> For the complete documentation index, see [llms.txt](https://docs.punch.win/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.punch.win/getting-started/first-trade.md).

# Place Your First Trade

Once your wallet is connected and you have trading funds, you're ready to place your first trade.

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<figure><img src="/files/cAijR460eI1clnEheF0X" alt="Select a Market"><figcaption></figcaption></figure>

## Step 1: Browse Events

**Markets are organized by trading currency.** Pick **$BILL** or **$CROSS** at the top to view the markets available in that currency. Then narrow further by category (Crypto, Politics, Sports, Macro, Culture) or sort by volume, newest, or ending soon.

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<figure><img src="/files/llKazKve4BfPE0gKuJEg" alt="Choose a Side and Set your position"><figcaption></figcaption></figure>

## Step 2: Pick Your Position

Every market has two sides. For Event Markets, it's **Yes** or **No**. For Crypto Markets, it's **Up** or **Down**. Select your side, enter the amount you want to spend, and review the estimated Shares and potential payout before confirming.

> The buy/sell panel shows the trading currency at the top — markets in $BILL are bought and sold in $BILL, and the same applies to $CROSS.

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<figure><img src="/files/EGvaALWQlvaCAY4Vx6fr" alt="Execute an Order"><figcaption></figcaption></figure>

## Step 3: Confirm & Submit

Hit **Buy** to submit a **Market Order**, which fills instantly at the best available price. Prefer to set your own price? Switch to **Limit Order** — it posts to the orderbook and executes when your price is reached (with 0% Maker fees).

For details, see [Order Types](/trading/trading/order-types.md) and [Buy & Sell](/trading/trading/buy-sell.md).

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## Step 4: Review Results

* **Portfolio**: View held positions, real-time PnL, open orders, trade history, and Rebates.

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## Execution Example

> Buy 100 Shares of **Up** at $0.550 in the "BTC 1-Minute Up/Down" market

| Item                | Value                                                  |
| ------------------- | ------------------------------------------------------ |
| Amount Spent        | 100 × $0.550 = $55.000                                 |
| Fee (Taker)         | 0.500 × 100 × 0.550 × 0.450 = **$12.375**              |
| Total Cost          | 55.000 + 12.375 = **$67.375**                          |
| Outcome Up (Win)    | 100 × $1.000 = $100 received → Net profit **+$32.625** |
| Outcome Down (Loss) | 100 × $0.000 = $0 → Net loss **-$67.375**              |

> **Tip**: Fees are higher when the price is closer to $0.500, and lower when the price is closer to $0.001 or $0.999. For more details, see [Fee Structure](/market-structure/market-structure/fees.md).