Alright so I clearly have a fucking problem. I have managed to lose like $2.5k trying to profit from meme coins since September. I am even tracking wallets and only buying if there is a strong signal.
Still…. I lose. I keep losing. And I don’t understand how people are making money doing this.
I will say that I only put about $50 in each trade but that was since already losing the first $1k. I wised up once I lost $500-700 on one trade and slowed it down to smaller bet sizes.
Yet…. I literally can not be in profit. Is anyone even having any success in memes? And if so how the hell are you doing it?
I feel like it is the very shiny object in crypto and I’m not sure how you stay away from it…… anyone? Advice? Thoughts?
I have failed in crypto. To be honest. I am not sure how people can be in profit in memes, so any information on how you are would be nice.
I definitely feel like the majority of it is luck.
You’re losing because you’re not anticipating what the other traders are doing. For instance the wallets you’re copy trading know you’re copy trading them along with countless other wallets and move accordingly.
You’re basically a whales exit liquidity.
The whale buys knowing everyone copy trading him will follow.
His initial buy pumps the price a bit and those copying him are all purchasing soon after further lifting the price.
He then sells removing most if not all of the gains. Leaving the remaining copy traders to fight over the scraps and whoever has the fastest processing speed wins.
Newcomers always get frustrated when I tell them if you really want to make money in crypto START WITH BITCOIN. Buy Bitcoin, hold bitcoin, learn everything you can about Bitcoin. How does it work, why does it work, what makes it pump, etc etc etc.
Once you understand Bitcoin you move down and learn everything you can about Ethereum, Solana and the top 100 coins in crypto. You study what made them popular. You ask yourself “out of the 15,000 coins on the market how did these 100 climb to the top?”
Coming into crypto thinking you’re going to be successful without understanding the fundamentals is like saying you want to be a high school basketball scout and discover the next great talent when you’ve never watched Jordan, Lebron or Kobe play. How can you discover greatness when you’ve never taken the time to study and appreciate it?
The real question is would you rather be rich overnight or learn how to consistently grow and manage your wealth for the rest of your life? The majority of people that come into crypto lose money and never tell their story. You shared yours which means you have the potential to be a part of the small percentage that actually thrive.
Become a student of crypto. Don’t pay for any courses. Go watch some Bitcoin and crypto documentaries. Open a TradingView account (free version); if you don’t have one already; and then go on YouTube and look for tutorials on how to read signals and use fibonacci, etc.
Learn about the market as a whole. If you follow any “crypto gurus” on YouTube make sure they’re not just shilling you coins and they don’t have paid sponsorships.
Be humble but be doubtful and learn as much as you can.
@Terryanne
Trading and understanding the framework is not exactly same. I am a software developer, I work with crypto and my masters is on Blockchain technologies. But I still don’t know what to buy what to sell. It might help you detect the shit. But does not help you to find the good ones.
@Beryl
Yeah but a fundamental concept anyone can understand is risk to reward ratio.
The strongest coins have lower reward/benefit/ROI potential, but there are also the ones that are the most supported by the community, and backed up by serious investors and entities, so the price will always be very volatile, by way less than the newest random meme coin created last week by a bunch of frat bro devs in their student dorm or mom’s basement.
Get rich quick schemes mentality usually goes along a lower understanding of these fundamentals, so studying the most successful coins (and I’d argue, not even the Top 100, but the Top 15 at best) is a good place to start to at least not lose money as easily and stupidly.
Then you manage investments with a better understanding of the risks.
@Beryl
The good ones are in the top 10. Buy them. Hold them until euphoria. Sell for 10-50x gains.
Did you load up on doge between 5-8 cents over the last couple years? That was a relatively obvious 10-20x.
Of course, people think memecoin trading is buying dogshit made a week ago and hoping to get out for a profit. Only the insiders and KOLs profit on those.
Buy a few high quality memes in the top 10 or 20 depending on your risk tolerance, and hold them until euphoria.
@Terryanne
> The real question is would you rather be rich overnight or learn how to consistently grow and manage your wealth for the rest of your life?
uhh purely as a question, rich over night is way better.
@Terryanne
I’m gonna be a contrarian here and say crypto has no fundamentals. The problem a lot of people have with memecoins besides getting rugged is risk management and overtrading. A lot of my memecoins that were in the red for 6 months are now 10-30x’s. You don’t get this with BTC, there’s no asymmetry left which for me makes it riskier than alts and shitcoins depending on how you like to trade
@Terryanne
I’ve been preaching start with only Bitcoin until my face is blue for years. No one wants to hear it. Trade mostly Bitcoin and then for small alt exposer all you need is Solana or Ethereum. Do that for a cycle and you’ll be ready to go degen and trade goat buttholes.
Luckily, we just started alt season. At least newbies will be able to now make money on solid projects like SOL/ETH/JUP/Render or the countless other Solana based projects that are building for future revenue. The question is will new traders be able to hold onto the money.
Anyone new: Stick with the highest market caps for L1s and utility tokens if you refuse to stick with just BTC. Still want memes? Stick to the highest mc memes like WIF and hope they become a Doge this cycle. Otherwise, you’re playing a game of PVP with absolutely no experience. Your opponents have been playing the crypto ponzi game for a decade. They know every trick to take your money. They will always win. It’s like playing rigged games at a carnival, but with enough experience you figure out the rigged rules.
Want even more risk and the ability to make similar returns as you would on memes? Learn to use Solana on chain perps like Drift. Add a small amount of leverage to your SOL buys. You’ll still probably get destroyed but at least you have a reasonable chance of getting lucky without being rugged. One good perp trade means when SOL goes up 10% you get 70%. More importantly, you’ll receive a good education on trading without the scams.
But again… no one wants to hear any of this so have fun in the carnival! You’re providing revenue for SOL holders. We thank you for your sacrifice .
@Terryanne
Perfect advise. However I think you might be missing some key elements.
If copy trading do not get greedy. Always set a take profit.
Learn trading. Learn to read charts. Look for signals.
Have a back up plan. No matter what you are going to lose at some point. This is just the name of the game. So have other avenues of income. Staking liquidity
If you MUST ride a coin out ride till you get your money back plus some profit draw your money out and use the profit to make more profit.
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