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

# Place your first trade

> A walkthrough of a single trade, from picking a market to reading the result.

This page walks one trade end to end. It assumes you have a funded account.

<Steps>
  <Step title="Find a market">
    Pick a sport, then an event. Each event shows its markets: the match result, handicaps, totals, and whatever else is priced for that sport. If you are unsure what a market means, [the market explainers](https://magicmarkets.com/learn) cover each one with worked examples.
  </Step>

  <Step title="Read the price">
    Prices show in cents by default. 40c means the market puts a 40 percent chance on the outcome, and a winning position pays 100c. That is the same as a decimal price of 2.50. See [Prices and ticks](/platform/prices-and-ticks).
  </Step>

  <Step title="Choose a side">
    **Buy** the outcome if you think it will happen. **Sell** it if you think it will not. On an exchange these are called back and lay. When you sell, you take the other side of someone's trade. The order ticket shows your **Liability**: the amount you pay if the outcome happens.
  </Step>

  <Step title="Set your amount and price">
    Tap a price to open an order ticket, then enter your amount. The ticket takes the price on the book by default. To name your own price, switch the ticket from Market to Limit, then set a limit price and an expiration. A limit order waits on the book until someone matches it or it expires. If the market never reaches your price, it ends as Not filled.
  </Step>

  <Step title="Place it">
    Confirm the order ticket. Quotes are only good for a few seconds before they need refreshing, because the underlying prices move. If yours expires, take a fresh one.
  </Step>

  <Step title="Watch the order">
    Your order shows Filling while it works on the book, then Filled, Partial, Not filled or Cancelled. See [Order statuses](/traders/trading/order-statuses).
  </Step>

  <Step title="Wait for the result">
    Once the event finishes and the outcome is verified, the market settles. The order shows Completed, and your balance updates. See [Order statuses](/traders/trading/order-statuses).
  </Step>
</Steps>

<Note>
  A filled order is not a settled one. Your final profit and loss lands after the event, not at the moment of the fill.
</Note>

## Closing early

You do not have to hold to settlement. You can trade out of an open position, or, where available, take a cashout figure. See [Closing a position](/traders/trading/closing-positions).

## Next

* [Placing and managing orders](/traders/trading/placing-orders)
* [How the exchange works](/platform/how-the-exchange-works)


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