Manage Your Cryptocurrency Portfolio and Track Your Profits

#8 — Where to find the right information and how to track your profits

Unfortunately this is just a photostock 😂, but you will see in this article: there are good apps to track your investment

Once you invested in cryptocurrencies, it’s very important to manage your portfolio. In order to do that you need to stay informed and also to track your profits. You will see in this article what you can do in order to keep an eye on your investment.

This article is part of my Learning challenge where I learn about one topic each month. As you can imagine, this month, I was learning about trading & cryptocurrencies. I based this studies on a book and a few article and ended up investing 1000€ on cryptocurrencies. Click here, if you want to know more about my methodology.

Stay updated, get the right information

In order to manage your portfolio there is another very important thing: keep updated.

Follow the team & community of the coins you hold

Subscribe to the newsletter of every currency you bought. You can find the website of each currency here: https://coinmarketcap.com/

Also, for each coin’s website you can see they often have:

  • Telegram community
  • Slack community
  • Reddit subreddit
  • Twitter

Follow them, subscribe to them and remember the following

Buy on rumors sell on news

It’s not an absolute rule but usually the rumors affect the market a lot, and the news also but when the news is preceded by a rumor, the news will not have too much impact. Also, beware of fake news 😱!

Follow some influencers

It’s also good to follow some influencers on twitter and some analysts. You have some telegram groups/channels which are very good to stay updated too. You can find the ones I follow below.

Twitter

Telegram

Blogs & websites

Track your profits

Tracking the profits of your portfolio can be a little bit tricky because most of the cryptocurrency can be only bought with BTC so you cannot see their price directly in a USD. So their price in USD is totally linked to the price evolution of BTC.

There are a few tools to track your profits and your portfolio. I’ll tell you which ones you can use and which ones are my favorites.

Google Spreadsheet

Not my favorite solution, but with this one, you can do whatever you want, but it takes time to set it up well.

There are a few cool Plugins you can add to google spreadsheet:

With these two and mainly the second one you can do almost anything. The only problem is when you want to calculate the current profits in USDT, how do you do it? do you use the price in USD you bought your BTC that you used to buy the Altcoin? or just the price of the market? That is why this solution can sometimes give a headache.

Applications

So the second solution is to use some apps. Here are my favorites:

  • TabTrader — With TabTrader in android you can connect to your exchanges accounts and you can see the value of your portfolio in each exchange in the currency you want. So I use it coupled with a spreadsheet to know what is my total balance. At the moment I wrote this article it wasn’t possible in iOS to connect with your exchange — https://tab-trader.com/
  • CoinManager — A bit similar than the previous one in Android but you don’t have GDAX in the exchange list (at the moment I am writing this article), here you can also add your wallet address to get the balance — Android: https://play.google.com/store/apps/details?id=io.coninalarm&hl=fr — iOS — https://itunes.apple.com/us/app/coinmanager-for-all-coins/id1244696358?mt=8
  • Blockfolio — In blockfolio, unlike the two previous one you can calculate the profits directly in the app. The only problem is that you have to enter all the trades manually and the problem of BTC vs Fiat explained above is still there — https://www.blockfolio.com/
  • Coindar — In coindar, you can do like Blockfolio add your trades also but I haven’t fully tried it! — https://coindar.org/
  • Delta — I haven’t tried this one, but my friends recommended it to track your portfolio — https://getdelta.io/
  • CryptoPort — The latest I found, similar to Coinmanager but it can track a lot of wallets using only the public key — https://play.google.com/store/apps/details?id=com.jsd.cryptoport

Other

What’s next?

This article is part of my Learning Challenge about Trading & Cryptocurencies. Like this one I made 4 others article related to the topic.


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