What is a manual DeFi tracking?
Manual DeFi tracking is one of DefiWatch's methods of keeping track of investments by recording deposits, returns, withdrawals and other DeFi investment activities by hand.
Why use DefiWatch's manual investment tracking?
Key benefits:
- Some yield farming platfomrs are difficult, time consuming or expensive to automate. In this case, it is easier to use manual tracking until they are automated.
- DefiWatch aggregates information from automatic and manual tracking in one view, allowing you to simultaneously display it on charts and easily compare it.
- For all manually entered data, DefiWatch automatically calculates key metrics (APY, etc.), visually displays information on charts, and allows you to set alerts for events.
- Some investors prefer to use a manual system because it allows for greater control and customization. It also ensures that the investor has a more intimate understanding of their portfolio, which can be helpful in making informed investment decisions.
What are the drawbacks of a manual DeFi tracking?
A manual investment tracking requires a high level of organization and attention to detail to be effective. It can be time-consuming and prone to errors or inaccuracies. It is important to double-check all records when you enter them.
How can you reconcile your manual DeFi tracking with your financial statements?
To reconcile your DefiWatch's manual investment tracking with your financial statements, you can export data from DefiWatch as Excel or JSON files for further comparison.
How often should you update your manual DeFi tracking?
It's recommended to update a manual DeFi tracking at least once a month, or whenever there is a significant change in the portfolio.
Can a manual DeFi tracking be used alongside automated tracking?
Yes, a manual DeFi tracking can be used alongside automated tracking. This can provide a more comprehensive view of the portfolio and make it easier to track and analyze investment performance.