How do you maintain conviction during a bear market

[Nwada001]

I'm curious what are the things people do to keep strong conviction during times like this. Do you maintain conviction through focusing on the long-term growth of Bitcoin? Sticking to a strict DCA plan? Simply ignoring short term price action?

The best thing to do is to get yourself disconnected from price movement; that way, you can be able to ignore price no matter the direction it's going to. When you are always seeing price move from one point to the other, you can easily swing against the decision you have taken about your holding. A strong will to hold needs strong practice to back that decision up.

[GeorgeJohn]

I'm quite new to investing in Bitcoin and I've been lucky enough to start my accumulation at very attractive prices during this bear market. It's easy to have confidence when prices are going up but I want to be prepared incase Bitcoin goes down further.

Most at times Bitcoin do emphasize that the best time you can invest in bitcoin is during DCA, but I'm not disputing the fact that they're on good track for bitcoin investment..

But from my perception for investing in bitcoin, you can accumulate your bitcoin at anytime, but remember to accumulate a Bitcoin with yours spear money that's most important thing we can do...because if you dont use a spare money to accumulate your bitcoin, you will be on panic when bitcoin experience a bearish...

But at this point, you can accumulate during the bearish season, it's when you have more advantage for accumulation of bitcoin...

[yixichloro2xx]

Bitcoin moves in a cycle, so bear and bullish conditions is normal, therefore you must find possible ways not to get emotional when price drops. Your conviction or trust in Bitcoin is what keeps your investments alive,if you are someone who has a weak conviction, accumulating Bitcoin consistently will be an issue. Moreover you might even stop investing in Bitcoin and pull out your funds during dips because you think that it might never rise. You must understand why Bitcoin exists not just about its price. One of my reasons why I believe in Bitcoin is on its long term growth or rewards and how it has proven itself historically. The best strategy that you can  implement in your Bitcoin investments is to stick to a simple DCA plan and only invest what you can afford to hold for a long time. That way there will be less pressure on market drop and also stop checking market prices time to time because it will create more fear. Most importantly thing is that you should keep on  learning during both the  bear and bullish markets because that’s where real confidence is built.

[EarnOnVictor]

I'm curious what are the things people do to keep strong conviction during times like this. Do you maintain conviction through focusing on the long-term growth of Bitcoin? Sticking to a strict DCA plan? Simply ignoring short term price action?

You already know the answer by yourself. But first, you don't get the conviction through the DCA plan, as DCA is just a strategy, and you only use the strategy to average your risks, so that you don't dabble into it once.

However, as you rightly said, that conviction is in the long-term investment of Bitcoin. You can study its past history to know more on how it behaves. By that, you would know that seeing Bitcoin at lower prices is even the time to buy more because sooner or later, it will hit another ATH.

[KiaKia]

I've already gotten used to buying Bitcoin when I get my hands on some free money, and I don't even know how to stop anymore because it has been a part of me already, I can't stop buying.

I don't see this as addiction, I am looking forward to the future and I believe that buying alot of Bitcoin is the best thing that I can do for myself and that of my family.

As far as your job is paying you don't bother stopping, bitcoin knows how to reward it's loyal investors on the long run, this shouldn't disturb your conviction.

[lovesmayfamilis]

Excitement always arises for those who have not studied the history of Bitcoin enough. As a beginner, I also checked the course daily, worrying about various things. Now I don't always know the real course, because I don't see the need for control and worry. All beginners need to prepare their nervous systems for the fact that their investments should be time-tested, and this time should not be the minimum time. Similarly, the funds that you are willing to invest should not be your last, on which your life depends. Just believe; everything will come (your profit) at a certain time. It also requires faith and lack of reactions to all kinds of noise from the news background, which is not always true.

[pawanjain]

I'm quite new to investing in Bitcoin and I've been lucky enough to start my accumulation at very attractive prices during this bear market. It's easy to have confidence when prices are going up but I want to be prepared incase Bitcoin goes down further.

