Yet, at the same time if we attempt to prepare financially and psychologically for either direction.. then we likely will know what we are doing in that regard too, and perhaps the extent to which our numbers might change.. but likely our numbers are changing based on how much of our discretionary income we want to put in.. Ae we going to keep it $100 per week and do we make our buy on a certain day of the week or do we have some flexibility in regards to when we buy?
If you have decided to invest 100$ per week then decide a day and buy on that particular day. We can do some some variations like we can buy a day or two earlier from our specified day and likewise we can delay it but it should be in a manner that 100$ is invested within a week. This variation on buying days will only be done if we think we are getting good price before or after our specified day. If we just go with strategy that I will buy whenever I have mood then you might have same portfolio like Saylor has right now.
You are not wrong, yet if we are making these kinds of weekly buys for a couple of cycles or longer, the timing of the buys are likely not going to make very much difference in regards to which day of the week that you buy or even if you attempt to buy the dips within the week. It still can be fun and even make you feel better to try to buy the dips during the week.. even though in the whole scheme of things after a couple of cycles or longer, it may well not change your average cost per BTC in any meaningful and/or material way (or cause you to accumulate a meaningfully/materially significant larger amount of BTC).
[edited out]
When they have gained confidence in bitcoin, they can increase their DCA amount and buy aggressively to cover up those times that they were buying little by little.
I have my doubts about the abilities for any of us to make up for our past times in which we might have had been investing into bitcoin more whimpily. Sure, it is an idea to invest more aggressively to make up for lost time.. - yet we still have limits in regards to how aggressive we can be..
So let's say that a guy learned about bitcoin, and he decided that he was going to invest into it at around $30 per week, while he is orienting himself and becoming more comfortable.. so perhaps he knows that he could invest $100 per week, but he just is not comfortable enough...
So as he invests he little by little raises his amount, and maybe he even goes up to $120 per week or even $150 per week, and part of his motive is to make up for the times in which he was more whimpy.. I question the extent to which that would work.. even though I do recognize that people will do things like that... there are even provisions in American investment laws that gives tax benefits and even abilities to "make up" invest once a guy gets over 50 years old.. under the assumption that sometimes guys will realize that they had not invested enough prior to 50 years old, so when they turn 50, they are allowed to invest at a higher limit into some of the tax benefitted accounts.
Newbies shouldn't be more focused on profit as a motivational factor that will make them continue their bitcoin investment, because if they do, it can lead them to make wrong decisions that will affect the growth of their portfolio like not buying when the price dips or think of selling when there's a drastic dip and the price stays down for long. Instead, they should see bitcoin as one of the best assets to throw some value into for the future and have a bitcoin target and focus on it
Of course.. it is important for a new investor not to rush for profit. Their investment objective will be to accumulate one full cycle of Bitcoin. If they can successfully complete this they should do another cycle and another cycle as long as they have discretionary income available. If you expect to make a profit at the beginning of your Bitcoin accumulation you will not get very far because the temptation of a price increase will make it tempting to withdraw your Bitcoin holdings. Regular buying targets rather than focusing on profits will support you to keep buying at every price point in the market and is a great way for new investors to learn investment discipline.
Sure. There is nothing wrong with assessing and reassessing from time to time, yet the conclusion may or may not be to continue to accumulate bitcoin. There could be assessments that the person has enough bitcoin or even assessments to change the level of aggressiveness in accumulating bitcoin (such as making the accumulation less aggressive).
You're right, every newbies Should be more concerned about building their bitcoin portfolio rather than looking into profit, although sometimes I don't blame those newbies that is so much interested in the profit aspect because sometimes the fault might be coming from the person that thought them about bitcoin investment, probably they might be telling them how much profit they will make if they invest in bitcoin without even saying "in the long term" and newbies will now capitalize on what they told them and start hoping for profit immediately after making their Investment so while teaching newbies we need to give them the right informations.
And thats the very reason why people, especially newbies shouldnt just blindly delve into something they have absolutely no idea about, especially when it involves them putting their money into it. Its true that everyone must not use the same strategy in Bitcoin investment, but also using the wrong strategy can land you into much bigger trouble, which is why everyone should first do their due diligence first, have a solid understanding of what they are going into, know the ins and outs, the cons and pros before finally entering, this is exactly what helps people make better decisions about their choices of investments.
Stop being patronizing. If a newbie to bitcoin can figure out that he has discretionary funds and he knows that he has common sense, then he can get started right away. He hardly needs to know anything beyond whether he has an extra $30 in his pocket in order to get started.
Now in order to continue to invest, and as the amounts become larger, he may well have to improve his understanding of both his cashflow situation, and also look into bitcoin a bit more in terms of considering self-custody and getting some ideas how bitcoin works and why it is a good long term investment for 4-10 years or longer.
Sure, there may be some people who determine (based on their common sense) that they have some time, energy and value constraints, so they might identify that it could take them a bit of time to decide the place in which they are going to start to source their bitcoin. Perhaps they heard about a few possible options, yet feel that for their own comfort level, they are going to need to investigate into their bitcoin source possibilities, and perhaps spend a few hours looking further into that. Maybe also they have some income and expense issues that they feel that they need to look into also, yet there still might be some importance that they figure out their matters.