Bitcoin Forum

Economy => Trading Discussion => Topic started by: Cryptoconniption on August 06, 2017, 05:13:25 AM

Title: How are you calculating and keeping track of profits?
Post by: Cryptoconniption on August 06, 2017, 05:13:25 AM

I'm trading on Bittrex. I input the values for each trade into Cryptocompare so I can get an idea of how well I'm doing. However, since most of these coins are only traded with bitcoin, when bitcoin goes up, the theoretical value of the coin goes up. I can't get my head around this. The best way I've found so far is when I let Gunbot run (the automated buying/selling app) in Bittrex it constantly buys and sells (in btc) so I can look at my total btc to give me an idea of how well I'm doing.

How are you keeping track?

Title: Re: How are you calculating and keeping track of profits?
Post by: kaevandus on August 06, 2017, 05:26:29 PM

Quote from: Cryptoconniption on August 06, 2017, 05:13:25 AM

I use https://bitcoin.tax (https://bitcoin.tax). USD$19.99 per year. Very easy to use, imports data form most major exchanges and wallets, integrates with other accounting software.

Here is the list of features from their website:

Quote

Imports trade histories from these, and more, exchanges:
Coinbase, Gemini, Circle, Bitstamp, BTC-e, Cryptsy, Bitfinex, Kraken, CaVirTex, or CSV
Import spending from Coinbase, Core Wallets, Blockchain.Info and CSV
Import income from Coinbase, BitPay, CEX.IO, or CSV
Import mining income directly from addresses or CSV
Review and monitor individual addresses
Calculate capital gains
FIFO, LIFO, average costing or specific identification
Optional like-kind treatment
Download attachable statement or IRS Form 8949 PDF, import into TurboTax and TaxACT
Multi-year support
Major world currencies: USD, GBP, EUR, CAD, AUD, SEK, NOK, BRL, SGD, CNY, JPY, CHF, HKD, RUB, ILS, KRW
Bitcoin, Ethereum, Dogecoin, and other alt-coins
Reports balances and remaining cost basis
Calculate tax years for US, Canada, Australia, Germany, United Kingdom or starting on 1st Jan.

Title: Re: How are you calculating and keeping track of profits?
Post by: ~Bitcoin~ on August 06, 2017, 05:35:05 PM

Blockfolio can be good option for you to track all your crypto assets and actually I am also using it to track all my investment in real time. They support most of the trading platform and displays your holding in both fiat and bitcoin along with daily change in your total investment or in individual asset.

Just download android or iphone app and start tracking https://www.blockfolio.com/

Title: Re: How are you calculating and keeping track of profits?
Post by: beerlover on August 06, 2017, 07:23:55 PM

When you are dealing with short term plans then just your order book/trade history will be more than enough. I do trade few altcoins and I do check my trade history for my profit levels and I do not take any interest to calculate my total profits as my bitcoins are enough witness to ensure I will be in profits or not.

Title: Re: How are you calculating and keeping track of profits?
Post by: albertvert on August 06, 2017, 07:24:31 PM

Quote from: ~Bitcoin~ on August 06, 2017, 05:35:05 PM

Who said bitcoin trading is very thought.No one will know how much price will reaches of bitcoin at the end of month.Once you trade means you will get huge amount. If you got some bitcoin from Signature caimpgn .sell that will trade only.

Title: Re: How are you calculating and keeping track of profits?
Post by: tleilaxu_eyes on August 07, 2017, 01:19:38 AM

Most exchanges have a trade analyzer that can show where you stand (but not all of them are good). You could keep your own excel sheet but that would be kind of tedious unless you had a connection to a web source.

Title: Re: How are you calculating and keeping track of profits?
Post by: 6Asmodeus6 on August 07, 2017, 01:23:53 AM

I used to calculate it on a book so today it still gives me satisfaction.Of course I still use the exchange sites statistic dashboards to check it if it's correct and you can just use those features. :)

Title: Re: How are you calculating and keeping track of profits?
Post by: sweetbet on August 07, 2017, 01:34:03 AM

I use a calculator and a notepad file :) Very technical :)

Title: Re: How are you calculating and keeping track of profits?
Post by: mk4 on August 07, 2017, 04:42:05 AM

There are various apps and websites that you can use to track your investments. I personally use blockfolio, the only downside with it is that you enter all your investments manually.

