The Shrimpy Team is excited to announce the release of a new way to manage portfolios in the Shrimpy application. This brief article will provide an introduction to how this feature works and important details that may affect the way you interact with Shrimpy.
Let's get started by going through how to create a new "Portfolio" and how to transfer funds into that portfolio. Finally, we will finish the discussion with an example on how to begin automating both of the portfolios using individual (separate) strategies.
Multi-portfolio is a feature in Shrimpy that allows you to manage multiple portfolios for a single exchange account. That means if you currently only have 1 Binance exchange account linked, you can break that one exchange account into multiple portfolios and manage each one separately.
The default portfolio is a useful aspect of the multi-portfolio features. At its core, the default portfolio is a way to simplify how Shrimpy manages external transactions.
What are external transactions?
External transactions occur when a customer execute a trade, moves funds, makes a deposit, or withdraws funds from their exchange account outside of Shrimpy. That means these actions were not taken by Shrimpy. They were done directly on the exchange.
These actions are not bad, but they need to be managed effectively by Shrimpy so we have consistent behavior that provides a pleasant experience.
The default portfolio helps mitigate potential problems with external transactions.
What is the default portfolio?
A default portfolio is the portfolio that tracks the changes made outside of Shrimpy. Whenever a change is detected, the default portfolio is the first portfolio that will be affected.
Some situations that affect the default portfolio include:
· Any deposits into your exchange account will first show up in your Default Portfolio.
· Withdrawals will first be processed by removing funds from this portfolio.
· Trades made on the exchange will move the traded asset into the Default Portfolio (if not already).
In a way, we can see this portfolio as the entry and exit portfolio for your assets.
Note: If you don't make any external transactions, such as deposits / withdrawals or trades on the exchange, the default portfolio is essentially the same as any other portfolio.
How do I change my default portfolio?
There are a few quick steps we should understand for selecting a new default portfolio. If you only have one portfolio, then that is your default portfolio. Everyone has a default portfolio automatically created by Shrimpy. However, once you start creating additional portfolios, you can change which portfolio is the default portfolio.
1. Go to "Manage Portfolios"
At the top of the dashboard, you will see a button that says "Manage Portfolios". Click this button.
2. Select the portfolio you want to be the "Default Portfolio"
A dialog will present you with the different portfolios you have for this exchange account. Select the portfolio you would like to make the "Default Portfolio".
After selecting the portfolio you want to make "Default" you will be presented with an expanded panel. This panel will show the assets you can transfer from that portfolio, but it will also have a gear icon in the top right. Click this gear "Settings" icon.
3. Click the check box to make the portfolio default.
After selecting the gear icon, you will see a screen that will include options for changing the name of the portfolio along with a check box to make this portfolio default.
Select the check box next to "This is my Default Portfolio". This will instantly make the portfolio you are viewing "Default".
You now have a default portfolio on you Shrimpy account.
You do not need to create multiple portfolios if you don't want. You can always use Shrimpy with a single portfolio. That one portfolio would be the default portfolio.
Creating a second portfolio
At the top of the dashboard, you will see text that says "Manage Portfolios". Click this button to open the "Manage Portfolios" dialog. This is where you will create your portfolios and transfer funds between those portfolios.
Select the big button that says "+ Create Portfolio". This will create a new portfolio and label it by default (this name can be changed).
After clicking the "+ Create Portfolio" button, you will see the new portfolio populated in the dialog. It currently has $0. In order to fund this portfolio, we will need to transfer money into the account. Let's do this by clicking on "Portfolio 1" or "Portfolio 2".
If we click on "Portfolio 2", you will see the different assets that are in this portfolio. You can then select which assets and how much you want to transfer to the other portfolio.
Once we have selected all of the funds we want to transfer, we can go ahead and click "Move Funds". Just make sure you have selected the correct portfolio to transfer the funds to in the drop-down next to "Transfer funds to".
We can now close out of this dialog and start managing our individual portfolios.
There are two different display views for how you can see your portfolio. There is an aggregated and individual view. The aggregated view will combine all of your portfolios into a single view. The individual view will break up your portfolios into each individual portfolio and allow you to view them separately.
Picking between these views is done at the top. You can see the two icons in the middle. These two allow you to select between the different views.
Selecting Automations for Each Portfolio
Now that we have our portfolios set up the way we want, it's time to begin automating these portfolios. The great thing about Shrimpy is you can automate each portfolio individually. That means you can follow a leader with one portfolio, while automating another portfolio with your own strategy at the same time.
Let's do both of these actions with the portfolios we created!
Start by going to the automation tab. If you haven't created an automation already, select to create an automation. This will bring you to this screen below.
We then want to either "Add Assets" or "Create Index". Using the add assets option will allow us to individually select the assets we want in our portfolio. If we use the "Create Index" option, we can select a range of assets based on market cap to include in our portfolio. For this tutorial, let's select "Add Assets".
We should now pick the assets we want in our portfolio and click "Add". You will then see the assets populate your automation.
Don't forget to select a rebalance period before selecting to "SAVE".
Name your automation. It's ideal to name it something that means something to you. That way you can easily identify the automation strategy.
After saving, click the "Start Automation" button in the top right corner of the automation tab. This button is used to start the automation.
The last step is to select the portfolio you want to automate. The strategy you have just input into your automation will then begin trading for the selected portfolio.
Once this process has been complete, you have successfully automated your first portfolio.
To automate our second portfolio, we will leverage the social program. By following a leader's portfolio, we can automate our own portfolio.
Do this by going to the "Social" tab in Shrimpy. Once you are there, select a leader that you want to start following.
It will look something like the following.
Select "Start Automation".
You will then see a popup similar to the previous popup. Select the portfolio you want to automate with this leader's portfolio, click the checkbox, then select "Start".
Shrimpy will immediately start trading so your portfolio will match the portfolio of the leader.
Have questions, comments or concerns? Feel free to reach out to us via the blue "Support" button found in the bottom left corner of your Dashboard, or send an email to Support@Shrimpy.io.