July was my most productive month of 2024 so far.
I grew a fresh wallet from $20k to $280k in just one week, thanks to successes with $GINNAN, $Selfie, and a few others.
If I were to start web3 , trading memecoins from scratch, here’s how I would approach it.
A thread 🧵
I grew a fresh wallet from $20k to $280k in just one week, thanks to successes with $GINNAN, $Selfie, and a few others.
If I were to start web3 , trading memecoins from scratch, here’s how I would approach it.
A thread 🧵
Do well to Like / Repost and also comment your questions cos I will be answering them .
Also bookmark if you can’t read asap & join my Tg for FREE Trade Signals : t.me
Also bookmark if you can’t read asap & join my Tg for FREE Trade Signals : t.me
INTRODUCTION TO DeFi
Decentralized Finance (DeFi) is integral to the Web 3.0 ecosystem, enhancing its functionality through crypto transactions and stablecoins. DeFi allows direct financial transactions between users without relying on centralized authorities .
Decentralized Finance (DeFi) is integral to the Web 3.0 ecosystem, enhancing its functionality through crypto transactions and stablecoins. DeFi allows direct financial transactions between users without relying on centralized authorities .
This system, built on decentralized networks like Ethereum, aims to create an open, accessible, and transparent financial system. DeFi lowers barriers to financial services, offering users more control over their data and reducing fees.
In Web 3.0, DeFi provides a decentralized alternative to traditional finance, supporting various services such as lending, trading, and insurance without intermediaries like banks.
Understanding Degen Trading
Degen trading involves making high-risk, short-term trades based on hype and social media trends without thorough research. Traders use high leverage, focus on quick profits, and buy speculative assets like meme coins and shitcoins .
Degen trading involves making high-risk, short-term trades based on hype and social media trends without thorough research. Traders use high leverage, focus on quick profits, and buy speculative assets like meme coins and shitcoins .
- Based without through research. Unlike traditional trading, which uses moderate leverage, holds positions longer, and relies on detailed research of stable assets, degen trading is driven by the belief that others will join in and drive prices higher.
RISK AND REWARD
Degen trading is extremely risky because traders leverage the size of their trades, which can lead to big gains but also major losses. This approach often focuses on short-term price changes instead of long-term value.
Degen trading is extremely risky because traders leverage the size of their trades, which can lead to big gains but also major losses. This approach often focuses on short-term price changes instead of long-term value.
Common Terms in Degen Trading
FOMO (Fear of Missing Out)
The worry that you might miss out on a profitable investment opportunity, which can lead to impulsive buying decisions.
FOMO (Fear of Missing Out)
The worry that you might miss out on a profitable investment opportunity, which can lead to impulsive buying decisions.
DYOR (Do Your Own Research)
A reminder to do your own research and analysis before investing, rather than just following others' advice or hype.
RUG PULL
A type of crypto scam where the dev abandon a project and drain the liquidity pool leaving investors with worthless tokens.
A reminder to do your own research and analysis before investing, rather than just following others' advice or hype.
RUG PULL
A type of crypto scam where the dev abandon a project and drain the liquidity pool leaving investors with worthless tokens.
MOONING
When an asset's price rises rapidly and significantly, it’s said to be "mooning," or "going to the moon.
PAPER HANDS
A term for people who lack confidence in their investments and quickly sell off their tokens out of fear that prices will drop.
When an asset's price rises rapidly and significantly, it’s said to be "mooning," or "going to the moon.
PAPER HANDS
A term for people who lack confidence in their investments and quickly sell off their tokens out of fear that prices will drop.
WHALE 🐳
An individual or entity that holds a large amount of a token and can influence its market price through big trades.
REKT
Slang for "wrecked," used to describe a major financial loss or the complete collapse of an investment’s value.
An individual or entity that holds a large amount of a token and can influence its market price through big trades.
REKT
Slang for "wrecked," used to describe a major financial loss or the complete collapse of an investment’s value.
NGMI (Not Gonna Make It)
A term used to describe someone or something perceived as unlikely to succeed or achieve significant gains in the crypto market.
SHILL
The act of promoting a crypto project or token to persuade others to buy it, often done to boost the price of a token
A term used to describe someone or something perceived as unlikely to succeed or achieve significant gains in the crypto market.
SHILL
The act of promoting a crypto project or token to persuade others to buy it, often done to boost the price of a token
Key Platforms and Tools in Degen Trading
In degen trading, before getting started, you need to equip yourself thoroughly with the right tools and platforms to make the most out of trading. So here are some of them.
In degen trading, before getting started, you need to equip yourself thoroughly with the right tools and platforms to make the most out of trading. So here are some of them.
WALLETS
Some of the most popular wallets that traders often use include:
● MetaMask: This wallet lets you interact with Defi applications (dApps) It is available on app store, Google chrome extension (for PC) & Google play store for managing Eth and other EVM blockchains.
