Your First Trade

Learn how to open your first trade on Polynomial in just a few steps.

Prerequisites

• Connected wallet with USDC deposited

• Basic understanding of long/short positions

Step 1: Access Trading Interface

1. Go to Polynomial Trade

2. Connect your wallet

3. Select a market (e.g., BTC-PERP, ETH-PERP)

Step 2: Understand Position Types

Long Position (Bullish)

• Profit when price goes up

• Use when you expect price to rise

Short Position (Bearish)

• Profit when price goes down

• Use when you expect price to fall

Step 3: Set Trade Parameters

Position Size

• Enter USDC amount for margin (start with $10-50)

• This is your collateral, not total position size

Leverage

• Choose leverage (1x to 50x)

• For beginners: Start with 1x-3x leverage

• Higher leverage = higher risk and reward

Order Type

• Market Order: Executes immediately at current price (2-4 seconds)

• Limit Order: Executes only at your specified price

Step 4: Place Your Order

Market Order:

1. Select "Long" or "Short"

2. Enter margin amount

3. Choose leverage

4. Click "Long" or "Short" to execute

Limit Order:

1. Select "Limit" order type

2. Set desired entry price

3. Enter margin and leverage

4. Click "Place Order"

Step 5: Monitor Your Position

After placing your order:

1. Check Orders tab - See if your order is filled

2. Check Positions tab - View your open positions

3. Monitor key metrics:

   • Entry price

   • Current P&L

   • Liquidation price

   • Position size

Step 6: Manage Your Position

Setting Stop-Loss and Take-Profit

1. Click on your position in the Positions tab

2. Set stop-loss price (to limit losses)

3. Set take-profit price (to secure profits)

4. Confirm the order

Closing Your Position

1. Go to the Positions tab

2. Click "Close Position"

3. Choose market or limit order

4. Confirm the transaction

Important Concepts

Funding Rate

• Periodic fee paid between long and short positions

• Helps keep perpetual prices aligned with spot prices

Liquidation

• Occurs when your margin falls below maintenance requirements

• Your position is automatically closed

• Always monitor your liquidation price

Cross-Margin

• Your margin is shared across all positions

• More capital efficient

Best Practices

Risk Management

• Never risk more than you can afford to lose

• Start with small amounts

• Use stop-losses to limit downside

• Don't use maximum leverage initially

Position Sizing

• Risk only 1-2% of your account per trade

• Don't put all your capital in one position

• Diversify across different markets

Common Mistakes to Avoid

1. Over-leveraging: Using too much leverage too soon

2. No stop-loss: Not setting risk management orders

3. Emotional trading: Making decisions based on fear or greed

4. Revenge trading: Trying to recover losses immediately

5. Ignoring fees: Not accounting for trading and funding costs

Next Steps

Now that you've made your first trade:

1. Learn about Order Types - Master different order types

2. Understand Cross-Margin - Learn about margin management

3. Advanced Trading Strategies - Explore advanced techniques

Need Help?

• FAQ: Common trading questions

• Community: Join our Discord

• Support: Get direct help

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Congratulations! You've completed your first trade on Polynomial. Remember to always trade responsibly and never risk more than you can afford to lose.