10 Copy Trading Tips

The act of copy trading is actually simple. Find a traders wallet and enter that wallet into a copy trading bot and let the bot do the work to copy trade that wallet for you. Simple right? While it sounds like a simple process the reality is that it takes a good amount of work and some time to master the art of copy trading. Now I have done a lot of videos in relation to copy trading for the very reason that not one single video will provide you with all the answers. This video below is much the same in that respect. I will give you my top 10 Copy Trading Tips from my experience but there is so much more to learn when it comes to being successful and ultimately profitable. So make sure you check out the rest of my playlist in relation to copy trading here. 

Welcome degens and meme maniacs to yet another episode hunting for profits in the 50 billion dollar meme market. 

Always remember that these articles are not to be considered financial advice and that these are really more for educational purposes. There are no guarantees that these methods i run through here today will make you profit but If you follow these tips you will surely have a fighting chance.

Alright let’s jump into 10 tips to help set you on the path to making profit copy trading meme token traders.   

1. Master Your Tools
   • I have two tools that work hand in hand. You will need to find similar tools if these two are not a fit for you. Whichever tools you use you will need to master those. Learn every aspect of those tools to make sure you get the most out of them that will give you the best chance of success.
     • TradeWiz for copy trading wallets
     • Degen Wallet Checker for finding copy trade wallets
       
2. Do not copy trade snipers or scalpers or traders with 100% win rate. This will only lead to you losing your bag
   • Sniped launches are no good. Only a CLI bot with a great node could do this
   • Scalping will be hit and miss and not worth the risk despite the speed of TW. Best to avoid traders scalping trades within 30 seconds
   • Traders with 100% win rate over multiple trades are potentially traders launching honey pots or front running trades through staked nodes. Best to avoid these as good as they look.
     
3. Set TP (Auto Sell) as a backup
   • There are more often than not where traders you are copying miss opportunities to take profit.
   • Setting Take Profit and Stop Loss levels will help in times where traders forgot to sell
   • There are many reasons why traders you are copying can miss a good exit so best to set some auto sell options if the copy trading bot allows it. TradeWiz have great auto sell options.
     
4. Buy tokens only 1 time
   • Wallets that buy tokens multiple times could be an issue for you to copy trade and could lead to you losing your balance very quickly
   • Find a copy trading tool or bot that allows you to limit copy trades to 1 buy at a time per wallet. In the video above I will show you how to set your buy options for individual traders.
     
5. Invest enough to cover fees and take profit
   • Check the ROI for the trader and calculate what you need to invest based on the traders returns
   • If you are considering investing 0.1 Sol or even less then you need to copy a trader with a 100% ROI or higher in order to be profitable.
   • Always consider the size of your investment based on the % of ROI the trader is averaging to help lock in those profits
     
6. Replace wallets daily
   • Good traders are often switching out wallets or even start performing poorly
   • You need to check the performance of the wallets you are copy trading and be prepared to switch wallets for new ones 
     
7. Find wallets only trading a few times per day or even once per day
   • Try to avoid wallets trading 15-20 times per day
   • If they start performing badly you can lose a lot of Sol very quickly before you even realise
   • Instead look for good quality traders trading 1-2 times per day. You are looking for quality trades not quantity
     
8. Filter trades from traders by market cap or max limit invested by the trader
   • Traders with 50% WR can be improved by using filters to filter out losing trades
   • Sometimes this can increase the win rate to copy trade
   • For this reason we can also look at traders who trade with more frequency and filter out the bad calls if possible. Do the research for sure.
     
9. Don’t discount traders when searching
   • Investors who invest 5-10 Sol or more are generally a higher risk because their investment can move the price before you buy and before you sell
   • But do not discount them because they may be investing in high MC tokens so worth investigation. 
   • If the majority of their investments are above 100-150K or more then this will be less of an issue 
     
10. DO THE WORK
    • Put in the time. Serious copy trading requires daily attention. No less than 2 hours per day in my opinion 
    • Research wallets always. Keep hunting for better more consistent traders
    • Always improve the wallets you are copy trading

Now remember what I said. This will require time and effort to master and this is not going to get you rich overnight. Like I also mentioned the video above this is not financial advice but merely for educational purposes. These tips do not guarantee you success and profits but will for sure improve your chances. 

Like I said my favorite copy trader TradeWiz can be found here and our very own Degen Wallet Checker can also be found here. For further videos check out my copy trading playlist right here.
Stay healthy, be safe and take profits. Catch you in the next one.