Manage Your Cryptocurrency Portfolio and Track Your Profits
#8 — Where to find the right information and how to track your profits
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
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.
- The list of Daniel Jeffries — https://twitter.com/Dan_Jeffries1/lists/crypto-traders
- Enky Nakamura — https://twitter.com/Bitcoin_Trading
- John McAfee — The founder of the anti-virus very into cryptocurrency, is giving a name of one coin every week — https://twitter.com/officialmcafee
- A list I made from my friends’ recommendations — https://twitter.com/sandochee/lists/cryptopeople
- DeCenter — List of new related to cryptocurrencies, my favorite — https://t.me/DeCenterOrg
- Crypto Alerts — Some alerts about cryptocurrencies — https://t.me/CryptoAlerts
- DeCenter Chat — The community of DeCenter. If you want to ask some question, it’s not too crowded there so not too spammy 😅 — https://t.me/DeCenterChat
- Crypto Whale Bot — A bot to quicly see prices, news of a cryptocurrency, very uselefull to have it in a group chat — https://telegram.me/cryptowhalebot
Blogs & websites
- BTC Trading — Weekly technical analysis of bitcoin — http://btctrading.wordpress.com
- CryptoPassion — Regular analysis of STEEM and BTC, but less good than the previous one — https://steemit.com/@cryptopassion
- Coindar — Calendar of the next cryptocurrency events which are going to happen — https://coindar.org/
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.
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:
- Cryptowallet — To get a balance from your wallet — https://medium.com/active-income/how-to-get-crypto-balance-from-your-wallet-in-google-sheets-c79a2702a038
- Cryptofinance — To get a price of a currency — https://jbuty.com/how-to-get-crypto-currencies-rates-and-more-in-google-sheet-1a57e571bc14
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.
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
- CoinMarketCap — Always keep this website around it’s always useful even though you cannot track your portfolio there — https://coinmarketcap.com/
- Crypto Market Cap — An android app very similar to Coinmarketcap but you can pin your favorites there — https://play.google.com/store/apps/details?id=com.zeykit.dev.cryptomarketcap&hl=fr
- Coindex — iOS — https://coindexapp.com/
- CryptoLadder — iOS — https://itunes.apple.com/fr/app/cryptoladder-live-rankings/id1273585612?mt=8
- DeCenterIndex — An index to follow the trends of the market , I love it !— https://index.decenter.org
- Should You Invest in Cryptocurrencies?
- Read This Before Starting with Your Cryptocurrency Portfolio
- Become a Better Crypto Trader with Technical and Chart Analysis
- A Step by Step Guide on Investing in Your First Cryptocurrency
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