How to trade memecoins (guide)

DeFi First of all I want to thank you for your time and I hope you learn something!

Skip first paragraph below this if you are new.

If you are an existing trader, read through, you may learn something. And try out axiom it’s really good and you get back lots of Sol in rewards basically half the fees of other platforms + they are on the cutting edge. Link below or PM for setup help

If your reading this your probably wondering how to trade memecoins? You see everyone doing it and want to get started, this guide will take you through the how, why and when.

Firstly what are memecoins, memecoins are tokens that have been created around a meme, world event, picture post, they are based on hype and speculation and the more viral something the more the price will increase. The most common platform where coins are traded is called pump.fun , I’m sure you’ve heard of it. However this not where you want to be trading memecoins. This leads me to

STEP 1 Go to https://axiom.trade/@vroom

And sign up, this is a trading bot / terminal and will allow you to scan coins and easily buy and sell. Return once you have signed up and make sure to use the link and code vroom to save money on fees, all platforms take 1% fees on trades and axiom gives back 25-45% as rewards and automatically closes your token rent accounts so you get back 0.04 sol for every 20 tokens you trade

STEP 2 DO NOT suddenly start aping coins for no reason, sit their for atleast a day or 2 and look at what goes up and why (build a thesis), then learn the common coins to avoid, these are: coins which the developer holds >10% of the supply shown as the little chef hat on axiom, this means the creator holds a large part of the coin and can dump at any moment, bundled coins which are coins where bots are being used to control the supply and they will suddenly crash it, shown by an unatural chart or the bundled icon in Axiom

STEP 3 Open the instant trade window by clicking the blue instant trade button near the bottom of the screen. Top up your axiom wallet (click in the top right then copy your Solana address) and send a decent amount of sol 0.2-0.4, make sure to set your fees in the bottom right (preset button) to 0.000011for both buy and sell sides, and your slippage to 40% buy and 50% sell, this is the max that you are willing to have the price change since the moment you press the buy or sell button you can adjust it based on preference but for fast moving coins you need it to be atleast 30% in each as you aren’t paying high fees.

STEP 4 Once you have prepared and practiced and have an idea of what runs start with 0.01 or 0.02 buys and sell 50% at 200% or click the sell initials, learn when to take profits, usually take initials when upwards motion stops, you don’t want to trim fast once your initial investment is out zoom out and try to sell overtime and get the most out of it

STEP 5 Once experienced moved your buys up to 5-10% of your portfolio size (risk management) and once you have hit the requirement click trackers on the top side of the screen and start adding good Twitter accounts that have lots of “motion” such as Elon musk. Then if these accounts post anything memeable buy the first coin that comes out relating to the post or the better ticker / name if applicable, eg Elon musk posts a dog named Jeff instead of Elon dog the better ticker or name may be Jeff as the ticker and the name Elon’s Dog. Something that looks clean or recognisable in a search bar or in your wallet.

Step 6 Adapt to the market learn the current meta and yeah good luck on your journey! Lock in or Clock in

As a bonus for making it to the end if you need a list of really good wallets to track, don’t copy trade, just learn from them and some wallets to avoid (farmers) PM me or drop a comment and I’ll send it over. If you need and help or tips I got you drop a comment and I’ll try to answer