How To Stay Calm While HODLing Bitcoin?

We all know how it feels when Bitcoin does big moves. Phone sends you an alert that Bitcoin dumped 20% and you don’t like it. Well, it looks like we are entering a bull market and in the bull market, there are big pumps but also big dumps. So how to stay relaxed and survive these volatile times?

1. DCA

DCA-dollar cost averaging-is a quite easy investment strategy that will help you in many ways. It works like this-instead of buying all your Bitcoins at once, you rather buy it in small amounts through time. For example you want to put 1000$ into BTC. With DCA, you divide it into smaller amounts ,for instance 100$, and buy it every week, two weeks, etc. With this simple trick, you can avoid the volatility and potential dumps that could cost you your money.

2. Have an exit strategy

So now you know how to buy Bitcoin safely. But how to sell it? I know that true HODLers will never sell, but I think it’s wise to take some profits. An exit strategy is a plan that tells you when and how much you will sell. With an exit strategy, you can avoid emotional sellings and potential losses.

3. See dumps as an opportunity

Smart investors don’t see dumps as a disaster. They see it rather like a sale, Black Friday on the market. So when you see a big dump, you should consider it as an opportunity to stack sats. However, don’t forget that it can go lower than you expected, so be careful.

4. Don’t look at the price every day

If you are not a trader or someone for whom it’s crucial to know the prices, you really don’t need to know the exact price every day. It will do more harm than good. So please, disable all the widgets you have on your phone. Instead of constantly looking at the price, set up alerts on some important levels, so you will know the price only when you need.

5. Invest only money you can afford to lose

This is maybe the most important tip I can give you. Be smart and invest only money you can afford to lose. Because it can happen. There are people who took loans to buy Bitcoin and lost a lot of money. I think that they will regret it for the rest of their lives. Please don’t do the same mistakes as them.

So, these were some tips that I personally use and I hope they will help you HODLing your BTC without stress. At the end, I should say that I am not a financial advisor and this article is not a financial advice.

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