Making Money is Easy if You Don’t Lose It 💲

There are essential 2 rules when it comes to making money:

1st one is Make it and the 2nd one is not losing it.

When it comes to copytrading, it’s fairly simple to fall into prepared traps setup by your copytraded wallet, so they can profit while you lose your funds.

Mistake 1: Not Using Fast Enough Tools 🤖

Copytrading is all about getting in as fast as possible, that's why you MUST use the fastest copytrading bot out there on Solana: OdinBot

If you don’t know how OdinBot it works, you got a wonderful YouTube Video explaining how to set it up, optimal configurations and best strategies 👇

Mistake 2: Unprofitable wallets 📉

This second mistake is quite obvious

Copytrading is about making money by copying others, so there is no point in copying wallets that are losing it.

It doesn't matter if they have had only one super successful trade. Don't be blinded by it.

Mistake 3: Degen Wallets 🤡

Memecoins trading is full of degen wallets who make 10 trades per minute

Most of them will drain you before you even notice by buying a token at $5k marketcap and selling it at $7k. By the time your transaction goes through, they are already out with profits, while you will be left holding the bag.

The best way to spot this degen wallets is by counting the amount of red danger signs it has next to the traded tokens 👇

If we take a closer look at what the chart of the trading tokens look like, all will look similar to this: Below $20k shitters

Mistake 4: High-Frequency Traders ⚡

This is not necessarily something bad as such, but I personally don't like wallets who make too many daily trades

This should be a concern especially if your portfolio is small, since the trading fees can eat you up

I rather a rare banger than a frequent gambler

Me personally I prefer wallets who have 1-2 trades per day or even 1-2 trades every 2-3 days but with a bigger size

This one is up to you

Mistake 5: Rushing 🏃

Most of you will rush to copytrade a wallet that you just found because it looks fancy or because it just has big win rate

What if the wallet starts doing weird things all of a sudden to profit (farm) his copytraders?

I'd strongly recommend you monitoring the wallet for a couple of days before putting it into your copytrading bot (OdinBot)

For instance, let’s have a look at this example of a wallet when I first discovered it and how it looked like after I tracked it for a couple of days:

When I first found it:

After tracking

You can already know what would have happened if I had started copytrading her directly without monitoring her first

Mistake 6: Focusing Too Much on Win Rate 📊

If you are new to memecoin trading (and specially copytrading), you might just look at a wallet’s win rate before deciding if copying it or not

Let me give you a small suggestion: Stop looking at the win rate that much, it's not that important

Imagine a wallet with 50%. Wins $10k but losses $1k but made $9k. His win rate is still 50% though.

Focus on profit/loss ratios instead

If you want a more detailed thread about Win Rate, feel free to check it out 👇

Mistake 7: KOL Wallets 🌟

Most KOLs make their wallets public nowadays so they can have more copytraders and hence farm them harder

I also realized that most of the KOLs are the biggest gamblers, but since they got so many copytraders, they end up being profitable

The only way to copytrade KOL wallets is by using a fast enough copytrading bot (OdinBot once again), but stills being risky

Take a look at this KOL’s wallet and draw your own conclusions 🤔

Mistake 8: Already Copy-traded Wallets 🔍

When a large number of copytraders follow the same wallet, it can create a significant surge in the price of the tokens that the wallet purchases. This happens because as soon as the leading wallet buys a token, many other wallets immediately follow, creating a rapid demand spike.

Therefore, you got two options to deal with this kind of wallets:

1. Skip them (My suggestion)

2. Copytrade them with a fast enought bot and big priority fees, so your transaction goes in as fast as possible and your entry price is the closest to the target wallet.

Can you spot the difference between an already copytraded wallet and a non-copytraded wallet? Both charts are in the 1s time frame (Each candle represents 1 second)

Can you see how the second wallet pumped the token’s price by 20% after it bought? Literally within 3s (3 Candles)

If you want to explore this topic deeper, check out my X thread

Mistake 9: Wrong Mindset 🧠

This is probably the most important piece of the puzzle. Most of the times, you as a trader will be driven by your emotions. If you want to learn how to be profitable at the end of the day, you must learn how to control them, amongst other key things:

• Control emotions during losses

• Risk management (don't risk 1 SOL to make 0.5)

• Invest time to learn

• Stick to your plan

• Don't chase losses with bigger positions

Master this before putting real money in. Thank me later

Extra Bonus 🎁

If you are too lazy to read all this blog post, I made a YouTube video explaining all this in detail with real world examples 👇