The key to good portfolio management is in the name; you have to keep an eye on it, ready to make a move as soon as it is needed. However, for those of you who abide with the golden rule of not leaving your crypto on the exchange, portfolio management can be an extremely difficult task at the easiest of times!
However, for me this task becomes even harder. My portfolio consists of a few coins which simply can’t be purchased on every exchange. For this reason I have accounts on about 4 or 5 different exchanges. For the larger coins that have stable, easy-to-use wallets I happily abide by the golden rule, but for smaller ones I just can’t always be bothered! Additionally, main laptop is a chromebook so disk-space is a luxury and I simply can’t download 6 or 7 wallets.
As a result, portfolio management was really difficult; and this really bothered me. Initially, I spent about 30-40 minutes every day logging into each different exchange monitoring the value. After about a week of this I was sick. There had to be a better way. I wracked my brains for ages. Then I decided to make a Google Sheets document to keep track of my portfolio. Although, this still involved manually inputting the up-to-date value of each coin to calculate the overall value. It cut my morning task down to about 10 minutes. A huge relief, but after about a week I even got sick of this!
Then, one day, I was perusing Reddit, on the look out for the latest crypto updates I stumbled across the Holy Grail…
Coinmarketcap has an API that allows you to grab all sorts of data from the coinmarketcap website such as price, market size, and 24 hour % change. Now I consider myself fairly techie, I can 'sudo' my way through a command line better than most, but I still could not figure this one out! Thankfully, this handy person on GitHub explains the whole thing and has the code for the price of a coin rewritten!
This has literally changed the way I manage my portfolio. The whole process has become streamlined. All I do is open my Google Sheets document, wait a few seconds, and BINGO:
These are the coins in my portfolio, although obviously not the real amount I hold of each!
I’m not a huge fan of day trading as I don’t know the first thing about chart analysis (well okay, I know green is usually good and red usually bad but after that...) my chosen approach to growing my crypto wealth is portfolio management. Without a doubt, I feel it’s the safest way to make money in this market; all that’s needed is the time and ability to research (or if you’re limited on both just follow me and read my posts!). I always keep an eye on the performance of the coins I hold as well as those which I would like to hold. Now I have one document which is perfect for all my portfolio needs. In the interest of portfolio management, on the bottom right of the above picture, I've even added a section to my document which analyses my portfolio using the CryptFolio Matrix giving me greater insight to the sustainability of my portfolio!
The GitHub account has all the instructions necessary to implement this into your own document. If you need further I’m always willing to lend a hand :)
So to ‘rathergood’ whoever you, cheers my friend! There’s a BTC address on the GitHub page if you’re feeling generous and want to reward the person who took the time to explain this awesome tool! If you’re feeling super generous and want to send some ETH or ERC20 tokens my way here’s my address: jcooper7.eth
Now get to it and start managing your portfolio the CryptFolio way!
---
This is part of a super regular segment I'll be doing, to make sure you don't miss out click through to my profile and follow me! Let me know in the comments below if you do, I'd appreciate it! Also, got any comments, questions or suggestions fire those at me too!
Disclaimer: For legal reasons, this is not intended as advice, I'm happy playing with fire with my own money, I do not by any means suggest you do the same moves I do. I will, however, be posting them, and the reasons here, and if you choose to follow me, then sweet!