NOTE: I am not affiliated with blockfolio
Android: https://play.google.com/store/apps/details?id=com.blockfolio.blockfolio&hl=en
iOS: https://itunes.apple.com/us/app/blockfolio-bitcoin-and-altcoin-portfolio/id1095564685?mt=8

Another good one is https://altpocket.io; tried it in the past, didn't like it that much but you might. Try it out. or maybe you can use the classic Windows Excel sheets. Just make some formulas to your liking and you're good to go.

Title: Re: How are you calculating and keeping track of profits?
Post by: michellee on August 07, 2017, 04:43:26 AM

sometime i use xls to calculate my daily or week trading, with that file, I can see how much I can take profit or how much I loss. so far, I am really satisfied with this. but sometime, I am too lazy too fill the column and if this is happen, then I only take a look in history at poloniex or bittrex. from that history, I think I can see my profit and my lose in the same time.

Title: Re: How are you calculating and keeping track of profits?
Post by: Shishir99 on October 28, 2017, 11:37:59 AM

Quote from: Cryptoconniption on August 06, 2017, 05:13:25 AM

If you use android then you can install Blockfolio app.
It is a very good app for tracking your investment.
You can set up alert system to alert you about the price.
Other than that there are lots of apps available in playstore for cryptocurrency investment tracking.

Title: Re: How are you calculating and keeping track of profits?
Post by: Mi5h0 on October 28, 2017, 12:12:48 PM

Quote from: Cryptoconniption on August 06, 2017, 05:13:25 AM

I also use BlockFolio on my phone, and CryptoCompare on the desktop. At least for now, I think BlockFolio is the best by far! I am using it for several month and I can't complain.
It depends on what you want, there are some apps that import your portfolio from the exchanges or wallets.

Title: Re: How are you calculating and keeping track of profits?
Post by: imyashir on October 28, 2017, 01:18:07 PM

Quote from: ~Bitcoin~ on August 06, 2017, 05:35:05 PM

blockfolio is also my use very good use and it's very easy to use just find the coin and place the quantity for your price and profit. You'll also know if you have losses. with a chart and with a booking. so it's better to use the block portfolio to newbie please use the blockfolio too.

Title: Re: How are you calculating and keeping track of profits?
Post by: perfect999 on October 29, 2017, 06:39:21 AM

Quote from: Shishir99 on October 28, 2017, 11:37:59 AM

Quote from: Cryptoconniption on August 06, 2017, 05:13:25 AM

There are so many other apps available as well on app store which can really help you in keeping the track of all of your earnings. These are really good apps and they can actually help a lot the traders in order to know what exactly they are doing in the world of trading.

In addition to this, you yourself can keep the record of all your incomes and expenditures and then you can calculate the profit at the end, I think that will be much better.

Title: Re: How are you calculating and keeping track of profits?
Post by: clarkt on October 29, 2017, 07:01:27 AM

May be I am old school but i do not use app for calculating, I try to see my profit in bitcoin. And i use calculator to do it. Exchanges also give you overall value of your porfolio and you can see profit if there is sudden rise in that value and act accordingly.

Title: Re: How are you calculating and keeping track of profits?
Post by: bitqistchris on October 29, 2017, 11:02:26 AM

I'm using a platform that I have built myself (as I had the same problem) to calculate and keep track of my profits without the hassle of manually entering trades etc. The URL is https://bitqist.com.

Title: Re: How are you calculating and keeping track of profits?
Post by: nexus2k14 on October 29, 2017, 01:50:57 PM

For keeping track in crypto I use Blockfolio, very good app for general purpose. I am not trading every day, so pen and paper is fine for me for notes I can check in small notebook anytime. Balances I also put on excel spreadsheet. I put extra rows information like: Circulating Supply, Total Supply, Rank, Market Cap and few other details - this help me invest in more promising ICO. If you intererested how it looks in Excel I highly recommend you to check you on YouTube: Ian Bolina, he is a great guy to watch and learn, and also he have complete excel spreadsheet that includes all possible information about new crypto.

Title: Re: How are you calculating and keeping track of profits?
Post by: blueteam09 on October 29, 2017, 04:24:28 PM

If you trade in a short time of 2-3 hours then you can order and then do the work of a note to you that bittrex floor has stop loss so you use this function when the price The coin you are dropping at a price that you feel is losing money, it will automatically sell at that price. And the app track changes of coin I see a lot of tools but I advise you not to trust it too or you can also lose your account if the app or tool that requires you to login with the tool its bittrex

Title: Re: How are you calculating and keeping track of profits?
Post by: DaddyMonsi on October 29, 2017, 04:59:19 PM

Quote from: Cryptoconniption on August 06, 2017, 05:13:25 AM

Yes I do keep track of my earnings and loses with my trades in Bittrex and Poloniex. I don't have those fancy apps to track them down I just import the csv file from the site and transfer to my pc to consolidate with my previous trade. Its also my way to motivate myself specially if I see profits from my trades. I dont do it daily since there are times I don't trade and just hold on the coins. I do it weekly and take note of the profits. I dont trade with the profits that I earn. I have a separate funds for trading.

