> ## Documentation Index
> Fetch the complete documentation index at: https://docs.intention.xyz/llms.txt
> Use this file to discover all available pages before exploring further.

# Your first trade

> A worked example from connected wallet to open position, with the numbers to check at each step.

This page walks through one complete trade. It assumes you have [connected a wallet](/help/connect-wallet) and have collateral — if not, start there.

## Before you start

<Warning>
  Trade the smallest size the market allows for your first order. The goal is to see the whole path work end to end, not to make money. Everything below is easier to understand once you have watched it happen with a size that does not matter.
</Warning>

## Place the order

<Steps>
  <Step title="Pick a market">
    Click the symbol at the top left to switch contracts. `BTC-USDC` is the deepest, which makes it the most forgiving to learn on — a thin market punishes a beginner's mistakes harder.
  </Step>

  <Step title="Check the market header">
    Read **Mark price** — this is what your position will be valued at, not the last trade — and the **funding rate and countdown**. If funding is strongly positive and you are about to go long, you will be paying it. See [The trading screen](/help/screen-layout#2-market-header).
  </Step>

  <Step title="Set margin mode and leverage">
    In the [order ticket](/help/order-ticket): `Cross` or `Isolated`, then leverage. **Set these before sizing** — both change what your order costs in margin and where your liquidation lands.

    Start low. 2–3× is a reasonable place to learn; the difference between 3× and 30× is how far the price can move before you are liquidated.
  </Step>

  <Step title="Choose direction and type">
    `Long` if you expect the price to rise, `Short` if you expect it to fall.

    `Market` executes immediately at whatever the book offers. `Limit` rests at a price you choose and may never fill. For a first trade, market is simpler — you will actually get a position, which is the point of the exercise.
  </Step>

  <Step title="Enter a size">
    Type an amount, or use the percentage slider. The unit selector switches between the asset and USDC.
  </Step>

  <Step title="Read the cost, then submit">
    Before clicking: check **liquidation price** — how far the market has to move against you to close the position — and **fees**. If the liquidation price is uncomfortably close, reduce leverage rather than accepting it.

    Submit, and approve in your wallet if prompted.
  </Step>
</Steps>

## Confirm it worked

The position appears under **Positions** at the bottom of the screen, showing size, entry price, unrealized P\&L, and liquidation price.

The individual fills appear under **Trade History**, one row each with the fee charged. If your order filled in several pieces at different prices, you will see several rows — that is normal, and your entry price is their weighted average. See [Positions and history](/help/positions-history).

## What happens now

**Your P\&L moves with the mark price.** It updates continuously and is unrealized until you close. See [Mark price](/trading/mark-price).

**You pay or receive funding.** At each funding settlement, if you still hold the position. Positive rate means longs pay shorts. It appears in [Funding History](/help/positions-history), not in Trade History — it is not a fee. See [Funding](/trading/funding).

**Your liquidation price moves.** Adding margin pushes it away; adverse funding payments and unrealized losses pull it closer. It is not fixed at open.

## Close it

Open **Positions**, close the position, and confirm. Full detail in [Close a position](/help/close-position).

Close your first trade sooner than you think you should. Watching the full cycle — open, funding, close, fees, realized P\&L — teaches you more than holding one position for a week.

## Where to go next

<CardGroup cols={2}>
  <Card title="Close a position" href="/help/close-position">
    Taking the profit, or stopping the loss.
  </Card>

  <Card title="The order ticket" href="/help/order-ticket">
    Every control explained.
  </Card>

  <Card title="Liquidations" href="/trading/liquidations">
    What happens if it moves against you far enough.
  </Card>

  <Card title="Fees" href="/programs/fees">
    What the trade cost.
  </Card>
</CardGroup>