Some of the most popular wallets that traders often use include:
● MetaMask: This wallet lets you interact with Defi applications (dApps) It is available on app store, Google chrome extension (for PC) & Google play store for managing Eth and other EVM blockchains.
● PHANTOM: If you're trading on the Solana blockchain, Phantom is a great choice. It's user-friendly and integrates smoothly with Solana-based dApps.
● Hardware Wallets: Devices like Ledger Nano S/X or Trezor keep your cryptos offline, offering top-notch security against hack.
● Hardware Wallets: Devices like Ledger Nano S/X or Trezor keep your cryptos offline, offering top-notch security against hack.
DEXs
A decentralized exchange (DEX) allows you to trade cryptocurrencies directly with others, without needing a middleman like a centralized exchange (CEX). It’s all peer-to-peer, making it simpler and more secure. If you're into degen trading , You must learn how to use Dexs .
A decentralized exchange (DEX) allows you to trade cryptocurrencies directly with others, without needing a middleman like a centralized exchange (CEX). It’s all peer-to-peer, making it simpler and more secure. If you're into degen trading , You must learn how to use Dexs .
UNISWAP
This is one of the most popular DEXs on Eth network. It’s great for swapping Eth based tokens and has a huge selection of assets.
RAYDIUM
If you're trading on the Solana blockchain, Raydium is a go-to. It offers fast and efficient trading with deep liquidity on Solana.
This is one of the most popular DEXs on Eth network. It’s great for swapping Eth based tokens and has a huge selection of assets.
RAYDIUM
If you're trading on the Solana blockchain, Raydium is a go-to. It offers fast and efficient trading with deep liquidity on Solana.
SUSHISWAP
A fork of Uniswap, SushiSwap operates on multiple blockchains. It’s known for its wide range of tokens and additional features like yield farming.
ANALYTIC TOOLS
With the right tools to research and track your trades, you can make a big difference in degen trading.
A fork of Uniswap, SushiSwap operates on multiple blockchains. It’s known for its wide range of tokens and additional features like yield farming.
ANALYTIC TOOLS
With the right tools to research and track your trades, you can make a big difference in degen trading.
SOME OF THESE TOOLS INCLUDES 👇🏽
DEXTools:
This is your go-to for tracking trades on decentralized exchanges. It offers real-time data on price movements, liquidity, and trading volumes, helping you spot trends and make informed decisions.
DEXTools:
This is your go-to for tracking trades on decentralized exchanges. It offers real-time data on price movements, liquidity, and trading volumes, helping you spot trends and make informed decisions.
CoinGecko:
This site provides comprehensive information on a wide range of cryptocurrencies. You can check real-time prices, historical data, market cap, and more. It’s a great way to stay updated on your favorite tokens.
This site provides comprehensive information on a wide range of cryptocurrencies. You can check real-time prices, historical data, market cap, and more. It’s a great way to stay updated on your favorite tokens.
Etherscan:
If you're trading on Ethereum, Etherscan is essential. It’s a block explorer that lets you track transactions, view smart contract details, and get insights into wallet activities.
If you're trading on Ethereum, Etherscan is essential. It’s a block explorer that lets you track transactions, view smart contract details, and get insights into wallet activities.
RISK MANAGEMENT
Risk management is key in degen trading. Remember, it's a high risk kind of trading, so it's expected you don't put all your funds into one project. Instead, you can divide your funds into several parts and use a part of it per project.
Risk management is key in degen trading. Remember, it's a high risk kind of trading, so it's expected you don't put all your funds into one project. Instead, you can divide your funds into several parts and use a part of it per project.
RED FLAGS 🚩
Here are some red flags to watch out for while trading:
1. Anonymous Teams: If you can’t find out who’s behind the project, be cautious.
2. No Audits: Projects without security audits can be risky.
3. Unrealistic Promises: Be wary of claims promising guaranteed …
Here are some red flags to watch out for while trading:
1. Anonymous Teams: If you can’t find out who’s behind the project, be cautious.
2. No Audits: Projects without security audits can be risky.
3. Unrealistic Promises: Be wary of claims promising guaranteed …
……..high returns.
