How To Not Get Scammed in this Solana Trading Bullrun
Hi! I have made a few guides so far on setting up a Solana Trading Bot and configuring it. Now I want to help you all not get scammed while trading.
A couple of things you want to have set up beforehand. Like the trading bot and having the right configuration. I have guides for these too.
Guide 1: High level Overview of Trading Solana Meme Coins
Guide 2: Configuring your Solana Trading Bot
Now that we’ve got that out of the way, lets go through the flow of finding a token and analyzing if its worth trading.
Step 1: Firstly, you want to go to dexscreener.com to look for tokens that are pumping, or you think might pump. Let’s take HEPFY as an example.
Checklist: Does it have a social media presence linked? This should be a Telegram channel, a Twitter page, and/or a website. The best have all 3
This one has all 3! That means it’s worth looking a bit deeper into.
Step 2: Check on the contract specifics via rugcheck.xyz. We can find the contract address by looking at the bottom right of dexscreener. Below, the image has the contact address you want to both check on and trade via the SolTradingBot.
Now, you want to paste that contract address into rugcheck.xyz to determine the specifics of the contract, and see if it’s a rugpull. Below is an analysis of what comes up from Rugcheck.
- One major concern is that over 40% of the tokens are held by 3 people, and over 50% are held by 5 people. This means that the holders can dump the token whenever they want and kill the price.
- A good sign is that the liquidity pool is locked, so the creators cant just pull all of the liquidity, but you can still get dumped on.
My recommendation is its fine to trade this for very limited amounts of time (under 10 min or so), but this project could die at any time because of the holders owning so much of the token.
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So now that I found something safe to trade, how do I actually place a trade?
Firstly, you want to fund your bot wallet with some Solana. I have a Phantom wallet, so I took the account id and the private key of the wallet and put it in Phantom (not necessary, but I like being able to track in Chrome). You can do this by transferring Solana from your original wallet to the trading bot waller via the account id.
Next, you paste the token address into the bot, and decide how much you want to buy. You can then track your profit and loss via the bot, and sell doing it too. I have a small demo below showing how it works.
Extra: If you wanna learn more, I will be sharing more tips with yall in my discord. Its just a few of us helping each other out. https://discord.gg/pQcFfEeX9B
Good luck out there! Would love to hear any feedback.
