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

# Placing an Order

> Pick a market, choose long or short, set your size and leverage, and confirm. You see your fees and liquidation price before anything is submitted.

## Your first trade

<Steps>
  <Step title="Open a market">
    Tap any asset from the **Trade** tab, the leaderboard, or a friend's profile.
  </Step>

  <Step title="Choose a direction">
    **Long** if you think the price will rise. **Short** if you think it will fall.
  </Step>

  <Step title="Set your size and leverage">
    Enter how much USDC to put up as margin and choose your leverage, from 1x up to the market's maximum (50x on most markets). Your position size is margin multiplied by leverage.
  </Step>

  <Step title="Add a take profit or stop loss (optional)">
    Set the price at which you want to lock in gains or cap losses. You can also add these after the position is open.
  </Step>

  <Step title="Review and confirm">
    The confirmation screen shows your **fees** and your **liquidation price**. Check both, then confirm.
  </Step>
</Steps>

Your position appears immediately in **Portfolio** and on your public profile. The position screen charts your entry, the current price, your stop loss and take profit if set, and your liquidation price as lines on the chart, and shows your live profit, position value, distance to liquidation, the current hourly leverage fee, and trader sentiment for the market.

## Types of order

| Order type | What it does | When to use it |
| - | - | - |
| **Market** | Opens your position right now at the best available price. | You want in immediately and are fine with the current price. |
| **Limit** | Opens your position only when the market reaches the price you set, or better. | You want a specific entry and are willing to wait. Limit orders that have not filled can be cancelled from **Portfolio**. |
| **Take profit** | Automatically closes your position when the price reaches your target. | Lock in gains without watching the screen. |
| **Stop loss** | Automatically closes your position when the price moves against you to the level you set. | Cap your downside and protect your margin. |

Take profit and stop loss can be attached when you open the position or added later from the position screen. See [Editing an order](/get-started/editing-an-order).

<Tip>
  A stop loss is the single most useful habit on a leveraged platform. It exits the trade on your terms, before the market does it for you. See [Liquidations](/faq/liquidations).
</Tip>

## Understanding the confirmation screen

| Field | What it means |
| - | - |
| Estimated margin | The USDC you are putting up for this trade. This is the most you can lose on the position. |
| Opening fee | The trading fee for this order. See [Fees](/faq/fees). |
| Estimated position size | Margin × leverage. This is the amount your profit or loss is calculated on. |
| Average entry price | The price you expect to get. For a market order it is the current price, adjusted for the size of your order. |
| Liquidation price | The price at which the position is automatically closed if the market moves against you. Higher leverage puts this closer to your entry. |

The margin, size, and entry price are estimates because the market can move in the moment between confirming and filling. The final numbers are shown on the position once it is open.

## How leverage changes the trade

With \$100 of margin on a stock trading at \$100:

| Leverage | Position size | A 1% move in your favor | A 1% move against you |
| - | - | - | - |
| 1x | \$100 | +\$1 | -\$1 |
| 10x | \$1,000 | +\$10 | -\$10 |
| 50x | \$5,000 | +\$50 | -\$50 |

At 50x, a 2% move against you uses up your whole margin. Choose leverage with that in mind.

## Margin on Alpha is isolated

Each position has its own margin. If one position is liquidated, your other positions and your remaining balance are untouched. This keeps a bad trade from taking your whole account with it.

## Why did my order not fill?

* **Limit order:** the market has not reached your price yet. It stays open until it fills or you cancel it.
* **Market order:** very rare, but during extreme volatility there may not be enough liquidity at that instant. Try again.
* **Not enough balance:** you need enough available USDC to cover the margin plus fees. Deposit more or reduce the size.


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