High Level Guide on Trading Solana Meme Coins
Quick guide on trading new Solana Meme Coin. Happy to answer any questions in the thread. This guide is going to help you make some money via the Solana Trading Bot.
Step 1: Set up a telegram account: web.telegram.org
Step 2: Add the SOL trading bot to your telegram account. https://t.me/diomedes_trojanbot?start=r-solanaedu
NOTE 1: Another bot I have seen others use is Trojan. This has a few more advanced features, such as being able to sell at a certain profit point.
NOTE 2: The bot is a free service that can help manage your trading activity, but it does cost a small amount for every trade you do using it. More details on proper configuration for the bot are here:
Step 3: Go to https://dexscreener.com/ and click on the “new pairs” tab. Sort by age and get the newest one
Step 4: On the right hand side, scroll until you see the contract ID for the coin itself, not the pair or the SOL contract.
Step 5: Place a buy order via the Solana bot. There are a few config things needed via the bot. Set slippage to around 50% and the tip to 0.0005 SOL. This makes the transaction MUCH more likely to go through. For a guide on how to make your first trade, see here.
*Slippage is essentially the percent difference in price between when you place the order and when it actually gets fulfilled. Because these tokens are so volatile, a high slippage is needed for the transaction to go through. The tip helps your transaction for being picked up first in line.
Step 6: ACTUALLY SELL THE TOKEN WHEN IT HOPEFULLY MAKES PROFIT. So many people lose out on money when the token pumps and inevitably crashes. These are meant to be quick and dirty trades to make some money. DONT GET GREEDY.
If you want to learn how to avoid getting rug pulled, see this guide.
Extra: If you wanna learn more, I will be sharing more tips with y’all in my discord. Its just a few of us helping each other out. I have more articles like these linked there. https://discord.gg/Fh9fmk56ns
GOOD LUCK OUT THERE.
