should wait patiently for a good time with confidence, as a result of which long-term profits can be expected. We must remember that it is never possible to achieve success by investing in Bitcoin long-term investment or short-term plans, so success can be achieved buy Bitcoin with a long-term plan with confidence and patiently waiting for the right time.

Someone without the right information will always get it wrong, which will make them make wrong decisions easily when it comes to Bitcoin investment. Many people have failed in their Bitcoin investment, and it is all because of the lack of proper knowledge that they don't have. If those people had waited to learn well and get the right information about Bitcoin, they would hardly make a wrong decision.When I started my Bitcoin investment, assuming I did not learn some level and gather some kind of knowledge from experienced people around me, by now I might not be into Bitcoin investment. But I learned what I was supposed to learn; that is why I am still accumulating Bitcoin till now.

When I started investing in Bitcoin, there was a period I was panicking because it didn’t take long before the market started dumping. I was thinking that I was losing it all, and I didn’t want to lose more, so I decided to sell. However, the person who introduced me enlightened me more about the Bitcoin cycle, and that is why I did not sell my Bitcoin at that period. As I became more enlightened about the bull and bear market, I decided to be patient and in the process I realized that when someone have right knowledge it will hardly take a wrong take.