The decentralized finance (DeFi) space is exciting but risky, especially within the meme coin ecosystem. One of the biggest risks is developer rug pulls, where developers abruptly sell off their holdings, causing the token price to crash. Trojan Solana offers a powerful feature to mitigate this risk: Dev Auto Sell. This tutorial will guide you through setting up this feature to protect your investments.
What is Trojan bot on Solana?
Trojan bot is a Telegram-based trading bot designed for the Solana blockchain. It provides various automated trading tools, including the crucial Dev Auto Sell feature. This feature allows you to automatically sell your tokens if the developers sell theirs, helping you exit potentially risky positions before a major price drop.
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Setting up Dev Auto Sell in Trojan Solana
Before proceeding, ensure you have a Telegram account and have integrated Trojan Solana with it. You’ll also need a funded Solana wallet connected to Trojan Solana.
- Access Settings: Navigate to the main page of Trojan Solana within Telegram and locate the settings menu.
- Language: (Optional) Adjust the language settings for your convenience.
- Auto Sell Feature: Find the “Auto Sell” section within the settings. If you’ve previously created an auto-sell rule, deactivate it before creating a new one.
- Add New Rule: Click “Add” to initiate the setup of a new Dev Auto Sell rule.
- Tagging: Assign a descriptive tag to your rule (e.g., “Dev Auto Sell”). This tag is for your reference and doesn’t impact the rule’s functionality.
- Feature Selection: Specify the trading feature to which this rule applies. Choose “Swap” if you primarily use market orders.
- Wallet Selection: Select the Solana wallet you wish to protect with this rule. Ensure this is the wallet you use for trading the target token. Trojan Solana uses labels (e.g., W1, W9) to identify different wallets. Refer to your wallet settings within Trojan Solana to confirm the correct label.
- Trigger Setup: Click “Add Order.” Crucially, select “Dev Sell” as the trigger type.
- Sell Percentage: Set the percentage of your holdings you want to sell automatically when the Dev Sell trigger is activated. 100% ensures a complete exit.
- Slippage Tolerance: Define your acceptable slippage percentage. This accounts for potential price fluctuations during the execution of your sell order. A value between 1% and 5% is generally recommended.
- Expiry Period: Set the duration for which this rule remains active. This prevents outdated rules from executing unexpectedly. Choose a period that aligns with your trading strategy.
- Review and Save: Double-check all parameters before saving the rule. Ensure the correct wallet, trigger type, sell percentage, slippage, and expiry period are configured.
Testing the Dev Auto Sell Feature
To confirm the functionality, purchase a small amount of a new token listed on a decentralized exchange (DEX) like Pump.fun or Raydium through your designated Trojan Solana wallet (the one linked to your Dev Auto Sell rule). Monitor the token and observe the automated sale execution if the developers sell their holdings. You can track the status of your limit order within Trojan Solana to verify the trigger activation.
Conclusion
Dev Auto Sell on Trojan Solana provides a valuable safety net in the volatile world of DeFi and meme coins. By automatically selling your tokens when developers do, you can significantly reduce the risk of rug pulls and protect your capital. Remember to carefully configure the settings to align with your risk tolerance and trading strategy. While this tool enhances security, it’s essential to conduct thorough research before investing in any cryptocurrency project.
SEE ALSO: How to Trade Meme Coins on Solana Safely and Achieve an 80%+ Win Rate
