How I Use the Break Even Feature on Coin Market Manager
By David - January 10, 2020
The break even figure is probably my favorite piece of data on the Coin Market Manager Bitcoin & Altcoin portfolio tracker. Its incredibly helpful to know the exact price my investment needs to be above to stay in profit, and keep track of my trade.
The break even price can be very useful when trying to trade your way out of a bad entry on a coin you like. My STRAT bag is a perfect example. My break even began at around 65k sats but I managed to trade it down to 22.5k sats.
The screenshot above shows how I did that. I made further BUY trades on Bittrex around 22k sats, and sold into the first resistance I identified at 29k. So already I had begun to lower my break even price. I then bought in again around 20k sats and this time sold a larger chunk around 36k-40k sats. By this point I had totally reduced my break even price, and was once again proud to check my profit loss on my portfolio tracker. Suddenly bitcoin portfolio tracking became fun again! I was motivated by the challenge of lowering my break even number as close to 0 as possible.
You can see how I am doing with all my other open investments. $OCN is performing the worst, and $MUSIC has done the best for me so far. If you notice, the 2nd row on my $MUSIC break even number is 0. This is because my overall trade history with the coin is so profitable, that it is impossible for me to make a loss on it with the current balance of $MUSIC I hold.
So my break even numbers make trading a fun challenge! I want to try and get as many of them down to 0 as possible.
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