Only those who know their numbers can make the right decisions quickly. Don’t fool yourself, know your numbers and make decisions that move you forward.
Of course, you will agree with the quotation that it is wise “not to put all your eggs in the same basket”. Another famous quote you will know is: “Harvest golden eggs every day, but never kill your golden goose!”
Everything you read here is no financial advice, I am not your financial advisor because I am not a financial advisor. All the information I provide reflects my own experience alone. Before investing in any project, do your own research and realize that you alone profit from your gains, and you alone are responsible for your losses.
Why is it important to know your numbers?
To stay with the example of the different baskets in which you distribute your eggs, be aware that it is always about the total number of eggs you distribute. And the question is, how many eggs did you start with and how many eggs will you have on day X when you do a cash check?
In the following, I would like to help you to have a transparent view of your figures at all times. And without having to tediously create Excel spreadsheets.
In my example, I use the portfolio management of CoinMarketCap.com, which can be ideally used for various projects.
The best thing about it is that you can track as many projects as you like individually and also monitor your various token portfolios and thus get an overview of all your crypto activities at any time and effortlessly.
Besides various moderate staking and farming programmes, crypto enthusiasts also tend to gamble from time to time. I call this Gambling 3.0 because it is nothing else. It doesn’t matter if they are solid token projects, legitimate companies or shady projects. I, for one, am convinced that it’s the healthy mix that makes it all.
To start with, I create a new portfolio for a project I want to keep an eye on the numbers at all time.
After the portfolio is created at CoinMarketCap, I enter my investment as “Sale”. This means that the portfolio is directly listed as a portfolio with a negative balance. That’s what it is because my investment means that the money is on its way and gone for the time being.
In the further course, I enter every payout or profit realization that I make as a “purchase”, which means that the amount goes back into my wallet and is available to me again.
In this way, I have each project individually and all projects in total in view at all times, know my figures and am able to make sensible decisions.
Another project whose success I monitor with this method is STREAKK. A project that has been doing what it is supposed to do very reliably since 2019, where the CEO regularly appears in public and has so far ensured consistently good performance.
2300X until today: Earn more with STREAKK Wallet and set up your own node infrastructure
Why is STREAKK unique and how can I generate a stable passive income?
After I created all individual investments as “sales” in the portfolio I created for it, my portfolio was in the red by a mighty 0.8 BTC. Since I also added all withdrawals to my wallet as “buys”, you can see from the following graph that my Paraiba World portfolio is now in profit with 1.32 BTC.
By the way, these results could also be realized proportionally with smaller numbers. Paraiba continues to do an impressive job.
Another advantage of tracking the projects in the CoinMarketCap portfolio is that you get nice graphical representations of where you started and how your investment has developed.
Additionally, you enjoy the overview to keep track of fluctuating prices. This is very helpful if, for example, you invest in a project in BTC, but the project is denominated in USD.
Here, various factors can cause you to lose the overview with an Excel spreadsheet when volatility is high.
If you have invested in BTC when the BTC was at $50,000, it is difficult to determine the actual profit with other methods if you realize your profit when the BTC is at $30,000 or vice versa.
The CoinMarketCap portfolio tracks every transaction on the date with the exact price at that time. This is also the case if you postpone transactions. All you have to do is update the date to the actual date of your transaction.
Last but not least
Finally, your CoinMarketCap portfolio offers another advantage. You will be rewarded for regularly looking at your numbers through the CMC-Diamonds program.
Every day you have the opportunity to claim diamonds at CoinMarketCap. And you can dip your collected diamonds into lucrative gifts, mostly limited NFTs, when you reach certain amounts.
All in all, it is a very interesting matter to use CoinMarketCap.
Try it out for yourself:
Create your CoinMarketCap account
FlipFolio42 — The Mother of All Passive Incomes
1.42% per day through decentralized NFT flipping
Do your own research! All information is based upon individual research study and experience and does not make up monetary or financial investment recommendations. I am not a financial consultant or trader and do not represent myself as such. There is no guarantee that you will generate income utilizing the strategies as well as ideas pointed out in this article. There might be associate web links, which indicates I will certainly get a tiny commission when you click my web link. The details, point of view, as well as views, consisted of in this article are only legitimate on the day of this record as well as might be different in the future.