CoinBundle’s Guide to Managing Your Crypto Portfolio Like a BOSS
Know that you need to get on top of your crypto investments, but aren’t sure where to start? You’ve come to the right place.
Minimize your digital migraine
There are several ways of tracking your crypto investments, wallets, and exchanges in your portfolio. At first, you could successfully manage it all with keeping a handwritten logbook. You’ll have to follow the 24-hour profits and losses of each of your tokens in each of your wallets on each of your exchanges, and make sure to update your logbook daily, never forgetting to update it.
Let’s be real though: manually keeping track of a large variety of assets is a daunting task and could turn you off to the whole experience of crypto investing.
If you are comfortable with Excel or Google Sheets, you could whip up a nifty spreadsheet, which would automatically calculate your value and gains on any interval you wish to track. This method, however, would require you to take precious time each day finding the numbers, looking at the charts, and transferring the data manually into your workbook.
For investors who like to be deeply involved in managing their cryptos, one of the methods above may be the best option, because they are hands-on approaches to the process. For the crypto enthusiast with a variety of different tokens, an ideal management system would be one that does the grunt work for them.
Before we get into the nitty-gritty of setting up a portfolio manager, we must stress the importance of not storing your tokens on exchanges for prolonged periods of time.
CryptoMurphy’s Law
“If you keep your cryptocurrencies in an exchange wallet, the exchange will crash or experience other technical disruptions or security breaches, and your tokens will be lost in the ether forever.”
Be vigilant with your assets and do some research on the security of storing cryptos in exchanges. If you haven’t been in the market for long, then you may be surprised at what you dig up. There is an easy solution: know the status of every coin you own at all times.
If you’ve read this far, then you must be one of the millions of crypto investors and traders who want to make their life easier by setting up an automated management system for your crypto portfolio. You can do this on your device and not have to worry about always updating it and feeding in the current data.
There’s an app for that
An easy-to-use portfolio platform you can try is CoinTracker. Once you set it up, you can check your portfolio on-the-go and always stay updated. It’s a wonderful tool for compulsive traders out there who enjoy checking their phone every 3 minutes. It’s also great for those who are more laid back and only want to check their charts after dinner each night to see if they need to sell anything off.
CoinTracker keeps track of your portfolio change dollar amount, the maximum and minimum values of your coins, your least and most profitable currency, as well as your worst and best performing tokens. You can change the settings to give you these comparison figures in whatever time frame you choose to investigate; such as daily, weekly, monthly, etc. This process eliminates A LOT of work since you will no longer need to grind it out!
Despite how using this platform will simplify your crypto management, it’s not a “set it and forget it” option. You should never approach any investment with a lackadaisical attitude. By being completely hands-off, you will miss a crucial change in one of your tokens someday and never forgive yourself for it. If you choose to track your tokens with an app like this (there are many other similar apps), you still need to maintain it on a regular basis — it’s the responsible thing to do.
Friends grow together
At CoinBundle, we want the best for our community. We consider our users to be our friends and love to see them succeed in their investments. That being said, friends don’t let friends act irresponsibly with their cryptos. So please, do the right thing and keep track of them.
If you prefer paper and pencil: keep track manually.
If you are an Excel guru: build a spreadsheet and track them that way.
If you want to relax a bit and check your charts on the go: try an app.
It’s all about which system works best for you and which you can maintain consistently. Whatever you do: know what you have, what it’s worth, and keep it out of your exchange wallet unless you intend to trade! And always follow the #1 rule — never invest more than you can afford to lose.
