A standard portfolio helps us see and appreciate the changes in our subject. So what more if it is about your cryptocurrency portfolio? Keeping track of your activities is very important because you are closer to success if you take note of the progress. So in this article, we will teach you how to keep track of your cryptocurrency portfolio! So if you want to start tracking yours, read this till the end.
The Right Way to Make Your Cryptocurrency Portfolio
Your cryptocurrency holdings tracker will help you manage your currencies well. But before we discuss further how to keep track of your cryptocurrency portfolio, allow us to share with you the right way to make your cryptocurrency portfolio. Bear in mind that this portfolio should be special and well organized because you cannot track the changes if you, yourself, can’t understand your record. So let’s start with these tips below.
Choose the Right Digital Portfolio
The right digital portfolio will allow you to decide what you want to put in. It should help you customize it the way you like it and the way it would be helpful to you. It should be easy to read and understand, so you will not be confused with your own portfolio.
Finalize The Coins That You Want To Include
There are many coins available in the exchange, and we aren’t just talking about ten but hundreds. To help you choose your coins, study the 24-hour price range. You’ll see some interesting details on the chart that will help you decide. Then you can take note of their names, symbols, capitalization.
Finalize The Coins Weight
You may have a hard time choosing from the many coins in the chart. Now, for the next step, you need to weigh them. You may think this is too much, but this is one of the keys for you to have a well-organized cryptocurrency portfolio. You have three options to do it. First, you can weigh them based on their market capitalization. Your second option would be weighing them based on square-foot market capitalization. And lastly, fix their weight. Either of these three will work. But don’t forget to modify the weight of every coin in your portfolio.
Track the History
They say history repeats itself, so it means you can manage your portfolio well by tracking the past to help you strategize. This will help you manage the fees and create a balance. So do your backtest diligently until it satisfies you. After this, you can try it a couple of times to help you decide what you need to add to make it easier to track.
Save Your Portfolio
Now that you have managed your coins well and created a balance, it’s time for you to save the portfolio that you made. But before you click the button, make sure you got the portfolio that you have in mind. It’s okay if it would take a while; you are not in a race. What’s important is that you can use the portfolio well for tracking. If you can’t decide, leave it for a while, and you will return with a good idea in mind. And once you’re satisfied with the changes you’ve made, you can save it.
Check for Rebalance
Changes happen, especially if you’re making transactions. The more transactions you make, the more your portfolio needs to be rebalanced. You can do this once a month to your portfolio organized. But how to keep track of your cryptocurrency portfolio? Learn how below.
Use Websites or Applications
So how to keep track of your cryptocurrency portfolio? Using your phone, laptop, PC, or tablet, you can seek help from trusted websites and applications to help you keep your portfolio on track. We know how this means to you, so to help you find the best, we made a list below.
- CryptoCompare – this portfolio manager has an iOS App, a website, and an android app. What makes this portfolio manager is its ability to compare different cryptocurrencies and provide information about its mining. It has useful tools and features that will keep you updated in the world of cryptocurrencies.
- Gem – this portfolio manager has an iOS App, a website, and an android app, so you can use it whatever you have. It makes appealing portfolios and synchronizes them well. You don’t have to worry because you can use it for free. And if your device is broken, replaced, or lost, you can just log in to have it back.
- CoinTracking -– this portfolio manager also has an iOS App, a website, and an android app. This is perfect for professionals because it shows complete information in its spreadsheet. But if you want to use it, you need to register first on their website. So yes, it might take you a while before you can use it, but it is worth the wait.
Conclusion
Tracking is the best to keep a note of the progress of our subject. It also helps determine what plan we should formulate for the betterment. Like your other subjects, you should know how to keep track of your cryptocurrency portfolio. And now that we have given you tips on how you can properly execute it, you can have peace of mind and think of a plan for the good chance that you have in mind. Find out more about cryptocurrency here!