How to Find Smart Money and Start Copy Trading
Last updated
Last updated
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.
We have outlined two strategies for finding profitable wallets. We will add more in the future.
Navigate to DEX Screener
Go to dexscreener.com and select Solana as the network.
Here, you can explore trending tokens and high-volume trades.
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.
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
Go to birdeye.so and navigate to Explore > Trader Board
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).
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.
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.
Once you’ve identified a promising wallets, it’s important to verify its performance.
Analyze Wallet P&L History
Copy the wallet address and go to app.cielo.finance.
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.
What to Look For
Look for Wallets with 100%+ ROI over all trading time and ideally just a few transcations per token.
When looking for wallets to copy, be cautious of the following red flags:
High Trade Volume in Short Periods
Wallets with extremely high transaction frequencies may be bots and they are not suitable for copy trading.
Frequent Transfers from Other Wallets
Frequent transfers could indicate manipulated gains rather than genuine trading success.
Inconsistent P&L
Be cautious of wallets with occasional large wins but inconsistent overall profits.
You can check all of this through app.cielo.finance app.
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
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.
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.
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!