4. High Fees: Watch out for excessive transaction or withdrawal fees.
5. Limited Communication: If the project team is hard to reach or unresponsive, it’s a concern.
6. Too Good to Be True: If it sounds too good to be true or seems overly hyped, be cautious.
4. High Fees: Watch out for excessive transaction or withdrawal fees.
5. Limited Communication: If the project team is hard to reach or unresponsive, it’s a concern.
6. Too Good to Be True: If it sounds too good to be true or seems overly hyped, be cautious.
SETTING LIMIT ORDER
Setting limits Order is key to keeping your emotions in check and managing risk while trading. By setting these limits, you can avoid making hasty decisions based on fear or greed. Following your plan helps you stay disciplined & safeguard your investments
Setting limits Order is key to keeping your emotions in check and managing risk while trading. By setting these limits, you can avoid making hasty decisions based on fear or greed. Following your plan helps you stay disciplined & safeguard your investments
DCA
Dollar-Cost Averaging (DCA) is a smart trading strategy where you invest a fixed amount of money into a particular asset at regular intervals, regardless of its price. This helps you avoid the stress of trying to time the market perfectly and can reduce the pricefluctuations
Dollar-Cost Averaging (DCA) is a smart trading strategy where you invest a fixed amount of money into a particular asset at regular intervals, regardless of its price. This helps you avoid the stress of trying to time the market perfectly and can reduce the pricefluctuations
For example, let’s say you’re interested in PEPE memecoin. Instead of buying PEPE with all your funds at once, you could use DCA by buying a set amount of PEPE at every price dip. This way, you benefit from lower average cost, all while avoiding the risk of buying the Peak or Top
Community and Research
The importance of a Community: Joining communities on Twitter, Telegram, and Discord is key for staying updated in the crypto world. On Discord, find servers for specific DeFi projects or meme coins, but check their reputation first.
The importance of a Community: Joining communities on Twitter, Telegram, and Discord is key for staying updated in the crypto world. On Discord, find servers for specific DeFi projects or meme coins, but check their reputation first.
Crypto Twitter is great for following influencers and hashtags like #DeFi and #MemeCoins. There are also several telegram groups that shill memecoins and shitcoins daily. However, you need to be careful and watch out for scams.
DYOR (Do Your Own Research): DYOR, or "Do Your Own Research," is important before apeing into any crypto project, especially in degen trading where scams can be common. Simply put, DYOR means you need to take the time to thoroughly check out what you're investing in ..
…… instead of just following the hype or recommendations blindly. By diving into the project’s details, team, and market trends, you'll make smarter choices and avoid potential losses.
Trading bots:
These tools can give you an edge over traditional traders by helping you act quickly and time your entries perfectly. Customizable buy settings like variable GWEI, anti-rug, anti-MEV, smart slippage, and auto approvals let you make trades instantly and reliably.
These tools can give you an edge over traditional traders by helping you act quickly and time your entries perfectly. Customizable buy settings like variable GWEI, anti-rug, anti-MEV, smart slippage, and auto approvals let you make trades instantly and reliably.
Also, once you’ve bought your tokens, many of these bots can automatically buy dips to average down, perform limit sells, and set stop-losses for you.
Here some bots you can use for fast tracking your trades 👇🏽
Here some bots you can use for fast tracking your trades 👇🏽
1. Unibot:
Unibot is a trading bot that works on Solana, Ethereum, Base, and Arbitrum. It helps traders execute trades and manage trade more efficiently.
They also offers instant trade execution, lower costs, and smooth integration with the Serum DEX.
Unibot is a trading bot that works on Solana, Ethereum, Base, and Arbitrum. It helps traders execute trades and manage trade more efficiently.
They also offers instant trade execution, lower costs, and smooth integration with the Serum DEX.
2. Bonkbt:
BONKbot is a crypto trading bot built for the Solana blockchain and runs right inside the Telegram app. It uses the Jupiter DEX, which pulls liquidity from different decentralized exchanges within Solana, so you get the best prices for your trades.
BONKbot is a crypto trading bot built for the Solana blockchain and runs right inside the Telegram app. It uses the Jupiter DEX, which pulls liquidity from different decentralized exchanges within Solana, so you get the best prices for your trades.
Conclusion
If you've read this far,I believe you've gained some invaluable knowledge and the right tools to kickstart your trading journey. Remember, trading is exciting, but it's crucial to trade responsibly and keep learning. Stay informed and never stop seeking knowledge.
If you've read this far,I believe you've gained some invaluable knowledge and the right tools to kickstart your trading journey. Remember, trading is exciting, but it's crucial to trade responsibly and keep learning. Stay informed and never stop seeking knowledge.
If you'd love to see the part 2 of this thread where we'll give a detailed thread about advanced degen trading tips .
Indicate & Join My telegram community
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Indicate & Join My telegram community
t.me
Lastly ‘ Feel free to follow some solid account for more contents
@SamuelXeus
@offshoda
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@BigAlister_1
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@O_H_JAY
@GemsScope
@CarbzXBT
@1CryptoMama
@ix_wilson
@DigiTektrades
@bloomstarbms
@TweetByWale
@thenameisbrill
@CryptoDefiLord
@farmercist_eth
@SamuelXeus
@offshoda
@MichaelSixgods
@BigAlister_1
@teddi_speaks
@O_H_JAY
@GemsScope
@CarbzXBT
@1CryptoMama
@ix_wilson
@DigiTektrades
@bloomstarbms
@TweetByWale
@thenameisbrill
@CryptoDefiLord
@farmercist_eth
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