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Tracking Trades

underground - 11/27/2022

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One of the most underrated topics of NFT trading is tracking buys and sells of projects each day, week and month.

But why consider making this a part of your daily routine?

A simple quote can summarise this:

The goal is to turn data into information, and information into insight.

Tracking your results from each trade/project enables you to consistently review and adapt in a market that changes frequently.

What are the recent projects that have done well for you? What hasn’t? Take some time to understand the commonalities across each group.

This will help you recognize the current meta and assess the buying strategies that work or do not work for you.

You can take this a step further and ‘tag’ each of these projects/trades with additional metadata. A simple example of this is tagging whether you purchased a project via “mint” or “secondary”.

You now later analyze how you perform between the two strategies.

With enough data, you will eventually be able to zoom out to your weekly and monthly P/L to understand the bigger picture of how much ETH you’re compounding each week and month.

If your ETH balance is going up steadily then you know, regardless of what feels like a big loss, you are still moving in the right direction and can remove the emotions out of your subsequent trades.

There are several ways to track your trades, free tools such as flips.watch can track multiple wallets, including all mints, buys and sells. Checking this each week can keep you accountable to your wins and losses.

Our members inside Underground have access to our exclusive custom profit bot that tracks multiple wallets and consolidates all buys, sells and fees (including ETH/WETH transactions) for each project into one, easy to view profit tracker.

We suggest tracking this information in a spreadsheet like Google Sheets so you have the flexibility to customize and track the data you feel is most beneficial for you.

Want to gain access to our private, members-only collective of talented NFT traders and investors? Purchase a pass on Opensea here.

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