Tracking your investments is important for a number of reasons.
First, you'll want to ensure that you can easily see profits and losses. This can help you know when it's time to sell your particular holding. 🚀
Second, the tax man cometh — and when he does, it's helpful to have a record of when you bought and sold a particular stock or coin. 🧾
Finally, it's fun! You've likely put a lot of time, money, and research into which investments you chose. It only makes sense to put as much effort into tracking their growth. Ensuring you can see where your investments are growing 📈 (or losing money 📉) is an important step to developing as an investor.
There are many free apps and websites that purport to track your crypto portfolio for you. These apps are nice because they do the hard work for you, accessing coin prices and reading your holdings in real-time.
Among the most popular are:
—CoinMarketCap: CoinMarketCap is a great resource for general information on different cryptocurrencies, including price, volume, technical analysis, and more. Additionally they offer a basic and free crypto portfolio tracker on both their website and mobile app.
—Blockfolio: Blockfolio offers a top-of-the-line mobile experience in a free crypto portfolio tracker. This app requires you to enter your holdings as you get them, and they do the rest in the background.
If you're a do-it-yourselfer
If you'd prefer to DIY 👩💻, or just don't trust those apps, you might benefit from a Google Sheets portfolio tracker. You can easily build a quick spreadsheet, enter your holdings, and track your portfolio's growth over time. Important data to track includes:
Coin or stock name
Date of purchase or sell
Current market price
Cost per share at buy
To make it easy for you, consider using or building off of The Algorand Post's portfolio tracker. Here's how it works:
Select File > Make a Copy.
The spreadsheet should open in your own Google Sheets account.
Enter your current holdings on the Portfolio tab.
Enter your transactions on the Transactions tab.
Track your portfolio! Magic.
NOTE: Do not request access to the spreadsheet. Be sure to make a copy yourself. You can then edit your own copy.
— The Algo Post
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