Your First Trade

Before making your first on-chain trade, let's ensure you're fully prepared.

Pre-Trade Preparation

1. Wallet Setup

   • Ensure you have installed Phantom or other Solana wallets
   • Securely store your recovery phrase
   • Confirm you have enough SOL for transaction fees

2. Trading Platform Selection

   • Choose a reliable decentralized exchange (DEX)
   • Verify trading pair liquidity
   • Understand basic platform operations

3. Market Research

   • Learn about the token you want to trade
   • Check historical price trends
   • Evaluate current market conditions

Executing Your First Trade

1. Connect Wallet

   • Visit the trading platform website
   • Click "Connect Wallet" button
   • Confirm connection in wallet popup

2. Select Trading Pair

   • Search for your desired token
   • Verify trading pair correctness
   • Check token contract address

3. Set Trade Parameters

   • Input trade amount
   • Check slippage settings
   • Confirm transaction fees

4. Confirm Transaction

   • Carefully review all trade details
   • Verify amount and token quantity
   • Sign transaction in wallet

Trading Security

1. Basic Security Principles

   • Never share your private keys or recovery phrase
   • Be wary of phishing sites and fake links
   • Use hardware wallets for enhanced security

2. Risk Control

   • Start with small amounts to gain experience
   • Set reasonable stop-loss levels
   • Don't invest more than you can afford to lose

3. Common Pitfalls

   • Watch out for high-yield scams
   • Avoid FOMO and panic selling
   • Don't trust trading advice from social media

Post-Trade Verification

1. Transaction Status

   • Check transaction details in block explorer
   • Confirm token receipt
   • Save transaction hash for reference

2. Record Keeping

   • Record trade time and price
   • Note transaction fees
   • Calculate profit/loss

3. Experience Summary

   • Analyze trading process
   • Note areas for improvement
   • Plan next trading steps

Advanced Tips

1. Trading Tools

   • Learn about common trading analysis tools
   • Understand price alert features
   • Explore automated trading tools

2. Risk Management

   • Proper fund allocation
   • Portfolio diversification
   • Create and follow trading plans

3. Continuous Learning

   • Stay updated with market trends
   • Learn technical analysis
   • Participate in community discussions