Afternoon all
New 2 BTC and investing in general - wanting to take advantage of the new world I entered at a very small 0.2 BTC @ 5.7k. Have plenty of funds and considering buying 1 - 2 whole btc as I'm gathering confidence that it'll return to 10k+
Discuss and help a newb out.
Welcome, Here4Gainz. You might need to provide more information about your particulars, but surely your own research would be part of any BTC plan.
I generally recommend that newbies figure out their cashflow for 6 months, and then make an investment budget that is spread out during that kind of timeline that allows them to continue to learn about BTC while they are investing by dollar cost averaging, buying on dips and perhaps frontloading their investment a bit.
Accordingly you can take your current cash available for budgeting towards bitcoin and add it with your cashflow that you expect to dedicate to invest in bitcoin over the next 6 months. Divide that into three and invest 1/3 immediately and dedicate 1/3 respectively to DCA and buying on dips.
Of course, you can employ other variations of such recommended strategy to account for all of your own specific conditions, including your cash flow, other investments, view of bitcoin as compared with other investments, risk tolerance, timeline and time and skills for trading, managing your portfolio or researching into bitcoin (including tweaking from time to time).
Thanks for that.
All makes sense and useful going forward. I suppose my situation varies slightly - I have a lump sum cash amount which I don't need for the next 5 years minimum.
What is considered a dip? The one a few days ago to ~4.5k is an obvious one but is there certain % drop considered a dip worthy of investment? I suppose any dip is a good dip