“Think I might play around and buy a little Bitcoin”
This mindset is pretty common, I know when I first bought some I really had no clue what I was doing, and I didn’t. It went up, I had some debt I wanted paid off, so I sold it. (That was at around $2,000)
I had no plan. Flying by the seat of my pants, as they say.
Failing to Plan is Planning To Fail - (x100 with Bitcoin)
Some of us are naturally good planners, others not so much.
What are you? Seriously stop for a second and ask yourself:
“How good of a planner am I?”
Know thyself. Do you need to write down your investment plan and look at it everyday until its full ingrained into that noggin of of yours?
Or can you make a decision and stick to it through thick and thin?
can will test your resolve like no other.
Whatever your plan is, when Bitcoin rockets to the moon or crashes back to earth, you need to know what you are doing!
Make a Plan, and Work That Plan
So what is your plan?
Like a new business, you need to figure out what your are going to do, when you are going to do it, and how you are going to execute.
Because of volatility, its easier on new entrants to 1) Make a small allocation of existing funds or 2) Start dollar cost averaging into the asset with a percentage of their earnings.
Either one, or both executed together work.
But you must be patient. If you’re looking to Get Rich Quick you might as well play the lottery or head to Vegas. This game is a long one.
Bitcoin is about long term consistency and insuring yourself against the legacy financial system which has serious cracks developing.
Go Out a Really Long Time With Your Plan (DECADES!)
Like any business plan, you are going to want to make targets to shoot for.
Trading is a fools errand. As I mentioned earlier, I lost out on much bigger gains because I though Bitcoin was similar to a stock.
I hadn’t put in the time, so I missed out on the really big rewards.
Bitcoin isn’t like any other asset you’ve come across. It’s new, its volatile and it doesn’t play by the rules of the stock market. So put in those 100 hours minimum over the next few months if you haven’t already.
Your future self will thank you immensely.