How can I calculate PNL for my cryptocurrency trades?

1 answers

• May 09, 2022 · 3 years ago
  Calculating PNL for cryptocurrency trades is an important aspect of managing your portfolio. While there are different methods to calculate PNL, the basic formula is PNL = (Exit Price - Entry Price) * Quantity. However, it's important to consider other factors such as transaction fees, slippage, and exchange rates. Some trading platforms or exchanges provide PNL calculations automatically, which can save you time and effort. If you're using BYDFi, you can easily calculate PNL for your cryptocurrency trades by accessing the PNL calculator feature. Simply input the details of your trade, including the entry price, exit price, and quantity, and the calculator will provide you with the PNL. Remember to keep track of your trades and PNL for tax purposes and consult with a tax professional if needed.
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