Start Small and Build Up: A Beginner's Guide to Copy-Trading with OdinBot
Content provided by Odin's team
When beginning with OdinBot, it is essential to adopt a cautious, well thought out strategy to maximize your chances of success. This guide provides a balanced approach to risk management, wallet selection, and trade settings to help you grow your portfolio effectively.
Initial Setup
Starting Balance
Recommended Starting Amount: At least 0.5 SOL.
While you can start with 0.2 SOL, this leaves little room for error. With 0.5 SOL, you have at least five trade opportunities at 0.1 SOL per trade before running out of funds.
Trade Size and Speed
Set trade size to 0.1 SOL.
Use the Standard Speed Tier to minimize expenses.
Higher speed tiers are unnecessary for beginners and can quickly eat into your funds due to higher fees.
Buy Limits
Suggested Buys Per Hour: Limit to 2 per hour.
Maximum Buys Per Day: Limit to 3 per day.
This approach enables quicker evaluation of wallet performance while managing risks effectively.
Number of Mirrors
Recommended: Start with 1-2 mirrors if you are not monitoring trades actively.
Experienced Users: Can consider up to 10 mirrors if carefully selected and monitored.
Key Principles
Avoid Gambling
The goal is not to gamble but to gradually build your portfolio. Success in copy-trading requires patience and discipline.
Risk Management
Avoid "all-in" approaches. Start small and spread out your trades.
Example: With 0.5 SOL, you have five chances to recover from potential losses versus only one chance if starting with 0.2 SOL.
Diversify
Mirror multiple wallets to spread risk and increase potential returns.
Trade Configuration
Pump.fun Trades
While avoiding Pump.fun trades entirely might seem like a safe option, it could limit opportunities. Many high-performing wallets trade on Pump.fun, and understanding how to navigate these trades is key to success. Instead, focus on filtering out risky trades:
Avoid wallets that consistently execute trades with gains below 2-5%, as these are likely farming wallets or low-percentage scalpers.
Example: A wallet making dozens of trades daily, each earning less than 1%, is often exploiting copy-traders.
Prioritize wallets with longer average hold times, such as 5 minutes or more, to avoid bots that sell instantly for marginal gains.
Example: A wallet holding positions for at least 10 minutes before selling often signals genuine trading behavior.
Review trade patterns using tools like Solscan or Dexscreener to identify consistent strategies.
Auto-Sell Profiles
Setting up Auto-Sell Profiles ensures a well-defined and strategic exit plan:
Example Profile:
Take Profit: Sell 100% of holdings at 50% gain.
Stop Loss: Sell 100% of holdings at -50% loss.
If your mirrored wallet frequently trades tokens that spike 30-40% immediately after purchase but then drop sharply, consider using a smaller Take Profit target to secure gains before the decline.
Trade Size
0.1 SOL
Speed Tier
Standard
Buys Per Hour
2
Max Buys Per Day
3
Take Profit
+50% (100% sell) or +30-40%
Stop Loss
-50% (100% sell)
Wallet Selection
Ideal Mirror Wallets
Low Trading Frequency: 5-10 trades per day.
Holding Duration: Holds tokens for at least 10 minutes rather than selling immediately.
Avoid High-Volume Traders
Mirrors executing 50+ trades per day can lead to higher expenses and riskier trades.
Final Thoughts
Starting small and building up is not just a strategy; it is a mindset. This approach minimizes risks and sets a solid foundation for sustainable growth. Remember, copy-trading is a marathon, not a sprint. Regularly review your strategies, adapt to market conditions, and focus on wallet rotation and management for long-term success.
By applying these principles, you will be better prepared to navigate OdinBot and thrive in the world of copy-trading.
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