Don't you love the tools that can track your portfolio throughout various blockchains? So easy to use, spares you of lots of work...
Well, that's one point of view! And I'm sure anyone would appreciate less work to track down their holdings and calculate how much they are worth...
I... don't use them and never did. This period is a perfect example why I don't use them. One of the reasons.
In the short term, if you hold mostly alts, things aren't rosy, and unless they are meme coins and a few others generally connected to them or to AI or RWA, they never experienced a proper bull market yet.
And if you have your wallets connected to such a portfolio tracker, you'd be tempted to check it maybe daily, and you'll see the dollar value of your crypto portfolio going down or at most staying the same, and nonetheless during a bull market. Day after day after day. That doesn't seem like something you'd want to see every day.
Most people are probably all-in and just waiting for the market to move up at some point. Some will lose faith and sell at the wrong time. Other lose their patience and decide to micromanage their investments, thinking they lost great opportunities remaining with a bag of coins that doesn't want to move, or worse, goes down and reaches or approaches its lowest price of this cycle. Not fun times, for sure... But also, probably the worst time to move.
If you don't use a portfolio tracker, then you'll need to put in some work to see how much you have where and how much they are worth in dollars. That's not something you'll do every day. You know the dollar value of your portfolio is going down in a downtrend, but you don't have a reminder of the dollars you virtually "lost" every day.
So, that's one reason why I don't use them. It doesn't help in the hype of the bull market either. Seeing the dollar value of your portfolio go up every day by huge amounts toward the end, will likely make you push some profit taking decisions further and further, until it is probably too late.
And finally, another not negligible reason not to use a portfolio tracker is... your security and privacy. Why would you voluntarily link all your wallets in one place?
I guess I am fortunate I have so many on my mind in the real life. It prevents me to dwell much on what happens in crypto right now, good or bad. Maybe you should try that, if you find yourself down because of the price action and the summer apathy. There's also the Euro football tournament for those in Europe, which just started. It can be a great distraction for almost a month.
Want to check out my collection of posts?
It's a good way to pick what interests you.
Posted Using InLeo Alpha
