Should a Crypto Hodler Check Their Portfolio Every Day?

by Arthur · March 16, 2023

You are a crypto hodler if you use a buy-and-hold strategy – holding your digital assets for a long time. Despite massive or low price swings, if you are a hodler, you will continue to hold, hoping for when crypto becomes the new fiat.

But while you’re at it, how often should you check your crypto portfolio?

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Why you should check your crypto portfolio every day

someone who studies charts on phone and paper

Crypto hodling is a passive crypto trading strategy (you just hold and wait), so there is hardly any need to check your digital assets daily.

Still, checking your digital assets daily can help you better understand market movements. As a crypto enthusiast, you are likely to be aware of significant events in the industry. By reviewing the price changes of your assets in line with these events, you will become better at predicting crypto price fluctuations – but never perfectly because the crypto market is highly volatile.

You can use this advanced knowledge of the crypto market for daily trading. You will better understand the right moment to buy or sell crypto. Alternatively, you can take advantage of bear markets that last and fill up your portfolio at good prices.

Checking your crypto portfolio every day can also help with profit taking or rebalancing (if you use these strategies).

Why you shouldn’t check your crypto portfolio every day

You may think your assets are underperforming if you look at your portfolio daily. Unfortunately, the more you check your portfolio, the more likely you’ll notice losses instead of gains. And this can lead you to make impulsive selling or buying decisions that negatively affect your portfolio.

If you’re a hodler, there’s really no need to go through your portfolio often, since you’ve chosen to adopt the HODL (hold on for dear life) strategy. You should not invest in cryptocurrencies for the long term if you are not sure of hodling. But if you are, keep at it. Don’t get addicted to checking your portfolio daily because it will inject anxiety, worry and fear into your mind – especially during severe crypto winters.

Find a balance in your control frequency

There is no standard number of times for hodlers to check their portfolios; But checking too often indicates worry or anxiety. And worry and anxiety are enemies of hodlers.

Using a crypto portfolio tracker to manage your digital assets will be best. Typically, these programs offer live price updates and information on important market activities. This will help you better monitor your investments.

However, it would be best if you optimized your notifications. For example, a tracker like Crypto Pro lets you set alarms for specific price movements.

For example, you can decide to receive alerts if an asset increases by more than 100% or vice versa. You can also set the notifications so that you only receive them monthly, annually or as often as you like.

Be informed and unstressed; Only Hodl

Because hodling is a long-term investment strategy, you don’t need to constantly monitor price movements in the market, as this can induce a lot of stress. Instead, you will better manage your crypto portfolio and avoid hasty or unreasonable decisions if you are straight and rational.

It can be very tempting to constantly check your crypto balance, especially when news of significant price drops is on the way. But as a hodler, you need to hold on and take a bird’s-eye view approach with your crypto investments.