I'm curious what are the things people do to keep strong conviction during times like this. Do you maintain conviction through focusing on the long-term growth of Bitcoin? Sticking to a strict DCA plan? Simply ignoring short term price action?

Do nothing. As simple as that. Don't look at the prices frequently, don't panic, don't watch crypto news and stay away from FUD.
But for a newbie, doing nothing is the toughest part. Even I had faced this as a challenge in my early days.
The only thing that will keep you going even during the bear market is your trust on bitcoin.
One thing you should remember is bitcoin will always recover in the long term.
Even if your portfolio is going down and you are panicking, remember that in a few months, the price will recover and so there's no need to panic and it's all about the time.

[Zanab247]

Just do this few points:

1) Make sure you don't invest all your money in BTC : You can hodl your BTC until you are satisfied to sell at the price of your dreams, because you have other sources of income you can be using to do other things that will make you not to sell on time.

2) Make sure you look or visit the market before you take a decision. I guess looking at the market price it will help you to know what to do at the moment either to sell at lost or not to sell than to continue hodling your BTC.

3) Make sure you are hodling BTC which is the king among other cryptocurrencies, because many investors and traders are using BTC to determine what will happen to other coins in the market to know when to expect bull or bear market.

[Yorubek]

I'm quite new to investing in Bitcoin and I've been lucky enough to start my accumulation at very attractive prices during this bear market. It's easy to have confidence when prices are going up but I want to be prepared incase Bitcoin goes down further.

I'm curious what are the things people do to keep strong conviction during times like this. Do you maintain conviction through focusing on the long-term growth of Bitcoin? Sticking to a strict DCA plan? Simply ignoring short term price action?

If you follow some things while investing in Bitcoin, then you will definitely be able to manage your investment properly with a long-term plan and hold on to it with confidence during market volatility. Before starting investing, you must have the right knowledge about Bitcoin, as well as have a long-term mindset of 5/10 years and use the money you can afford to lose. It is never right to use the necessary money that you may need quickly. In addition do it in small amounts and maintain consistency and do not get disappointed during market volatility use the opportunity correctly with confidence and wait patiently for good times. As a result, we can gradually reach our goal and expect profit from Bitcoin. Correct knowledge leads us to confidence consistency and patience gradually towards the destination.

[TokenTikas]

Do you maintain conviction through focusing on the long-term growth of Bitcoin? Sticking to a strict DCA plan? Simply ignoring short term price action?

My approach to bitcoin investment is a bit different. Since I started investing in bitcoin with a small amount, I have continued this investment strategy patiently. Actually follow (DCA) approach, so I have not lost confidence even during this bearish market, as my plan is focused on the long term. Since I am investing through (DCA), I don't pay much attention to short-term price fluctuations.

[Humblevirus]

I'm quite new to investing in Bitcoin and I've been lucky enough to start my accumulation at very attractive prices during this bear market. It's easy to have confidence when prices are going up but I want to be prepared incase Bitcoin goes down further.

I'm curious what are the things people do to keep strong conviction during times like this. Do you maintain conviction through focusing on the long-term growth of Bitcoin? Sticking to a strict DCA plan? Simply ignoring short term price action?

Knowledge is the power to maintain conviction during the bear market. It is not that easy for newbies, but with some level of knowledge, it is not hard to maintain conviction because knowledge can be a great guide for someone.Even when the price is dropping significantly, the person may not panic because they understand that during a bear market, the price of Bitcoin usually goes down and later recovers again. Also, focusing on the long term can be a great help.These two things can help someone maintain their conviction during a bear market: having knowledge and focusing on the long term. Focusing on the long term is what always keeps me calm during bear periods because I know that in the future, the price of Bitcoin will recover and may even reach another all time high.

[ImGenius]

I'm curious what are the things people do to keep strong conviction during times like this. Do you maintain conviction through focusing on the long-term growth of Bitcoin? Sticking to a strict DCA plan? Simply ignoring short term price action?

