Trading
Using the Order Book#
Using the Order Book#
Understanding the Order Book will help you become an advanced trader. In the Getting Started tutorial on Making your First Trade, we learned about market orders.
In a market order, your trade executes instantly at the current market price. But what if you think the market price is too high and want to set a specific price that you would be willing to accept? These are called Limit Orders.
Viewing the Order Book#
The order book is a list of every open order to buy or sell shares in a particular market.
In this market, “Presidential Election Winner 2024”, we are viewing the order book for Trump Yes shares.
The green side represents the Bids: the highest price traders are willing to pay to buy Trump Yes shares.
The red side represents the Asks: the lowest price traders are willing to accept to sell Trump Yes shares.
Notice that there is a 0.3c gap between the highest bid and the lowest ask price. This is referred to as the spread.
Managing Open Orders#
When you have an open order, you'll find it displayed just below the Order Book on the market's page. If you have open orders across multiple markets, you can easily manage and monitor them all from the Portfolio page.
To cancel the order, you can simply click the red x button alongside the order.
If some of this still isn’t making sense, feel free to reach out to us on Discord. We’re happy to help get you up to speed.