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How to follow the smart money

Jul 2, 2024 5 min read
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I studied their strategies, sniping bots, and secret tools. Going from $300 to $300K+ with copy trading was surprisingly easy

Here’s the ultimate guide

The market offers a variety of tools to track the movements of the best traders.You can simply copy their trades and profit from them.

It’s so simple and straightforward that you may think it won’t even work.But that’s just it—making money doesn’t have to be hard work.

VanEck recently applied for a SOL ETF, and we could see the likes of BlackRock doing the same.

This means the Solana ecosystem is about to wake up, with memecoins exploding everywhere.There’s no better time to track whales and uncover the next $WIF before 99% of the market.

What skills should you be sharpening?

1.Proper risk management

2.Finding and analyzing profitable wallets (tools)

3.Setting up your trading bot

  1. Proper risk management

Meme coins are risky business—they can easily tank to $0.

You need to identify, assess, and control potential losses.

The rule of thumb is to never put more than 2% of your meme coin portfolio into one coin.

But if your portfolio is small, you can take on a bit more risk, but only after proper analysis.

When it comes to taking profits, be aggressive.

  • 2x: Take profit

  • 3x: Take profit

  • 4x: Take profit

  • 5x: Moon bag

  1. Finding and analyzing profitable wallets (tools)

@dexscreener

  • Go to https://dexscreener.com

  • Filter the coins by Market Cap, Gainers & Losers, and New Pairs

  • Click through on one of the top-performing tokens

  • Under its chart, click on the ‘Top Traders’ tab.

@solanasniffer

Next, we analyze these top traders.

Pick some of the most interesting ones you can find—preferably someone who turned a small amount into big gains.

Save the ones with a win rate ≥ 65% and realized PnL $300,000+

@RayBot_sol Now that we’ve filtered the wallets we want to analyze, we monitor them. Go to https://t.me/solana_notify_bot…. This bot keeps you up to date with the latest transactions from the wallets on your list.

@Rugcheckxyz Scammers will be trying to get you too, so you need to be careful. To ensure the token is safe: -Go to https://rugcheck.xyz -Paste the token’s address. -Only put your money into a token if it is labeled ‘Good’

A memecoin is only as strong as its community. Use @TweetScout_io – Identify coins with good volume. – Check growing Number of Holders – Assess TG & Twitter activity – Assess engagement level of kol shilling

@bonkbot_io or https://t.me/achilles_trojanbot… The last tool you need to complete your copy trading setup is a good sniper bot. Timely and swift execution of transactions is crucial for maximizing your potential. Most importantly, you’ll need to configure the bot correctly

  1. Setting up your trading bot

You can copy my sniper bot settings:

  • Auto-Buy: Enabled

  • Slippage: 30%

  • Price Impact: 50%

  • Transaction Priority: Very High

Everything in this thread is my personal view and is not financial advice.

The post first appeared on HTX Square.

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