It's always proved that DCA is the best method to invest in Bitcoin and it's also true to get profitable you need to hold Bitcoin for long term. When I invest in such a market I always goes with small portion then gradually buy more if price start dropping until all my investment fund got empty. And if price keep increasing I stop buying and when price goes to a sellable price I sell it.

[Zanab247]

What is happening now in the crypto market is an opportunity for those who have been waiting for bear market to occur, and it has occurred for buyers to start buying BTC because there will be another bull market that will take place before the end of this year. As a newbie you have to follow successful investors advise which is the best way to start earning good profit other professional investors are earning.

Make sure you have other sources of income, because no matter how long the bear market may long you will not be tempted to sell your BTC than to continue hodling until you are satisfied in the bull market before you can sell to earn massive profits.

[sunsilk]

It's either take the moment for buying more during the dip or by being strong in holding with that conviction because you know better than the others.

And that knowledge you've got than the others is through the experience because of how many times we've been through a bear market.

Someone experienced is hard to move with their decision even if the market doesn't look good. Your only conviction is to have something to hold in the future when the price gets exponential.

Maybe one good reason is to think that your life depends on your holdings and how big/small it is will change your lifetime.

[Asuspawer09]

It's obviously really difficult if you dont really believe in it, and you don't understand it for long-term investors, they probably have a lot of experience in cryptocurrency already started investing like around 2016 or lower. For me experience is just something that you really need in order to fully understand how long term investment is going to work, it's really easy to say to do Dollar Cost Average and invest on long term and it's a key to it already but doing that is not really going to be that easy, holding for years is not something that newbies or beginners could easily do, I mean some probably got lucky but most of them are not going to hold for long term.

Personally, what is just do is just forget about it, continue to go for long term investment even though there are a lot of temptations especially if you are seeing a huge growth already in the market, What I do is I threat the dumps as a good news and see it as a huge opportunity to accumulate more Bitcoin and atleast make some profit when the market is high or on Bullrun, It's really difficult and it was almost impossible to sustain investment in long term unless you have liquidity and you just doesn't need the money, so for me the secret is to have the liquidity money.

[Mr_Brilliant$]

I'm curious what are the things people do to keep strong conviction during times like this. Do you maintain conviction through focusing on the long-term growth of Bitcoin? Sticking to a strict DCA plan? Simply ignoring short term price action?

The best thing to do is to get yourself disconnected from price movement; that way, you can be able to ignore price no matter the direction it's going to. When you are always seeing price move from one point to the other, you can easily swing against the decision you have taken about your holding. A strong will to hold needs strong practice to back that decision up.

Yep, disconnecting yourself from the daily price will helps a lot in maintaining your conviction during a bear market…. When you are constantly checking price every minute, those small drop will start looking so big, than it should be, which can likely start making you question you confident about..

Another thing I think is very important is using discretionary income… If you are investing money that you can comfortably afford to leave untouched for years, the pressure will automatically be lower…

[internetional]

I agree with the prevailing view here that a price drop is an opportunity, not a risk. But if, for someone, a drop is a risk, then the standard tool for insuring against such risks is a put option.

For example, suppose you bought bitcoin now at $65,000 - then buy a put with a $55,000 strike as well. If the price falls to $45,000, the insurance will cover half of the losses.

Yes, it costs money, but you are not paying for nothing - you are paying for peace of mind and confidence. Later, when you learn to stay calm without insurance, you can stop buying options and, on the contrary, start selling them yourself, collecting money from those who worry too much.

[Kelward]

The growing adoption of Bitcoin which is bringing multitude of individuals that are holding it for investment including the institutions that are putting in millions of dollars as investment should be enough conviction to you that Bitcoin is a valuable asset. The best time to buy Bitcoin is in bear run which we are in presently so it is another motivation for you to accumulate as much as you can before the start of bull run.

Strong conviction about buying Bitcoin shouldn't be limited to bear run, if you are on DCA strategy then bull run shouldn't be overlooked infact that is when you need more conviction because you're accumulating at higher prices. Beyond convictions you should only buy Bitcoin when you have discretionary funds so that you wouldn't be under pressure to sell prematurely when serious financial needs arises.