Learning from mistakes - Basic Crypto tracking mistake
Hi Steemians.
I got this new interest in crypto all thanks to steem earnings and a decent conversation to USD till about last month.
Last month I moved my earnings to bittrex account and started picking currencies that seems to have promising future. I have to say I've real limited knowledge when it comes to crypto and have been trying to learn from whatever knowledge I have from various posts and YouTube. While most knowledge about exchanges came from @kingscrown and investments from @funnyman. I was left with rather limited knowledge on how to track returns from my investments.
Thats when I came across Blockfolio. Once you enter your movements the app tracks your portfolio and gives you an avg cost of your purchases. While the app is not 100% accurate it gives a ball point idea and you can easily make your decisions based on that.
The crypto market saw a real bad phase this week and I was particularly disheartened seeing my favorite - XRP taking a free flow. While I kept cribbing how it's given me a 25% loss I really ignored the fact that all these currencies are positioned next to BTC. I know alts go down when btc go down but didn't really put it to my calculations.
This evening while I was running down my portfolio I checked how the crypto's overall nosedive had impacted and realized the mistake I was making.
Check below screenshots for explanation.
This one currently shows a loss of 25.93% which comes out to a considerable amount. So even if I see a great opportunity arriving I would stick onto ripple
While once I converted the same to BTC I realize the damage is quite limited. Yes I did loose in terms of USD but the number of BTC is not much impacted
How are you coping up with this fall? Do share the same in comments below.
And then there's fees which also adds to your losses. I made losses while trading so now I'm sticking to long term investing.
I've picked few long term ones while keeping a small amount separately to play around.
While the whole idea is to increase the BTC holding I try doing small 5-8% trades daily
Did you ever withdraw anything?
Yes I did.
You're able to withdraw? I've been trying from a couple of months but bittrex has kept the order in waiting. It's been 2 weeks and the btc hasn't been transferred to zebpay yet.
Did u try moving them to XRP and bring back via koinex? I realize moving BTC takes time and huge fee so completely avoid them
I'll give that a try.
You bought it at XRP which was considerably low than its all time high but the Chinese/Korean indicators made this dent which I believe will be recovered in a matter of weeks.
500 coins is a good number I think and now it's time to diversify :)
Absolutely with just 5% dent I can stick to my plans of moving them to upcoming projects.
I use https://coin.fyi since it lets me see USD and bitcoin at the same time. They don't have a mobile app but it's a great site with an easy layout. I love that I can separate into different portfolios too.
As for the price drops I've been treating like a sale for the coins I usally wouldn't buy, and snatching up some others for cheap.
Thanks. Since m majorly on move I would prefer an app to track portfolio.
Also this is like black Friday sale for cryptos. Pick your favorite coins at reduced rates. Sale Sale Sale
yeah I use blockfolio too, only recently changed to coin.fyi but it's easy enough to just keep it bookmarked and I set alerts through chrome which works pretty well.
Yeah, I always have a list of coins to invest in on hand for times like these. It really is like a sale.
Thanks. Will put this to use
Thank you
@originalworks