To start your crypto trading journey in Solana, you don’t need many things. If you have a smartphone, internet connection, phantom wallet, dexscreener app, twitter and telegram app – you are good to go. Yes, it’s that simple! But will it be dangerous? Is there any risk if I start trading immediately now? Let’s discuss this in depth.
Risk in Solana Crypto Trading
Before saying anything, let’s first discuss the risk you need to face if you decide to start trading in Solana today.
The Solana blockchain is extremely fast and has very low transaction fees. Additionally, it is very easy to deploy tokens on the Solana blockchain due to numerous launchpads, including Pumpfun, Bonkfun, Launchpad, Boopfun, and many more. As a result, anyone with even 0.1 SOL in his or her wallet can create and launch a token without any coding experience or anything. Due to this reason, thousands of new tokens launched and rug the investors daily.
So having a mobile phone and internet connection and some apps, will may lead you to danger of losing your capital if you don’t have proper knowledge about this market.
What actually do we need to start trading at Solana?
Proper market knowledge is very required. You also need to know how to check token is rugpull or not, token is a bundle or not, token has any malicious function or not, who deploys the token, is smart money buying it, etc. Overall you need to know how to analyze a token to find in depth about it which is very required. Code – ensi4of
Actual Way to Start Solana Crypto Trading
- Having minimum knowledge about the market and how it works
- Necessary skill to analyze a coin whether it is a scam or not
- Greed maintenance
- A proper tool most importantly using a trading bot to buy and sell any token first to avoid loss and book good profit.
- Degen mode – this is very necessary because with a holding mindset, you will not able to trade Solana memecoin haha.
That’s all for today.
