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

# Your First Trade

A step-by-step guide to placing your first perpetual futures trade on Blackboard.

## Before You Begin

* Blackboard account created ([Quick Start](/blackboard-docs/getting-started/quick-start.md))
* Funds deposited in your Blackboard Wallet ([Deposit](/blackboard-docs/account/deposit.md))

## Step 1: Select an Asset

1. Click **Asset Search** at the top of the terminal
2. Select the asset you want to trade (e.g., BTC-PERP)
3. Review the chart, order book, and recent trades

{% hint style="info" %}
Start with a highly liquid asset like BTC-PERP or ETH-PERP.
{% endhint %}

## Step 2: Configure Your Order

### Direction

* **Long (Buy)**: You expect the price to go up
* **Short (Sell)**: You expect the price to go down

### Leverage

| Range         | Risk Level                                      |
| ------------- | ----------------------------------------------- |
| 1–5x          | Conservative. Liquidation price far from entry  |
| 5–20x         | Moderate. Typical range for active traders      |
| 20x and above | Aggressive. Small moves can trigger liquidation |

Maximum leverage varies by asset and is shown in the trading interface.

{% hint style="warning" %}
5x or below for your first trades.
{% endhint %}

### Order Type

* **Market**: Fills immediately at the current price. Fast, but slippage possible.
* **Limit**: Fills only when the market reaches your specified price.

### Size

Enter the amount of margin to commit or the contract quantity.

## Step 3: Approve Session Key (First Time Only)

1. Click **Create Session Key**
2. Approve the signature in your wallet
3. All subsequent trades execute with one click — no wallet pop-ups

## Step 4: Execute

1. Review your settings
2. Click **Execute Order**
3. When the status shows **Filled**, your position is open

## Step 5: Manage Your Position

### Monitor

* **Unrealized PnL**: Real-time profit/loss
* **Margin Ratio**: Distance to liquidation
* **Liquidation Price**: The system closes your position if this price is reached

### Set TP/SL

1. Click **TP/SL Settings** in the position list
2. **Take Profit**: Auto-close at your target profit
3. **Stop Loss**: Auto-close at your loss limit

### Close

* **Full Close**: Entire position at market price
* **Partial Close**: Reduce position size
* **Limit Close**: Close at a specific price

## Checklist

* [ ] Sufficient balance for margin
* [ ] Leverage set conservatively (5x or below to start)
* [ ] Stop Loss set
* [ ] Only trading with funds you can afford to lose

## Next Steps

* [Order Types](/blackboard-docs/trade/order-types.md) — Market, limit, stop orders in detail
* [Margin & Leverage](/blackboard-docs/trade/margin-and-leverage.md) — Margin modes