> The index of every page is at https://docs.nova.markets/llms.txt. The complete documentation in one file is at https://docs.nova.markets/llms-full.txt.

# Placing a trade

Address: https://docs.nova.markets/#/trade
Section: Trading

Trade any market on Nova’s Trading Terminal and earn Conviction Points.

[Image: Nova’s Trading Terminal]

## The trade panel

Pick a side, set the size, confirm. Leverage and margin mode sit at the top of the panel.

**Market** fills immediately at the best price available, and never worse than the slippage cap you set. **Limit** rests at the price you name and fills only there, or not at all.

**Take profit** and **stop loss** are exits. Tick the box and set both prices while you place the entry, and they are attached to it. Or place them later from the same trade panel, against a position you already hold: each one becomes its own order, listed under Open Orders, where you can see it and cancel it.

**Reduce only** keeps an order from ever opening more than you have. It can shrink a position or close it, never flip it.

| Field | What it does |
| --- | --- |
| **Market / Limit** | Market fills now. Limit rests on the book at your price |
| **Long / Short** | Long profits when the price rises, short when it falls |
| **Amount** | Size. Type it, or use the slider |
| **Reduce only** | The order can only shrink a position |
| **Take profit / Stop loss** | Sets your exits, with the entry or later on their own |
| **Slippage** | Market orders only. The worst price you accept |

**Order Value** is the notional, **Margin Required** is what it locks, **Fees** is what it costs.

A position is editable after it opens: add or remove collateral, adjust leverage, close part of it. Each edit re-checks the liquidation price before it applies.

[Video: Trade Panel]

## Choosing a market to trade

On Nova’s Trading Terminal, you can trade both Hyperliquid’s and Nova’s markets.

|  | Hyperliquid perps | Nova markets |
| --- | --- | --- |
| **What it is** | Markets that are listed on Hyperliquid | Markets that are listed on Nova |
| **Counterparty** | The Hyperliquid order book | The Conviction Pool |
| **Settles on** | Your Hyperliquid balance | Your Nova balance |

Both sit behind one interface and one trade panel. Switch with the market selector.

## Examples

| You want to | Do this |
| --- | --- |
| Go long 250 USDC of BTC now | Market, Long, 250, Place Order |
| Buy only at 78,000 | Limit, Long, price 78,000, size, Place Order |
| Set a target and a stop | Tick Take profit / Stop loss, set both prices |
| Close now | Close on the position row |
| Close part of it | Opposite order, smaller size, Reduce only ticked |

## Your position

The row shows size, entry price, mark price, PnL, margin, and the liquidation price. Adding margin pushes the liquidation price away, removing it brings it closer.

> Liquidation triggers on the mark price, an oracle price rather than the last trade.

## On Nova markets

Same trade panel. Your counterparty is the Conviction Pool, so a large order moves your own execution price, shown before you confirm. The opening fee is set when you open, the closing fee when you close, and holding fees accrue while you hold.

Start trading now at https://app.nova.markets.