This question has being on my mind long time ago, but I want to use this opportunity to ask this question since what we are discussing in this thread is hold and buy, some who is holding Bitcoin for long-term and notice now that the price of Bitcoin is falling every day, what will be your advice to the person,
Will you advice the person to continue to hold or you will advice the person to continue to buy since the price is on dip, the reason why I'm asking this, is that everytime Bitcoin price decreases new investors panic and sell their bitcoins, why they bought the Bitcoin at higher rate, I want know if it's wise to sell your bitcoin or its wrong to sell during dip.
Are you serious? Of course this is not a thread about trading and/or selling.. at least not selling until you spent a long time accumulating - perhaps 4-10 years or longer.
There are people selling because they either don't know what they are doing or they don't know why they are in bitcoin. Otherwise, they might have had been in bitcoin for reasons of trying to make quick profits, like a trader.
Also, not everyone sells at a loss. Some folks might have been buying for a while, and so they are in profits, maybe they have average buy prices of $75k or something like that, but they end up selling because they either want to lock in their profits or they think that they might be able to buy back cheaper. Maybe their selling works out and maybe it does not. Sometimes even bad practices might get lucky.. but many of us are trying to follow more solid long term investment strategies, even though surely sometimes it can take time to get used to investing in bitcoin and/or to learn how to both invest in bitcoin and to strengthen cashflow management systems and practices. A person could be investing for a whole cycle or longer before starting to become more comfortable with his progress.
One good practice for a newbie investor is just to keep buying every week no matter the price, while working on following good cashflow management practices, and then reassess where you are at after doing that for a whole cycle. Of course, you can reassess at any time you want, but many times you have to just let your system play out for several years before getting worked up about it and doing the wrong thing.. so ongoing buying helps.. and you just have to figure out an amount that is comfortable, whether it is $100 per week or $10 per week or some other amount that might be comfortable.
This question has being on my mind long time ago, but I want to use this opportunity to ask this question since what we are discussing in this thread is hold and buy, some who is holding Bitcoin for long-term and notice now that the price of Bitcoin is falling every day, what will be your advice to the person,
Will you advice the person to continue to hold or you will advice the person to continue to buy since the price is on dip, the reason why I'm asking this, is that everytime Bitcoin price decreases new investors panic and sell their bitcoins, why they bought the Bitcoin at higher rate, I want know if it's wise to sell your bitcoin or its wrong to sell during dip.
This is when traders most time loss money because they are people who will panic to sell now, my advice for any Bitcoin investor now they should still be accumulating Bitcoin and HODL, the dip should also be an opportunity for long term investor to accumulate more and not to sell instead of selling the best thing is to HODL if you don't have any discretionary income or reserve fund to take advantage the recent decline in the market. Bitcoin doesn't decrease all the time it also increases in price too and this is due to its volatility.
If to accumulate bitcoin right now is the solution, what if you accumulate right now and the price continues to be falling, will you be continue to accumulate, or the we one we have already we should continue to hold, I think that holding Bitcoin you have even though is falling every day is better to accumulate as it's falling every day, but when I will like to hold is when I have notice that the falling will not be something of drastical falling
You cannot know for sure how far the dip will go or when it will stop dipping. It could end up dipping for years.
It seems to me if you are a newbie, and if your plan is to invest in the long run, then you would just be ongoingly accumulating.
I see from your forum registration that you have been registered on the forum for almost three years, so are you bothered that you have already accumulated bitcoin that is in profits, so that as the price continues to fall (if it does?), then you are no longer going to be in profits? I can hardly imagine very many scenarios in which you would have had been able to invest enough or more than enough bitcoin in the last 3 years, unless you front loaded your investment - otherwise the BTC price has been going almost completely straight up for the past 3 years.
Maybe you are not really thinking in long terms, but you were planning to sell at some time this cycle?
That does not sound like a good way to accumulate bitcoin, yet guys do all kinds of weird shit, and of course, if you are fucking around with a trading mentality, then it becomes difficult for anyone here to help you because you are already thinking about bitcoin in a way that is likely just going to get you into trouble in such ways that you are not really going to be able to profit very much in the long term because you are too busy fucking around and thinking in that same kind of a way. You cannot resist but to want to sell, while at the same time, many guys here considering bitcoin in long term time frames.. and not getting confused by short term price fluctuations that could go in either direction.
No one here (or anywhere else for that matter) can tell you whether the BTC price is going to go up or down in the short term from here.. so you could end up selling your BTC and then the price goes up or you could end up buying more BTC and then the price ends up going down more.
You have to figure out why the fuck you are in bitcoin in the first place. Are you merely looking to try to flip whatever you bought in the past 3 years for 2x or 3x profits or something like that? or do you have a longer term purpose? I hear a lot of guys jumping into threads like this and talking about when they are going to take profits, as if they are doing the right thing.
You might have the same mindset and be confused and even be confusing yourself by listening and talking to others about bitcoin in those kinds of ways and not working towards getting into an investor (rather than a trader) kind of a mindset in regards to bitcoin.
If you really were in an investor mindset then you should not be worried at all about these kinds of dips that happen in bitcoin all of the time, whether the top is in for this cycle or not. Even guys trying to play the cycle will frequently get it wrong... since no one can really know when the top is going to be in or if it is already in for this particular cycle.
We the PLEBS have been given another GIFT to buy the Bitcoin DIP below $100,000. DON'T waste this opportunity. Start saving more of your salary to allocate for Bitcoin, OR if you can't wait, you could buy Bitcoin NOW.
Buying NOW is definitely better than buying went it was above $100,000 because WILL get more units in Bitcoin for the same amount of fiat.
HODL.
That's indeed a very good advice, and I could remember back then when the market was around $120,000 folks where praying for a good buying opportunity and luckily we have meet that perfect time we have been longing to see, I can remember when @Wind_Fury made a comment about buying when the price dip to $100,000 I guess. then, I was actually thinking that it is almost impossible to see the market dropping to that extent. But luckily it works just as predicted and even drop below the stated amount. This is the right time to be more aggressive so as to front load our investment as we don't know how Long this would last.
Wind_FURY is a retard, and he should not be trying to act as if he knows whether the BTC price will dip or not, and so it tends to be better to be ongoingly buying BTC rather fucking around waiting for dips that may or may not happen and acting as if Wind_FURY had any fucking clue about BTC prices going below $100k or that it was a good idea to wait to buy BTC at some later point rather than having a good practice in place that involved buying bitcoin regularly, consistently, persistently and even aggressively in the past 6 months while the BTC price was above $100k.
- especially newbies like you, ejikeme24. You have ONLY been registered here for a little more than a year, and you have been fucking around waiting and holding back rather than buying regularly? I doubt those kinds of practices or that way of thinking about your bitcoin accumulation process is helpful for you to build your bitcoin holdings.