3. OdinBot Setup (Copy Trading Bot)

How to use OdinBot on solana and the proper settings you need to use.

Detailed Guide for Setting Up and Using the OdinBot for Copy Trading

Setting Up the Odin Bot

• Access OdinBot: Available via Website Link

• Create a New Wallet:

  1. Open OdinBot

  2. Generate a new wallet and deposit funds following the instructions

  3. Securely store the private key to ensure access to your funds in case of any issues.

Configuration

1. Trade Size

Option: Trade Size (SOL)

Description: This setting determines the amount of SOL (Solana) that OdinBot will use for each trade.

How to Set:

• Enter the desired amount of SOL for each trade.

• Example: If you want OdinBot to trade 1 SOL per transaction, you would set the trade size to 1.

Recommendation: Start with a small amount to test the performance and gradually increase as you become more comfortable.

2. Trade Speed

Option: Trade Speed

Description: This setting controls how quickly OdinBot will execute trades after identifying a signal or following a whale's trade.

How to Set:

• Choose Standard, Turbo or God for normal trading speed, fast and god-like speed.

Recommendation: Standard speed is typically suitable for most users, ensuring a balance between timely execution and market analysis. If you want trades to be between 0.5 seconds or 3 seconds, opt for God speed.

3. Mirroring Wallets

Option: Add whale to mirror

Description: This feature allows you to copy the trades of successful traders (referred to as whales) automatically.

How to Set:

• Click on Add whale to mirror.

• Select a whale from the available list to start copying their trades.

Note: You are not mirroring any whales by default. To get started, you need to add at least one whale.

Recommendation: Research and choose whales with a consistent track record of successful trades.

4. Holdings

Option: Holdings SOL Balance

Description: Displays your current balance in SOL and its equivalent value in USD.

5. Hide Low Value Positions

Option: Hide low value positions

Description: This option allows you to hide positions with low value from your holdings display to focus on more significant investments.

How to Set:

• Toggle the option to hide or show low value positions.

Recommendation: Useful for decluttering your view if you have many small or insignificant positions.

Example Configuration

To help illustrate how to configure OdinBot, here’s an example setup:

1. Set Trade Size: Enter 0.5 SOL to trade 0.5 SOL per transaction.

2. Trade Speed: Select Standard.

3. Add Whales: Click Add whale to mirror, and choose a whale named “TopTrader123” from the list.

4. Check Holdings: Ensure your SOL balance is displayed correctly. For example, 0.060002 SOL ($10.46).

5. Hide Low Value Positions: Toggle this option if you prefer not to see positions worth less than a specific amount.

Final Tips

• Regular Monitoring: Regularly monitor your bot's performance and adjust settings as needed.

• Risk Management: Always ensure you’re trading within your risk tolerance.

• Stay Updated: Keep an eye on updates and new features that may enhance your trading experience with OdinBot.

Conclusion

By following this detailed guide, you can set up and optimize the OdinBot for automated and profitable copy trading. Regular monitoring, fine-tuning settings, and leveraging community support will help maximize your trading success.