Opening trades
Complete Step-by-Step Trading Guide
🚀 Getting Started
Step 1: Access the Platform
Go to narwhal.finance
Click "Enter App" to access the trading interface
Step 2: Connect Your Wallet
Click the "Connect Wallet" button in the top right corner
Select your preferred wallet (MetaMask, WalletConnect, etc.)
Verify you're on the correct network:
Monad only
Switch networks if needed through your wallet
Step 3: Approve Token Usage (First-Time Only)
If this is your first trade, you'll need to authorize the platform to use your USDC:
Click "Approve" when prompted
Confirm the transaction in your wallet
Wait for the transaction to complete
📊 Selecting Your Trading Pair
Step 4: Choose What to Trade
Browse available pairs in the left sidebar
Search for specific assets using the search bar
Add favorites by clicking the star icon next to pairs you trade frequently
Review pair details including spreads, fees, and trading limits
⚙️ Setting Up Your Trade
Step 5: Choose Your Position Direction
Long Position (Buy/Bullish)
Select "Long" if you expect the price to go UP
You profit when the asset price increases
Short Position (Sell/Bearish)
Select "Short" if you expect the price to go DOWN
You profit when the asset price decreases
Step 6: Select Your Order Type
Market Order (Instant Execution)
Executes immediately at current market price
Best for: Quick entries when timing matters
Note: Price includes current spread
Limit Order (Specific Price)
Executes only at your specified price or better
For Long: Set limit price below current market price
For Short: Set limit price above current market price
Best for: Patient traders wanting specific entry prices
Stop Limit Order (Conditional Entry)
Two-part order: Stop price triggers a limit order
How it works: When market reaches your stop price, a limit order activates
Best for: Entering positions after breakouts or breakdowns
Step 7: Configure Position Settings
Collateral Amount
What it is: The actual money you're risking from your wallet
Important: This is the maximum you can lose if liquidated
Example: $500 collateral = maximum $500 at risk
Leverage Selection
What it is: Multiplies your position size beyond your collateral
Formula: Position Size = Collateral × Leverage
Examples:
$100 collateral × 10x leverage = $1,000 position
$500 collateral × 3x leverage = $1,500 position
Minimum position: $1,500 USDC total position size required
Max Slippage (Market Orders Only)
What it is: Maximum price movement you'll accept during execution
Example: 1% slippage means if price moves more than 1% against you during execution, the order cancels
Recommended: 0.5-2% depending on market volatility
🛡️ Risk Management (Optional but Recommended)
Step 8: Set Stop Loss
Purpose: Automatically closes your position to limit losses
Critical: Without stop loss, you risk liquidation at -90% loss
How to set: Choose the price where you want to exit if wrong
Example: Long Bitcoin at $50,000, set stop loss at $48,000
Step 9: Set Take Profit
Purpose: Automatically closes position when you reach profit target
Maximum: Platform caps profits at 900% and auto-sets take profit there
How to set: Choose your profit target price
Example: Long Bitcoin at $50,000, set take profit at $55,000
✅ Executing Your Trade
Step 10: Submit Your Order
Review all settings carefully
Click "Open Long" or "Open Short" button
Confirm transaction in your wallet popup
Wait for confirmations (this may take a moment)
Step 11: Monitor Execution Status
Order Initiated
Your transaction has been submitted to the blockchain
Status: Waiting for network confirmation
Executed
Pyth oracle has provided the execution price
Your position is now active
Location: Check "Open Trades" section below the trading interface
Position Active
After 2 block confirmations, your trade appears in "Open Trades"
You can now monitor your profit/loss in real-time
⏳ Understanding Pending Orders
When Orders Get Queued
Sometimes your limit order may be queued instead of executed immediately:
Reasons for queueing:
Maximum open interest reached for that trading pair
Net open interest limits have been hit
What happens:
Your order waits in the system
Executes automatically when both conditions are met:
✅ Price reaches your limit level
✅ Open interest limits allow new positions
Your order remains active until executed or manually cancelled
💡 Quick Tips for Success
Start small while learning the platform
Always use stop losses to protect your capital
Monitor liquidation levels closely with leveraged positions
Check network fees before trading (gas costs vary)
Understand that higher leverage = higher risk
Practice with small amounts before making larger trades
❓ Need Help?
Check your "Open Trades" section for position status
Monitor unrealized P&L to track performance
Use the favorites feature for frequently traded pairs
Join our community for trading tips and support
Last updated