> For the complete documentation index, see [llms.txt](https://docs.thalesmarket.io/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.thalesmarket.io/using-thales/thales-amm-design/understand-the-trading-risks.md).

# Understand The Trading Risks

{% hint style="danger" %}
If your purchased Positional Tokens **do not win** on Market Maturity, **they are deemed worthless** (your losing positions are worth 0)**.**
{% endhint %}

{% hint style="warning" %}
The Thales AMM accepts BUYS and SELLS at all times for individual markets, **with exceptions when certain configurable limits have been reached.**

There might be instances where your Positions you've purchased can’t be sold back to the AMM and **you have to wait for Market Maturity to finalize your positions.**
{% endhint %}

### Thales AMM on-demand liquidity limits:

1. **Odds pricing limit:** The AMM only offers liquidity if the Implied Odds of a position are between 8% and 95%, or in other words if UP and DOWN token prices are between $0.08 and $0.95 (see [TIP-107](https://github.com/thales-markets/thales-improvement-proposals/blob/main/TIPs/TIP-107.md) for specifications). If the market movement takes these metrics outside of the specified range, the AMM stops offering liquidity for the respective market.
2. **Time limit:** The AMM only offers liquidity for a specific market until 24 hours before Market Maturity. After the market crosses the 24rth hour before maturity, the AMM stops offering liquidity for that market.
3. **Cap limit:** The AMM only offers liquidity for a limited amount of UP, DOWN, IN and OUT tokens for specific markets based on the amount of risk the AMM takes on from a specific market.

{% hint style="warning" %}
**Exercising your winnings is not influenced by the current AMM liquidity in any way!**
{% endhint %}

### Your winning Positional Tokens will always be redeemable for USD winnings on Market Maturity!


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