> For the complete documentation index, see [llms.txt](https://handbook.spend.market/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://handbook.spend.market/getting-started/placing-your-first-position.md). # Placing Your First Position You've created and funded an account. Here's how to place a position. * **Browse markets.** Markets are organized by sector (Food & Beverage, Retail, Travel, Technology, and more), then by group. Filter by cadence: weekly, monthly, quarterly, event. * **Pick an outcome.** Each outcome has a price between $0.00 and $1.00, its implied probability of resolving YES. An outcome at $0.65 means the market prices a 65% chance. Buy it for $0.65; if it wins, each token redeems for $1.00; if it loses, it's worth $0.00. * **Size your position.** Enter the dollars you want to commit. The interface shows the tokens you'll have, your potential payout, and your cost basis. In Phase 1 (Early Pool), your final payout depends on the final pool ratios at resolution, not the price when you bought. See [Phase 1: Early Pool](/markets/elastic-markets/phase-1-early-pool.md). * **Confirm.** Enter the amount and click "Buy." We automatically approve the transaction for you and your position appears in your portfolio immediately. * **Watch it play out.** In Phase 1 (Early Pool), your collateral is locked until the market resolves or graduates. If the market graduates to Phase 2 (Open Market), you can sell anytime. See [How to Read a Market](/markets/how-to-read-a-market.md). --- # Agent Instructions This documentation is published with GitBook. GitBook is the documentation platform designed so that both humans and AI agents can read, navigate, and reason over technical content effectively. Learn more at gitbook.com. ## Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question. Perform an HTTP GET request on the current page URL with the `ask` query parameter, and the optional `goal` query parameter: ``` GET https://handbook.spend.market/getting-started/placing-your-first-position.md?ask=&goal= ``` `ask` is the immediate question: it should be specific, self-contained, and written in natural language. `goal` is optional and describes the broader end goal you are ultimately trying to accomplish on behalf of the user. GitBook uses it to tailor the answer towards what is most useful for that goal. The response will contain a direct answer to the question and relevant excerpts and sources from the documentation. Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.