> 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/trading-guide.md).

# Trading Guide

#### **To start trading Parimutuel positions on the Thales marketplace all you need is a Web3 wallet with some** [**sUSD**](https://docs.thales.market/binary-options/susd)**, USDC (or USDC.e), DAI or USDT stablecoins (depending on the network!)**

{% embed url="<https://www.youtube.com/watch?t=151s&v=sWiOiW5VTdE>" %}

## Step 1: Find a Market

After launching the [Thales dapp](https://thales.market/markets) and connecting your wallet, you can select an **asset, date and direction** to view markets for different strike prices.

<figure><img src="/files/80nEYAcJWELh8zGYSJwk" alt=""><figcaption></figcaption></figure>

Different markets can be viewed using a combination of these parameters and **selecting a strike price**.  The chart will update according to these parameters, with the green area representing prices that will lead to a successful position for the chose market.

## Step 2: Analyze the Market

<figure><img src="/files/9dkOAMDbmlbWyJeXcyId" alt=""><figcaption></figcaption></figure>

You'll see the following information (listed below moving clockwise from asset name) for the selected market:

* **The symbol and name of the chosen asset** as well as the **current price.** Current price is also show in orange on the chart and within strike prices.
* **Maturity Date** shows the date at which the market is resolved. You can also see the exact time of maturity underneath the time frame selections.
* **Price difference** is the percentage of how far away the Current asset price is from the market's Strike Price.
* **Position Direction** shows the chosen market direction; either **UP, DOWN, IN** or **OUT.**
* **Strike price** of the chosen market is the price point around which the market is traded (UP or DOWN from that price), or a range to trade (either IN or OUT).
* **ROI** is the potential return on investment for the selected strike price.
* **Discount** (if available) shows the discount for the underbought side of the market, up to 10%.  This incentivizes traders to balance the AMM's exposure in the market.
* **Buy-in amount** is the amount and type of collateral entered by the user, followed by the "BUY" button.
* **Gear** shows more detailed information about the selected market.
* **Pay-out** displays the amount you'd be able to claim if the selected market conditions are met.
* **Time Frames** change the displayed time frame for the chart.

<figure><img src="/files/c5jSQ8noevl3nepks3w5" alt=""><figcaption><p>Once you've entered a buy-in amount, the "Gear" button will displaying additional information such as price per position.</p></figcaption></figure>

## Step 3: Execute a Trade

Once you've selected **an asset, date, direction** and **strike price**, and you've entered the desired **Buy-in amount**, use the "APPROVE" button to provide the dapp with expenditure approval. &#x20;

You can then use the "BUY" button to execute the transaction and purchase the respective positional tokens. &#x20;

Once you are holding positional tokens for a market, you'll see that position included in the "Your Open Positions" section underneath the chart

<figure><img src="/files/XueDzlNofnqcFFRK6e2g" alt=""><figcaption></figcaption></figure>

You can cash out early as long as the market is still in the positioning phase using the "Cash Out $X.XX" button.  This allows you to sell your positional tokens back to the AMM without needing to wait for the maturity date.

**Steps for claiming a winning position** can be found in [Exercising a Winning Position.](/using-thales/exercising-a-winning-position.md)