Super dry goods | Covduk: how to profit 100 times from Shitcoins strategy method

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超級乾貨|Covduk:如何從 Shitcoins 中獲利 100 倍的策略方法
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This article points out that despite the many problems with Shitcoins, it is still possible to make money from Shitcoins with the right use of the following tools. This article comes from the author @Cov_duk’s “Shitcoins can make you 100x if you play them right. Here’s how you do that”, organized and compiled by Wu Shuo, a columnist in the dynamic area. (Related additions:Focused on condensing the University of Chicago professor’s paper: Six ways to make more money in NFT trading)

as much as possibleDespite the many problems with Shitcoins, you can still earn a lot from them if you take the right approach. In summary:

1. Find the right target quickly; 2. Proper risk management; 3. Become a degenerate ape.

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The following is the specific method:

#1 Twitter

There are a number of things you can do to manage twitter to maximize alpha gains:

1. Grow your followers; 2. Use lists and Tweetdeck features; 3. Follow the right accounts (chads, bots, tools) This is a great tweet about maximizing alpha on twitter

#2 Discord

Discord is both a treasure trove and full of spam;

1. Build and organize your server 2. Create a Discord assessment checklist 3. Have a special focus community

Discord reveals a lot about the legitimacy of projects and can lead to more opportunities to learn to navigate Discord.Here’s a great tweet about optimizing your use of Discord

#3 Etherscan

Etherscan is an app sent by God to find good Shitcoins. Things to look for include:

1. Verify contract address 2. Maximum supply 3. Top holders and what they hold 4. Whether to give up ownership

Here is a nice tweet on Shitcoins analysis using Etherscan

#4 Whale Wallet Watch

Experts and whales following alpha:

1. Use Etherscan to find interesting wallet addresses 2. Use tools such as Debank and Apeboard to view the details of any wallet 3. Follow excellent traders and Shitcoins hunters, and enable message notifications

Here’s my guide to finding and tracking wallets.

#5 Token sniffer

Token sniffer is a great tool for finding tokens and getting to know them quickly.

It gives you analysis about the token and see key details, use it to verify legitimacy and key messages.

#6 Hype and Social Sentiment

Shitcoins live and die from hype, and you need to find and measure their subtle relationship.

1. Look at the number of tweets and hashtags on Twitter 2. Use tools like LunarCrush to measure social sentiment I’m taking a deeper look at community and hype here.

#7 Position allocation and risk management

Playing Shitcoins is actually playing shit and you need to be very careful.

With proper risk management, you can maximize your chances of making money.

Manage your risk-reward ratio, set goals and stick to your exits.

Let’s say you decide to get out after getting 10% and decide to put 5% of your money into it.

Over time, this may happen. With this risk-reward ratio, you only need 1/3 the right rate to break even.

Even if you lose more than you win, you’ll be fine.

You only need to win >33% to make money.

Adjust the exit price based on the amount of your portfolio invested and your level of risk.

I delve deeper into risk management here.

#8 Notes

1. Buying shitcoins involves a lot of risks, don’t allocate too much money to it. 2. Fraud is ubiquitous, and you should be highly vigilant when investigating the legitimacy. 3. Pay attention to wallet security, it is best to have a virtual wallet to interact with these websites. 4. Survivor bias is real and making money from shitcoins is hard. 5. You may get rekt a few times, developing shitcoins intuition takes time.

#9 Fraud and Safety

Most junk coins are scams and junk projects. We need to know this to ensure you are protected.

1. Check contract addresses, holdings and top holders 2. Use tools like https://honeypot.is/ethereum to check if it’s a honeypot trap 3. Check Discord for teams 4. Use virtual wallet and maintain good wallet security. 5. Security tools such as Token sniffer may miss scams and take their verdicts with a grain of salt. 6. Don’t trust KOL7, DYOR (do your own research), don’t be abandoned

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