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Title: Best way to calculate profits/losses? Post by: PMMatt on January 07, 2018, 05:07:24 PM Say for example, I bought $1000 worth of Bitcoin at $15,000.00.
It goes up to say $16,000.00. What's the best formula to calculate my notional account balance (excluding transaction fees, to keep it simple)? Thanks Title: Re: Best way to calculate profits/losses? Post by: CryspRayz on January 07, 2018, 05:31:32 PM Just download Delta app and it will do everything for you
Title: Re: Best way to calculate profits/losses? Post by: MintDice on January 07, 2018, 05:54:53 PM Blockfolio is another fantastic option. Just input the amount of bitcoin you own into the app and it will tell you its present value.
Title: Re: Best way to calculate profits/losses? Post by: iam2good on January 07, 2018, 07:11:41 PM You can also use coinmarketcap coin history data to track it profitability.
Title: Re: Best way to calculate profits/losses? Post by: odolvlobo on January 07, 2018, 07:19:01 PM Say for example, I bought $1000 worth of Bitcoin at $15,000.00. It goes up to say $16,000.00. What's the best formula to calculate my notional account balance (excluding transaction fees, to keep it simple)? Thanks new balance = old balance x new price / old price In your example, new balance = $1000 x $16000 / $15000 = $1066.67 But it might be easier to just keep track of the amount of btc and its value. btc = sale amount / btc price Then anytime you want to know how much you have new balance = btc x new price In your example, you bought $1000 worth of BTC at $15000, so you have btc = $1000 / $15000 = 0.06666666 BTC and the price is now $16000, so your BTC is now worth new balance = 0.06666666 x $16000 = $1066.67 Title: Re: Best way to calculate profits/losses? Post by: Xtez on January 07, 2018, 07:28:35 PM I Recommend all beginners download Blockfolio,
before investing save a few cryptos that have potential and watch the market and see how your money would be. Or if you feel like your ready put some money in and watch it. Blockfolio really does make the calcuation and conversion really simple and its very easy to use! (ps. i dont work for blockfolio :P ) Title: Re: Best way to calculate profits/losses? Post by: PMMatt on January 08, 2018, 02:30:43 AM Thank you all for a bunch of valuable answers!... especially you, odolvlobo. (I was thinking math not apps.)
Matt Title: Re: Best way to calculate profits/losses? Post by: Knightly on January 08, 2018, 03:34:01 AM Hey,
Be warned though, if you get Blockfolio you WILL refresh it 10000 times a day. Just saying. -Knightly Title: Re: Best way to calculate profits/losses? Post by: MintDice on January 08, 2018, 04:38:14 AM If you are using USD as your base currency, take the current market price for BTC/USD and multiply that by the total number of BTC you have on balance, then add that to your USD balance to get your total USD balance.
Title: Re: Best way to calculate profits/losses? Post by: maurofda on January 10, 2018, 01:03:30 PM Just make the math (and think) as bitcoin is a product (and it really is) that you bought at a determined price on the past and you can now make a resale at a bigger or slower price.
Title: Re: Best way to calculate profits/losses? Post by: Mr.Jovetic on January 10, 2018, 02:19:34 PM I'm always marking the price I bought something and when I'm selling I do compile that buy/sell price.
Just download Delta app and it will do everything for you using a program is just like counting with calculator: not plain and honest. |