Have you ever come across those telegram groups or Twitter accounts that post about new gems found on Dex screener at "xxx MCap" that have now gone up 4x? If so, then you must know that you met a "degen trader. Sometimes, your crypto idolo may shill these "new gems" to you and tell you that "the bottom is in, it's only up from there baby. Buying a bag here to the moon" and other funny things. They say they are trying to make you money for free and that you can easily 3x your account if you follow them closely. Most of them are saying the truth, you can go up 3x if you follow them, but the problem is that you are heavily reliant on them without knowing what to do yourself. Without your idolo's calls, you cannot make 3x for yourself because you lack the know-how. Our parents taught us that if you give a person a fish, they will go hungry again and ask for more, but if you teach a person how to fish, he will be satisfied.

Before you run after those 10x - 100x gains on a "gem", I want you to stop and think first. In a famous bible passage I hold dear, Jesus told the disciples a parable about a man who wants to build a tower and how he must first sit down to count the cost and see if he can complete such a project. In this same vein, I ask you to sit down and think before you decide to venture into degen trading. Do not be deceived by the numerous people talking about their major profits. For 1 person showing a profit, there are many more showing a loss.

Before you start degen trading, you need to know the following

1. Dex Screener

2. DEX Swaps and DEX aggregators

3. Liquidity

4. Market Capitalization

5. Slippage

6. Front runs

7. Contract addresses and non-custodial wallets

8. Trading Volume

9 Token checkers etc

Degen trading will wreck you if you do not know how to trade or what to and what not to trade. Everybody is out for your liquidity, if you are not sure, don't trade. Most of the gems you will find trading degen are scams made to pull in your liquidity before the owner drains the liquidity pool and rug pulls. Rugpulls are a normal occurrence in degen trading and there is a saying that you're not a degen trader until you've been rugpulled.

A token on the Binance smart chain which was a rug pull. Notice how it first created highs, dragging in liquidity, before the owner stole the liquidity and ran away. Well, it didn't last that long and not many traders were affected. Lucky!

Degen trading is not bad, it just requires knowledge. I want you to protect yourself and your money from the greed that befalls ALL who degen.

So, shall we not degen trade at all that our funds may be safe? Not at all. I have linked a detailed degen explainer video to this article. You will learn everything about degen trading, from the tools and software you need to the Dos and Don'ts. You self no small, you can become your own idolo and degen to 100x, just have the right knowledge and wisdom to apply it.

Please share this with all the people you know trade degen, they really need this. Don't forget to upvote the article also.

Till next time.