Not too long ago I saw a few hivers declaring their target quantity for accumulating a certain token.
I assume their aim is to accumulate and hodl for years, AFTER deciding that the project is of good fundamentals, and worth hodling.
Having a goal is a great thing to have. Such a goal to accumulate a set amount of tokens in a project helps one put things into perspective.
The single most important advantage is that it brings about the possibility of closure for one’s accumulation journey for a token or project. After all in life, there will be many uses of our funds and we have countless options for investing. Being open-minded and remaining open about looking out for good opportunities is also a way for us to keep up with the times. There is no need to restrict oneself to only one project without an end target for accumulation. Sometimes some diversification won't kill.
In a practical sense, for example, we can set a humble target to accumulate 100 or 1000 tokens for a project by a certain month to begin with (whichever suits you). Once that baby step target is reached, we can always reevaluate to see if there are good reasons to set the next higher target quantity to accumulate. The fundamentals and climate at that point in time would give us up-to-date information for a new decision then. If we want to set a new target to accumulate more tokens, we can do so, and then reevaluate later. If not, we can just leave the accumulated token untouched for a few years. The work for that token is completed. Afterall, we wanted to hodl.
The point is, with this what I can call The Invest-and-Forget Strategy, at least there is a closure or finishing line in sight once we first make the decision to accumulate. This way we are able to fight off the temptation to close the position prematurely too. If we do so, we are giving up our goals. The mind typically don't like that.
The bigger effect of taking this approach is that it breaks down our goal of accumulation into baby steps. We will most likely accumulate through gradual DCA. This does take some risk of buying at the top off.
Of course, we can do this for a few projects concurrently. Each with its unique target quantity and timeline.
With this approach, regular evaluation is important.
If things are good, one can literally invest and forget, and let time do its thing.
P/S: This is certainly not financial advice. Do your own due diligence before investing.