So the consistency of writing is starting to become an inbuilt daily action. It`s not close to a habit yet, as I have to consciously think about it to make it happen. The basic thought is cementing itself though. I have also started to really think how I write, what is the main topic, how does it link to becoming a habit, improving focus and Cryptocurrency. How will I learn from it, and will I start to really share it a lot more than I do…
Admitting that you write and you “invest” in crypto…
It may sound like I feel embarrassed about writing and crypto, I`m not really, but I do think now before talking to people about crypto, due to the vehement reactions it provokes, and as I am on the writing journey, I haven`t felt that my writing is of a standard to share. Even through I am writing on substack, I only send it to two people so far. However that will change over the coming weeks!!! Like DCA`ing into crypto I will be sharing my writing slowly, regularly, to build my confidence, my style and hopefully my ability…
Dollar Cost Averaging DCA`ing whats all that about then?…
So you’ve decide that crypto looks interesting, its been around 10 years give or take, it`s still volatile, but the banks have all started Crypto / Digital asset divisions of some sort and Governments are researching Central Bank Digital Coins. So where do you start and how did you mitigate some of the volatility. A good place is to pick an exchange with a good user interface, look at the top 10 coins, decide what you want to spend and then start to buy the coins by Dollar Cost Averaging. That is, if your budget is $100 a month then buy $25 dollars worth every week or $33 every 10 days, or however you split it. Why do this?…
Not matter what the amount, human emotion comes into play…
Unless you are a seasoned investor with an incredible risk tolerance and nerves of graphene, you are going to be emotional about spending money on crypto. You are human and you are starting to buy a highly volatile asset. You spend a $100 and the price 10x`s, why didn`t I buy more you cry, the price drops by 95%, why did I waste my money you cry. Now these may sound extreme examples but in crypto they can happen in a very short space of time. DCA`ing can reduce the overall impact of price volatility and lower the average cost per coin. It could prevent a poor timing with all your cash due to FOMO at a potentially high price, you have time on your side to research the projects that may start or stop in relation to the coin, and it can also be a strategy for long-term investors who commit to investing regularly, but don't have the time to watch the market…
Twenty four seven three six five…
Unlike the stock market, crypto never sleeps, so another reason for DCA`ing is to action changes with consistency. The consistency in the crypto market is that it is there constantly. One trading continent goes to sleep, as another wakes and starts! You need to develop your consistency and focus with a manageable pace. Today given what I am advocating a warning is required. This is not financial advice, it is awareness of a strategy that people use to build consistency and repetition that is designed to build good habits. Don`t jump on the FOMO, don’t believe that you will be rich overnight, or that you can write like Fredrick Forsyth…
But do believe, if you never start, no matter how small, you`ll never know…
Thank you for your time.