The interest in cryptocurrencies has been growing with each passing day. From everyday, regular people, to celebrities, to big firms, and even government institutions and countries, etc. everyone is getting into the game. The ones that have understood the immense potential of blockchain technology and cryptocurrencies are doing whatever they can to popularize it and bring in mass adoption. But before mass adoption takes place, cryptocurrencies have become the go-to method of investment for a majority of people from the young generation and even the older ones. What makes crypto investment so popular is the fact that no other industry or technology has made so many lives better in such a short span of time. The returns on meager investments a lot of people have made over the years in cryptocurrencies are truly astounding in nature. Their example gives people hope and brings in new investors with each passing day. One tool that all these new and old investors need is the Crypto profit calculator and at CoinStats we bring you the best one there is. And in this article you will learn everything there is to know about it.
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What Is A Crypto Profit Calculator And Its Uses
Now many of you might be wondering that since most of the centralized cryptocurrency exchanges give you your daily, weekly, monthly, or a desired time frame profit and loss figure(PnL data), then what need would you have for a crypto profit calculator. The answer to this question is clear as day for any one of us who understands how the crypto markets operate. What we generally hear on the news and on social media are stories about a certain cryptocurrency token doing a 10x or a 100x over a certain period of time and its investors earning thousands and millions of dollars as profits. The case is not like this always when you get into investing in cryptocurrencies. While there are chances that the coin or coins you invest in do very well and you end up making huge profits in the market, that is like winning a lottery as there are thousands of cryptocurrencies available for trading in the market.
So what is the next best thing for profit-making? The key to making consistent profits in the cryptocurrency market is to know when to enter and more importantly when to exit a certain trade. Not everyone would be lucky enough to get multiple 10x’s on their investments. What most experienced traders and investors in cryptocurrencies do is make small amounts of profits from different cryptocurrency tokens and that is what gives them their massive returns. To put it simply, while it is very rare to make 10x or 100x on a certain crypto token, it is easy to make multiple 2x,3x,4x,5x, etc. on a lot of cryptocurrency tokens. Thus diversifying your portfolio and knowing when to make a profit is the key.
And when it comes to always take profit, this is where the Crypto Profit Calculator comes into play. With the CoinStats Crypto Profit Calculator, you have a very simple, easy-to-use, yet one of the most powerful tools at your disposal. You can use it to not only calculate the profits made on your investments but also calculate your stop-loss(SL) price or the take profit(TP) price. This comes in handy because it is humanly impossible to be monitoring the charts and prices at all times. Using the Crypto Profit Calculator, you can determine what your stop-loss or take-profit prices are and simply place buy or sell orders accordingly. When your crypto tokens reach those prices, these orders will execute automatically and you will have made heft returns without having to lose sleep or missing out on any other activities.
How To Use CoinStats Crypto Profit Calculator
CoinStats bring all the latest tools, services, and widgets available in the crypto market to the palm of your hands for free. And the CoinStats Crypto Profit Calculator is one such tool. What’s more, if you connect your portfolios from different exchanges or use the correct API keys to connect your portfolios to the CoinStats Portfolio tracker and then use the crypto profit calculator, then you can even factor in the trading fees, etc. charged by exchanges while calculating your profits. This would help you immensely if you understand that there are some exchanges that charge a huge trading fee from their users and even if the trading fees is not that high, it can still mean a lot of money for a small retail investor.
Moreover, once you’ve connected your wallets or portfolios to CoinStats, you can even get timely updates about the profit or loss you are making on your investments and then plan your next investing step accordingly. We understand that it is simple calculations and most of us would be more than equipped to do them on our own. But trust us when we say this, while most of us can do these calculations, not a lot of us actually do those. This is one of the main reasons why many of the new investors end up losing almost all of their investments in the crypto market. Thus, it is a simple yet powerful tool that does the menial work for you and gives you an edge over other investors.
Conclusion
Making profits in the crypto markets is not for everyone and one has to stay at the top of their game and be vigil about where you invest your money in. the investments become all the riskier if they are done without performing proper research or due to FOMO, or some influencer or celebrity has been talking about them. But if you are really dedicated to making profits and changing lives, you will definitely use the crypto profit calculator to your advantage in your crypto journey.
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