Passive investments, such as ETFs and mutual funds, are believed to be the easiest way to beat the market. However, innovative all-in-one solutions give us, the average trader, the opportunity to outperform the market. Real-time market data and portfolio insights, the ACCOINTING.com platform provides the best insights to beat the market and surpass year-end objectives.
Setting up your Crypto Tracker
Setting up a crypto portfolio tracker can be a hassle. A crypto trader must make sure that the crypto tracker aligns to his/her needs. A good crypto tracker should be available in his/her preferred language, fiat currency of choice, and should be able to display as much information as he/she requires when using it, including the total portfolio balance as well as a chart performance indictor based on positive or negative performance.
The crypto tracker must also provide an easy to use risk system that allows the crypto trader to set alerts based on the tokens in he crypto traders portfolio or watchlist as well as interesting projects that he/she would like to explore or track. Social interactions are always appreciated and being able to show the market sentiment is always a nice feature to have
Importing Wallets and Exchanges
A trader is constantly tracking his portfolio while keeping a close eye on the market as new opportunities to outperform the market surge every day. So, the first step is to import any wallet or exchange where you hold your crypto. With the ACCOINTING.com app, it’s as easy as tapping a few features. Go to the Wallets page, look for the corresponding fields (wallets or exchanges), and provide your private keys. If you are using Coinbase or Uphold, you can link your accounts, simplifying the process.
Analysing Your Positions
Now that you have imported your portfolio go to the Portfolio page to look at your 24-hour performance. If you’re in the green, great; if not, you might want to consider making some changes to your portfolio.
The key is to identify what positions are holding you back. Take a look at the individual performance of each of the coins you hold. Tap on the ones that are underperforming and see how deep in the red you are in. Compare the average, high, low, open, and close prices for the corresponding coin and compare it to your average purchase price. If you’re a few bucks below the current price and are in it for the long run, closing your position might not be worth it.
The ACCOINTING.com Benchmark
It’s hard to find a proper benchmark with crypto because of the variety of coins in the market. The distribution of portfolios varies. ACCOINTING.com provides a “benchmark” that helps you determine whether you are underperforming or outperforming other users within a 24-hour timeframe. So, if you are below 50%, swipe left and analyze your portfolio distribution. The best part is that you can look at the distribution of your portfolio and each coin’s percentage change. The question is whether it’s better to hold for the bounce or liquidating part or all of your position.
Liquidity in Your Portfolio
Go to the Exchanges and Wallets page to get a grasp of how liquid your portfolio is. Suppose you have a big portion allocated in exchanges. In that case, the best option might be to liquidate the lagging positions instead of adding more funds to your portfolio. Now, where should you allocate your liquid funds?
Finding New Investment Opportunities
Finding the right token to buy is one part of the buying process, but you need to get in at the right moment. Tap on the markets page to get an overview of the market. Is bitcoin’s dominance tanking? You might want to look for altcoins or DeFi projects you have been tracking. Is the overall volume low? Wait for more liquidity and avoid higher volatility. Few solutions offer an overview of the market and live price action. You can analyze the 24-hour performance of +6,000 coins on the market page, which might lead to analysis paralysis.
By tapping on the different filters, you can select investment opportunities based on ranking or by 24-hour performance. Be sure to tap on your selected coins to deep dive on 24-hour price action (open, high, low, close, and average price) and market stats. Analyzing both tabs is crucial for proper crypto allocation because you want to avoid buying near the high. Furthermore, if you are risk-averse, a large-cap (+10 Billion USD) or a mid-cap 1 – 10 Billion USD) might be the right call; since they are usually less volatile. Also, comparing the coin’s circulating supply to the total supply is useful depending on if you are looking for a deflationary coin, for example.
There are little if none, all-in-one solutions available in the market. The ACCOINTING.com app provides all of the insights that every successful trader and investor needs intuitively. From portfolio distribution and liquidity to key market and coin insights and a benchmark. ACCOINTING.com is the solution for the innovative investor. Trade safe.