# Place your first trade

This walkthrough takes you from the market list to a confirmed order. Before you start, make sure your wallet is connected and your smart wallet is deployed.

{% content-ref url="/pages/Tcdcwu7ZLop2Ig0F0myu" %}
[Connect wallet](/getting-started/connect-wallet.md)
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## Steps

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### Choose a market

Browse the market list or use search to find an event you want to trade. Open the market detail page and review:

* **Question** — exactly what resolves YES and what resolves NO
* **Resolution criteria** — the source and conditions used to determine the outcome
* **End date** — when the market closes to new orders

Make sure you understand the resolution criteria before trading. Ambiguous wording in a question can lead to unexpected outcomes at resolution.
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### Read the order book

The order book shows all open buy and sell orders for YES shares on this market. Identify:

* **Best ask** — the lowest-priced YES share currently available (the cheapest entry for a long position)
* **Best bid** — the highest price a buyer will pay for YES shares (your best exit if you want to sell)
* **Spread** — the gap between best ask and best bid, expressed in cents

A spread of $0.01–$0.03 is tight and liquid. A spread wider than $0.05–$0.10 means you should consider a limit order rather than a market order to avoid paying the full spread cost.
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### Place a market order

A market order fills immediately at the best available price. This is the simplest way to enter a position.

1. Click **Buy YES** or **Buy NO** on the market detail page.
2. Enter a dollar amount (collateral to spend) or a share quantity.
3. Review the order preview: price, estimated fill size, and fee.
4. Confirm the order.

{% hint style="warning" %}
**Limit orders are generally better for illiquid markets.** A market order on a wide spread can result in significant slippage — you may fill at a much worse price than the best ask if the ask side of the book is thin. Check the order book depth before placing a market order.
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### Place a limit order (optional)

A limit order lets you specify the exact price you are willing to pay. The order enters the book and waits for a counterparty.

1. Switch to **Limit** order mode.
2. Enter your price (between $0.01 and $0.99 in tick-size increments) and quantity.
3. Choose the order duration:
   * **GTC (Good Till Canceled)** — the order stays open indefinitely until filled or you cancel it. This is the default.
   * **GTD (Good Till Date)** — the order expires at a date and time you specify.
4. Confirm the order.

{% hint style="info" %}
FOK (Fill or Kill) and FAK (Fill and Kill) order types are also available for advanced use cases. These are covered in the Trading guide.
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### Confirm your order

After submission, the CLOB returns an `orderID` and an initial status. You will see one of:

* **LIVE** — the order is in the book, waiting to be matched.
* **MATCHED** — the order found a counterparty immediately and is being settled on-chain.

Find your open orders under **My orders** in the navigation. Each order shows its `side`, `price`, `original_size`, `size_matched`, and current `status`.
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### Track your position

Once your order is filled, the position appears in your portfolio. The portfolio view shows:

* **Shares held** — number of outcome shares you own
* **Average price** — your average cost per share across all fills
* **Current value** — shares × current best bid (your estimated exit value)

Your position is live until you sell it or the market resolves.
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## What happens at resolution

When the market's end date passes, the outcome is determined against the resolution criteria. The `adjudication` process has defined phases with deadlines tracked on-chain.

* If your outcome wins: each share redeems at **$1.00**. The collateral is returned to your smart wallet automatically.
* If your outcome loses: shares expire at **$0.00**.

You do not need to take any action to claim a winning position — redemption is handled by the platform.

{% content-ref url="/pages/VXMWmkx6IYJCXYRpG0GG" %}
[What is HermesTrade?](/getting-started/what-is-hermestrade.md)
{% endcontent-ref %}

{% content-ref url="/pages/FaSGGOl6CSP0t71WWh7l" %}
[Core concepts](/core-concepts/core-concepts.md)
{% endcontent-ref %}


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