Title: Re: How are you calculating and keeping track of profits?
Post by: carlfebz2 on October 29, 2017, 05:09:24 PM

Quote from: nexus2k14 on October 29, 2017, 01:50:57 PM

This is the way on how I do make tallies on my tradings which I do make an excel. It may not be fancy like on others but as long I do know how to read and to put the stats on daily trades then it should be fine.I categorize them for short day trading and for longer trades or holds.I do still able to track out if I'm losing or if on profits which I do help me anytime on what are the things that should supposed to do.

Title: Re: How are you calculating and keeping track of profits?
Post by: Skyborn on October 29, 2017, 05:29:28 PM

There are a lot of ways to track your profits. I mainly use altpocket for my altcoin investments (I can directly import my buy-sell logs from bittrex, this makes my life a lot easier when it comes to tracking my investments). And on my mobile device I use blockfolio to track my bitcoin investments.
If you don't have a mobile device or don't want to rely on a 3rd party service you can also do it the old-fashioned way and use excel. But that requires more time and some excel skills.

Title: Re: How are you calculating and keeping track of profits?
Post by: geopolisch on October 29, 2017, 07:17:31 PM

Quote from: imyashir on October 28, 2017, 01:18:07 PM

Quote from: ~Bitcoin~ on August 06, 2017, 05:35:05 PM

Yeah that I found best among all the other percent profit calculations. Block folio is amazing and I like the most about it, it does give you the whole scenario of your investment. Like the percentage of profit, and loss along with graphs and much more. Keep using it and don’t just make rough graphs and measurements in your mind, use such tools for your better future analysis.

Title: Re: How are you calculating and keeping track of profits?
Post by: shursight on October 29, 2017, 10:16:36 PM

It is pretty easy, i just have an excel sheet in where i keep a track of all my investments and profits, and of course, all my trading and forex operations that i have opened.
This is a good and an easy way to keep on track those operations, because i am sure that i have never missed any number, and this makes me protect my money and to not feel tempted to spend it on some stuff, this is a nice way to do it.

Title: Re: How are you calculating and keeping track of profits?
Post by: sajjadkhan on October 29, 2017, 10:19:44 PM

Spreadsheet is always my best friend with a tracking mechanism that I have used from stock trading days. I like to keep them consolidated due to use of different exchanges.

Title: Re: How are you calculating and keeping track of profits?
Post by: Bitcoinsummoner on October 29, 2017, 11:57:20 PM

Quote from: shursight on October 29, 2017, 10:16:36 PM

In my own i just honestly use the history of every trading site to track my profit i am not using any excel or spreadsheet i am just using the piece of paper and i write them all and then calculate all my profit or loses to know how much bitcoin i made in trading ..

Sometimes loses but mostly making a good profit than loses..

Title: Re: How are you calculating and keeping track of profits?
Post by: squatz1 on October 30, 2017, 12:46:46 AM

Most of the sites that you'd be trading on, be it Poloniex, Bittrex, Gdax, and so on and so forth will tell you the amount of profit (or loss) that you made on a trade so it's not like this information is being hidden from you. Though, if you do want this information in a more presentable manner then go on a site like crypto compare (https://www.cryptocompare.com/) Which had an area where you're able to put in the coins you own, what you bought them at and it'll monitor all of that sort of information.

It's easy and simply, though I'd rather use the built in ones from the sites As they don't require manual input.

Title: Re: How are you calculating and keeping track of profits?
Post by: yrreg ger on October 30, 2017, 05:08:14 AM

Quote from: Bitcoinsummoner on October 29, 2017, 11:57:20 PM

Quote from: shursight on October 29, 2017, 10:16:36 PM

I calculate my profits manually but sometimes it only give me false hope. I calculate it in expected trading profits so that I know if how much my money could be. Then I set my price on the amount that I am satisfied which is not high and is not below half of the expected price. I used this calculations as basis if I am going to earn from that coin or not. I have experienced receiving a shit coin once where there are no investors or no one buys the coin.

