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On this page
  • Identify Profitable Wallets
  • Verify Wallets Using Cielo
  • Red Flags and What to Avoid
  • Setting Up Copy Trading on Bitfoot
  • Bankroll Management Tip
  1. TRADING GUIDES
  2. Advanced Trading

How to Find Smart Money and Start Copy Trading

Last updated 5 months ago

In this guide we will give you everything you need to find profitable wallets, red flags to look out for and a guide to setup copy trading using Bitfoot. In this guide we will look specifically at Solana wallets, but the same can be applied to Ethereum, Base and BSC wallets.

Identify Profitable Wallets

We have outlined two strategies for finding profitable wallets. We will add more in the future.

Strategy 1: Using DEX Screener to Identify Profitable Wallets

1

Navigate to DEX Screener

  • Here, you can explore trending tokens and high-volume trades.

2

Find Top Trading Tokens

  • Focus on trending meme coins or high-volume tokens with a solid market cap and recent trading activity.

  • Tokens with substantial trading volumes and stable market caps are usually safer options.

Tip: Use Dexscreener Filters (top right menu)

  • Set: Pair age - Max 168 hours - This will mean we are looking for newer more trending tokens

  • Sort out by MCAP (Market cap) and look at Age and Transactions - look for higher volume (means there's activity and token is moving)

  • This way we have filtered out relevant memecoins that are traded by good traders.

3

Identify Profitable Wallets Through "Top Traders"

  • Now select a token that you like and navigate to the Top Traders tab.

  • Examine wallets that are actively trading this token.

  • Look for wallets with high profits and low transaction count (high transaction count means that wallet is probably run by a bot and it's not suitable for copy trading).

  • When you find a wallet you like, get it's information by clicking the button under the EXP column.

  • You will be taken to Solscan where you can copy the wallet address.

  • Copy the wallet address. We will verify it in the next step.

Strategy 2: Using Birdeye

1

Navigate to Birdeye

  • Select the Solana network in the top left menu (if you are searching for Copy Trading or Solana, you can alternatively search for Ethereum, Base or BSC).

2

Choose from Top Gainers

  • You will see a table with top gainers with an option to filter time period.

  • Search for wallets with high profits and lower transaction count (high transaction count means that wallet is probably operated by a bot and it's not suitable for copy trading).

Copy the wallet address. We will verify it in the next step.

Strategy 3: Using X (Twitter)

Here’s another simple method using X and the “Solana Trading Challenge” to find active traders with potential.

1

Search X

Go to Twitter and search for terms like “Solana Trading Challenge” or “5 SOL to 1000 SOL Challenge.” This is a popular hashtag used by traders tracking their progress.

2

Check Recent Posts

Focus on recent challenges, ideally started within the last few days. The closer they are to the start, the better your chances of catching profitable moves early. On the other hand, if the challenge is already running, you can check the profitability of the wallet before jumping in.

3

Look for Wallet Links

Many traders share their wallet addresses in their profiles, posts, or linked Telegram groups. For example, you might find wallet details in the bio or posts.

4

Select Wallets with Clear Goals

Choose wallets engaged in specific challenges (e.g., “10 SOL to 10,000 SOL”), as they’re likely making high-risk trades aimed at fast gains. Keep monitoring these accounts to see if they align with your strategy.


Verify Wallets Using Cielo

Once you’ve identified a promising wallets, it’s important to verify its performance.

1

Analyze Wallet P&L History

  • Paste the wallet address and click on Token PnL card to view its Profit and Loss (P&L) history over different timeframes (1 day, 7 days, and 30 days).

  • Look for long-term profitability over the last 30 days, as this indicates a reliable trading performance rather than short-term luck.

2

What to Look For

Look for Wallets with 100%+ ROI over all trading time and ideally just a few transcations per token.


Red Flags and What to Avoid

When looking for wallets to copy, be cautious of the following red flags:

  1. High Trade Volume in Short Periods

    • Wallets with extremely high transaction frequencies may be bots and they are not suitable for copy trading.

  2. Frequent Transfers from Other Wallets

    • Frequent transfers could indicate manipulated gains rather than genuine trading success.

  3. Inconsistent P&L

    • Be cautious of wallets with occasional large wins but inconsistent overall profits.


Setting Up Copy Trading on Bitfoot

Once you’ve identified a wallet to copy, follow these steps to start copy trading on Bitfoot.

We are going to use Simple Copytrade Mode. Navigate to Bitfoot, make sure you are on set on the same network as you wish to copy trade from. Settings > Chains > Solana

1

Add Wallet

  • Click on the Add Wallet button

  • Name the wallet

  • Enter wallet address you found on dexscreener or birdeye.

  • You will see the wallet in the Copy Trade menu with an option to delete it from Copy Trade. If you wish to remove it, simply click on it and confirm.

2

Adjust the Amount

  • Click on the Amount SOL: button

  • Enter the amount in SOL you wish to copy trade with

  • Make sure that the amount is just smaller part (maybe 10%) of your total budget. Many traders will buy a lot of tokens before selling one. This will ensure that the bot have enough funds for copy trading.

3

Choose the Wallet You Want to Use for Copy Trading

  • Click on the Select User Wallet for CopyTrade button.

A menu will appear with all your connected wallets. Click on the one you want to use for copy trading.

4

Start / Pause Your Copy Trade

  • You are now ready for copy trading. You can start and stop this automation with the ON / OFF button.

5

Monitor Your Trades

  • Bitfoot will send you notifications when trades occur in the wallet you are tracking along the copy trade transaction you made.

  • Adjust your settings as needed to align with your trading goals.

  • For more details, refer to our full guide on Bitfoot’s copy trading setup.

Bankroll Management Tip

Start with a small percentage of your total bankroll (e.g. 10-20%) per trade to spread the risk. If you have 2 SOL to start with, set the bot to copy trades for only 0.2 SOL. So you can make multiple trades.


Final Tips and Summary

By following this guide, you now know how to find profitable Solana wallets, recognize red flags, and set up copy trading on Bitfoot. Remember to stay cautious, monitor performance regularly, and adjust your strategy as needed.

Happy trading!

Go to and select Solana as the network.

Go to and navigate to Explore > Trader Board

Copy the wallet address and go to .

You can check all of this through app.

📚
dexscreener.com
birdeye.so
app.cielo.finance
app.cielo.finance