How to Use Nova Trading Bot (Beginner Guide)
What is Nova Trading Bot?
Nova Trading Bot is a Telegram bot where you can buy & sell Memecoins, with the fastest fills(buys & sells) when purchasing a memecoin while maintaining the lowest gas fees on the market right now.
Nova Access and Setup
To access Nova Trading Bot you need to have Telegram installed either on your phone or PC. Use this link to get 30% OFF your gas fees (https://t.me/TradeonNovaBot?start=r-OLXISXS) and it will take you to Telegram, simply press the START button to create a new wallet within the Nova Trading Bot. Make sure to save your PRIVATE KEY somewhere safe!
When finishing the first steps you are ready to make your first deposit. You will be able to see your Solana Wallet address right below "W1 (Default)", in other words it's your "Wallet 1".
You will be able to find further instructions at (https://docs.tradeonnova.io/) with a more in-depth guide for your needs.
Trading Fee Settings
When it comes to fee settings, it's important to understand your own trading strategy and adjust accordingly.
Low Traffic: Set your gas fees at lower rate. 0.0005 SOL if you are doing trades under 0.5 SOL per trade, and 0.001 SOL if you trade over 1 SOL per trade. This is very important to balance out your cost and speed.
High Traffic: If the market has a lot of traffic during a specific time, make sure to increase your gas fees slightly. For example 0.001 for trades under 0.5 SOL and 0.002 for trades over 1 SOL.
Trading Slippage Settings
Buy Slippage: In general keeping the buy slippage on 20-25% is good for having a slow trading strategy. But if you are sniping memecoins the recommended buy slippage is 50-70% to ensure your orders gets filled instantly.
Sell Slippage: When selling memecoins you can keep the slippage much lower than your buy slippage, generally 15-20% on sell slippage is a good balance. This will ensure you get out of your position without significant price impact during a high volatile token.
Trading Jito vs Node Settings
Should you choose Jito or Node?
Jito: If you prioritize speed then Jito is the best option for sniping and fast fills.
Node: Is more a cost-efficient option for the ones that's not racing against the clock and wants to keep the cost at the lowest.
What About Nova V2 Release and Access?
Nova will soon release their own DEX platform aka WebApp, and we are one of few people that will be able to provide Nova V2 Early Access for you! Make sure to bookmark us and stay updated!