Investing and Trading: Starter’s Tools

So, you made your first coins via faucets, got some through airdrops, or bought some for your country’s currency.. What would you like to do now? Invest? Trade? Exchange?

However, first things first.

Creating your Porfolio

If you are serious about operating within the cryptocurrency market, the number one tool you should have is a portfolio manager (if you have one, – skip this part).

There are hundreds of  apps and websites, however, we recommend the following desktop portfolio managers as essential tools to keep track of your holdings: Both are free to use.

Cryptocompare: an easy-to-grasp interface in addition to a good knowledge base. Creating a portfolio is free and the website features all the tools you need, showing you live changes in the price of your currencies against other currencies, sending you daily market updates and offering market insight in everything crypto-related, – coins, exchanges,, ICOs, wallets and more. Cryptocompare is a good choice for both beginners as well as those with some experience in investing and trading. You can track what you own, what you sold, the profit you made, coins you are interested in, etc.

*hint – always change the currency against which your holdings are measured. When Bitcoin is strong, everything might seem in the red, while against USD you might be in the green!

This is what a sample portfolio, based on Qoinpro daily free coins, looks like:

poftfolio of free coins offered by qoinpro

You can also check out a huge list of public portfolios on Cryptocompare:

https://www.cryptocompare.com/portfolio-public/#/overview

and/or

If you want an in-depth, more professional portfolio with a minimalistic, somewhat old-fashioned design and a multitude of useful tools, have a look at Cointracking. You will find features, such as direct importing of your exchange balances and trades directly onto your portfolio (by exporting the API file and importing in to Cointracking). So, your Binance, Cryptopia or other exchanges’ trading successes will no longer have to be manually entered. Have a look at the dashboard of Cointracking for an idea of what this portfolio manager has to offer:

Cointracking dashboard

Understandably, CoinTracking is a more comprehensive tool more suitable for intermediate-and-above level traders and investors.

Create a CoinTracking account


The difference between the words “Learn’ and “earn”…

The following resources can be called the a few of the 10 Commandments of a Cryptoinvestor’s Bible:

Coinmarketcap.

Coinmarketcap’s Gainers and Losers page is something worth studying daily. It features all you need to know about individual coins and market trends. A massive, up-to-date database makes Coinmarketcap an invaluable resource of raw data. An easy-to-understand interface, trends, market tools (e. g. a fantastic cryptocurrency converter calculator), charts…

coinmarketcap gainerscoinmarketcap losers

*hint: see a coin often appearing under both Gainers and Losers? Could the coin deserve your attention as a choice for cryptocurrency daytrading?

coinmarketcap chart.png

CoinGecko

What’s interesting about CoinGecko is that it rates a currency based on a number of criteria, including and algorithm, analysing the coin’s popularity. That, in addition to, yet again, easy-to-grasp interface and numerous ratings of ICOs, Exchanges, etc, make Coingecko an absolutely invaluable tool.

CoinGecko interface.png

*hint – can you see a decline in price, despite the ratings of a coin being consistently high? Perhaps, after extensive research, the coin would be worth investing in long-term?

Investopedia

Nuff said. Wikipedia for investors. All-you-need-to-know-and-will-never-have-time-to-read in once place.

bitcointalk.org

Historically, the largest, most active and reliable cryptocurrency community. Every new coin must present itself before the harsh judgement of the forum. And it can be harsh. On the bright side, you can find quite literally any piece of first-hand information about anything crypto-related on Bitcointalk. Pay more attention to more experienced members have to say, rather than someone who posted there once or twice. Feeling uncertain about a trade? Chances are, you are not the only one, – bitcointalk is a “forum” in its original, Latin sense of the word.

Podcast: CoinMastery.

If audio is your preferred way of self-educating, we consider CoinMastery are the best, most professional cryptocurrency podcast or vlog out there.

Carter Thomas is a serial entrepreneur, cryptocurrency enthusiast, investor and trader. Every day (or so) he releases comprehensive podcasts, discussing news, trends, predictions (within reason), as well as presenting the cryptocurrency trading and investment market from a macroeconomic perspective. Carter is a professional marketer, so his insight on the marketing side of ICOs can often prove to be useful.

The CoinMastery website also features a free course, a newsletter and more tools on how-to-get-better; whether you might find that of use or not is up to your discretion, however, podcast-wise, CoinMastery is excellent.

CoinMastery on YouTube

To be continued.

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