Welcome back to another episode of SingaporeanTalksMoney. Today’s topic is on personal finance and why I find it important to track down your investments and to know your average buy prices.
How I track my investments
For my stocks portfolio, I concurrently use InvestingNote as well as Google Sheets to track my buys. I do track my sell transactions on InvestingNote but not on Google Sheets as I do tend to hold my stocks for the long term. In my google sheets, I track just some basic items so that it is easy on the eye and not too many data to look at.
But of course, the main few data that is important to me are the number of holdings, cost price, current price and total amount in SGD of cost price and current price. These few data allows me to know at what prices I entered or the average price of my current holdings, this will allow me to gauge whether to average up and down and how it would change my cost price. Knowing the total amt of your holdings times the cost price and current prices will let you know if you are in profit or losses.
Tracking my cryptocurrency holdings
I mentioned in a previous post on how I track my cryptocurrency holdings using Blockfolio (now know as FTX App). However, I became a little lazy and did not track my crypto buys as I felt that the small amounts I was buying was negligible. What a wrong thinking that was, as the amounts build up, I realised that I had no clue on my average prices and how much I had put in. This was confusing as when I had extra cash on hand, I wasn’t sure when was a good price to go in due to not being aware of the average price and my buy transactions.
I knew that it will not be good in the long run and so I went back to the different exchanges and keyed in my transactions to find out the details. I am more of a buy and hold investor so it was not very difficult to track back all the transactions but if you do lots of buying and selling, it will be good to start tracking as soon as possible.
Why it’s important to track down my trades and knowing my average buy price
With the recent dip that happened, it was a great buying opportunity and although most were down, there were a few cryptocurrencies that were holding strong. By comparing your holdings and average prices, you can decide on which few you would like to allocate your funds to or to focus on which few.
After figuring the whole tracking system out, you would be able to see all of your holdings at a glance and as you track the current prices, you can also compare it to your average price and see if it is a good time to buy in or to sell.
That's also why some people prefer robo-advisors where reports and the records are done for you and you just have to refer back to the app to see the numbers which I think is pretty neat.
Moving forward
Even though halfway through tracking my transactions, I was lazy and stopped, I realised the importance of it. Being able to continue on from where I stopped was good for me even though you might find it tedious when you make small purchases per month, in the long run, you will thank yourself as you see how your average price and current price spreads apart haha, the bigger the difference, the better it is.
For me, my stocks holdings, I continue to track them in both investing note and my google sheets. For my cryptocurrency holdings, I use both the FTX app and google sheets, this ensures that I have records on them just in case anything happens to either the app I am using or the google sheet I currently use. Using google sheets also allows me to build charts according to the numbers I have. Hope this has been helpful and what tracking system or apps do you use? Do let me know!
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► Where I Buy my Cryptocurrencies: Gemini (Receive $10 of bitcoin after you buy or sell $100 after signing up using https://www.gemini.com/share/558gylyhg)
►FTX: https://ftx.com/#a=41877278
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► Where I buy my stocks
FSMone Referral: P0364886
Tiger Brokers (Free stock and commission free trades, check out more here
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