Title: Re: How are you calculating and keeping track of profits?
Post by: kevpantof on October 30, 2017, 07:43:57 AM

Quote from: clarkt on October 29, 2017, 07:01:27 AM

Calculating and keeping track of all your profits and loss in very much important thing and you being an investor should keep on doing this so that you may have a fair idea of your performance. There are number of apps available in app store which can help you serve the purpose. In addition to this, you can also hire some accountant which can do all these calculations for you.

Title: Re: How are you calculating and keeping track of profits?
Post by: btcdamnit on October 30, 2017, 07:58:40 AM

I use cryptocompare to track the whole portfolio including profits

Title: Re: How are you calculating and keeping track of profits?
Post by: wagi on October 30, 2017, 07:59:53 AM

I dont use anything to calculate and keeping track of profit.
Just use manual filling by monthly, then it will be more than enough.
Dont be confusing to calculate, its just simple.

Title: Re: How are you calculating and keeping track of profits?
Post by: zokizuan on October 30, 2017, 08:00:36 AM

I write in a simple notepad for my daily arbitrage, increase in coin or profit from trading...etc

and use cryptocompare and blockfolio for portfolio

Title: Re: How are you calculating and keeping track of profits?
Post by: cryptolit on October 30, 2017, 10:30:59 AM

anyone developers want to partner up to make an incredible automated tool to do this?!

Title: Re: How are you calculating and keeping track of profits?
Post by: mast3rm1nd on October 30, 2017, 11:34:30 AM

blockfolio can be a good monitor in real time for you assets and investments so that you can decide when to sell/buy a coin of interest. though for the long term tracking of trades nothing beats a good old notepad and pan :)

Title: Re: How are you calculating and keeping track of profits?
Post by: KourtneyK on October 30, 2017, 01:59:24 PM

I actually downloaded an app I saw that's called Blockfolio and track every coins I have on that single app. It helps me keep track which coins are dumping now and which ones are making me profit but of course you have to input the details one by one like the coins you have and how much you got them and the amount you bought.

Title: Re: How are you calculating and keeping track of profits?
Post by: ronafurw on October 31, 2017, 05:25:17 AM

Quote from: clarkt on October 29, 2017, 07:01:27 AM

There is nothing wrong in using calculator for keeping track of your earnings and losses with digital currencies. I never feel shy or weird in sticking to old means of carrying out certain actions. Yep, the exchanges are also providing these services but again it is better to trust your own calculations. By using calculator, you can make an excel sheet for keeping track of all of your profits and losses.

Title: Re: How are you calculating and keeping track of profits?
Post by: offlinedragon on November 01, 2017, 05:56:46 AM

Quote from: Skyborn on October 29, 2017, 05:29:28 PM

I just keep an eye on the market of bitcoin, which side it is bound. I just calculate roughly with myself and not a special program for my investment. When the price goes up I realize that my investment grows and when there is fall in the price my investment reduces. Just this and nothing more, because keeping records and maintain figures I think is not good for mental relaxation. Therefore I never took it serious.

Title: Re: How are you calculating and keeping track of profits?
Post by: joshblum on November 27, 2017, 07:28:45 PM

I made a site to use the Coinbase API to keep track of your net gains/losses. Check it out at profbit.info (http://profbit.info)

Title: Re: How are you calculating and keeping track of profits?
Post by: adamajet on December 31, 2017, 09:12:00 AM

After using spreadsheets which are way tedious, I spent the last few days putting this together: CoinbaseProfits.com (http://CoinbaseProfits.com)

You will easily see if you are up and down taking fees into account.

CoinbaseProfits.com (http://CoinbaseProfits.com)

Title: Re: How are you calculating and keeping track of profits?
Post by: sana54210 on February 25, 2020, 05:23:35 AM

Quote from: Cryptoconniption on August 06, 2017, 05:13:25 AM

You sound like you bother about USD value but you are trading against BTC, am I right? If you trade against bitcoins then do not bother dollar values. Commonly, I do see people are comparing values of altcoins in dollars but they do trade in BTC pairs. These traders must choose USDT pair as now a days most crypto exchanges are having this option. In 2014/2015, we started to have trading pairs with LTC/Doge but now a days ETH/USDT pairs are famous. I guess a stablecoin pair will be good for the people who concern fiat value.

I bother only BTC value. So, I trade with BTC paired instruments and I do calculate my profit/loss things in terms of BTC/satoshi regardless of where BTC prices are doing. It became possible for me because I value bitcoins and I save them for longer holding regardless of where bitcoin market is heading.