Your First Trade

This step-by-step guide will walk you through your first trade on MegaTAO. Follow these instructions carefully to ensure a safe and successful trading experience.

Pre-Trade Checklist

Before you start trading, ensure you have:

• Compatible Web3 wallet installed and configured

• Bittensor EVM network added to your wallet

• TAO tokens for trading margin and gas fees

• Basic understanding of perpetual futures

• Risk management strategy in place

• Emergency procedures understood

Step 1: Connect Your Wallet

Connecting to MegaTAO

1. Navigate to MegaTAO: Go to the MegaTAO web interface

2. Click "Connect Wallet": Look for the connect button

3. Select Your Wallet: Choose from supported wallets:

   • MetaMask

   • WalletConnect

   • Coinbase Wallet

   • Trust Wallet

4. Approve Connection: Approve the connection in your wallet

5. Verify Network: Ensure you're on Bittensor EVM network

6. Check Balance: Confirm your TAO balance is visible

Troubleshooting Connection

• Wrong Network: Switch to Bittensor EVM (Chain ID: 964)

• Connection Failed: Try refreshing the page

• Balance Not Showing: Check if you have TAO in your wallet

• Wallet Not Supported: Try a different compatible wallet

Step 2: Deposit Margin

Adding Trading Capital

1. Navigate to Account: Click on your account/wallet section

2. Deposit TAO: Click "Deposit" or "Add Margin"

3. Enter Amount: Specify how much TAO to deposit

4. Confirm Transaction: Approve the transaction in your wallet

5. Wait for Confirmation: Wait for the transaction to confirm

6. Verify Balance: Check that your margin balance updated

Margin Amount Guidelines

• Minimum: Start with at least 0.1 TAO for safety

• Risk Management: Only use funds you can afford to lose

• Gas Fees: Keep some TAO for transaction fees

• Position Sizing: Consider your intended position sizes

Step 3: Open Your First Position

Selecting Trading Parameters

1. Choose Asset: Select the Alpha token you want to trade

2. Select Direction: Choose "Long" (price up) or "Short" (price down)

3. Set Leverage: Start with 1x leverage for your first trade (maximum is 3x currently)

4. Enter Position Size: Specify the dollar value of your position

5. Review Parameters: Double-check all settings before proceeding

Position Size Calculation

• Position Value: Dollar amount of exposure you want

• Margin Required: Position Value ÷ Leverage

• Example: $1,000 position at 2x leverage = $500 margin required

• Safety: Start with small positions to learn

Order Execution

1. Review Order: Check all parameters are correct

2. Click "Open Position": Confirm you want to open the position

3. Approve Transaction: Approve the transaction in your wallet

4. Wait for Execution: Wait for the transaction to confirm

5. Verify Position: Check that your position opened successfully

Step 4: Monitor Your Position

Position Tracking

1. View Position: Your open position should appear in the positions section

2. Check P&L: Monitor unrealized profit/loss

3. Margin Ratio: Keep an eye on your margin ratio

4. Entry Price: Note your entry price for reference

5. Current Price: Track the current market price

Key Metrics to Watch

• Unrealized P&L: Current profit/loss on the position

• Margin Ratio: Percentage of margin remaining

• Liquidation Price: Price at which position would be liquidated

• Funding Rate: Cost of holding the position

• Position Size: Dollar value of your exposure

Warning Levels

• Healthy: Margin ratio > 35%

• Caution: Margin ratio 25-35%

• Danger: Margin ratio 20-25%

• Liquidation: Margin ratio < 20%

Step 5: Close Your Position

When to Close

Consider closing your position when:

• Profit Target: You've reached your profit target

• Stop Loss: You've hit your stop loss level

• Risk Management: Margin ratio is getting low

• Strategy Change: Your trading strategy has changed

• Market Conditions: Market conditions have changed

How to Close

1. Select Position: Click on the position you want to close

2. Choose Close Method: Select "Market Close" or "Limit Close"

3. Review Details: Check the closing price and estimated P&L

4. Confirm Close: Click "Close Position"

5. Approve Transaction: Approve the transaction in your wallet

6. Wait for Execution: Wait for the transaction to confirm

7. Verify Closure: Check that your position is closed

Closing Options

• Market Close: Close immediately at current market price

• Limit Close: Close at a specific price you set

• Partial Close: Close only part of your position

• Stop Loss: Automated close at predetermined loss level

• Take Profit: Automated close at predetermined profit level

Step 6: Withdraw Your Funds

Removing Margin

1. Navigate to Account: Go to your account section

2. Click "Withdraw": Select the withdraw option

3. Enter Amount: Specify how much TAO to withdraw

4. Confirm Transaction: Approve the transaction in your wallet

5. Wait for Confirmation: Wait for the transaction to confirm

6. Verify Balance: Check that your wallet balance updated

Withdrawal Considerations

• Available Balance: Only withdraw available margin (not locked in positions)

• Gas Fees: Keep some TAO for future transaction fees

• Position Impact: Ensure withdrawals don't affect open positions

• Timing: Consider market conditions before withdrawing

Common First-Trade Mistakes

What to Avoid

• High Leverage: Don't use high leverage on your first trade

• Large Position: Start with small position sizes

• No Stop Loss: Always use stop losses for risk management

• Emotional Trading: Don't let emotions drive your decisions

• Ignoring Fees: Factor in trading and funding costs

Current Limits

• Maximum Leverage: 3x (will increase later)

• Collateral Deposit Cap: There's currently a limit on deposits (will be removed later)

Next Steps

After your first trade, continue learning:

Immediate Next Steps

• Trading Mechanics - Understanding leverage

• Risk Management - Essential safety practices

• Order Types - Advanced order types

Ongoing Learning

• Trading Strategies - Various trading approaches

• Market Analysis - Understanding price feeds

• Advanced Topics - Advanced features

Emergency Procedures

If Something Goes Wrong

1. Don't Panic: Stay calm and assess the situation

2. Check Position: Review your position status

3. Add Margin: If margin ratio is low, add more TAO

4. Close Position: If necessary, close the position immediately

5. Seek Help: Contact support if you need assistance

Emergency Contacts

• Technical Support: Available through community channels

• Security Issues: [email protected]

• Community Help: Peer support in community forums

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⚠️ Important Note: Your first trade is a learning experience. Start small, use low leverage, and always prioritize risk management. Trading perpetual futures involves substantial risk of loss.