Managing Positions
This guide covers how to monitor, adjust, and manage your trading positions.
Position Overview
Your position in a market tracks:
| Field | Description |
|---|---|
yes_shares | YES shares you own (unlocked) |
no_shares | NO shares you own (unlocked) |
locked_yes_shares | YES shares locked in sell orders |
locked_no_shares | NO shares locked in sell orders |
collateral_locked | USDC locked in buy orders |
Viewing Your Position
Available Shares
Shares available for trading:
Available YES = yes_shares - locked_yes_shares
Available NO = no_shares - locked_no_shares
Position Value
Estimate your position value using current market prices:
YES Value = yes_shares × current_yes_price / 10000
NO Value = no_shares × (10000 - current_yes_price) / 10000
Total = YES Value + NO Value
Adjusting Positions
Adding to a Position
To increase your exposure:
Reducing a Position
To decrease your exposure:
Hedging
Hold both YES and NO shares to reduce risk:
Open Orders
Viewing Open Orders
Each order on the book includes:
| Field | Description |
|---|---|
order_id | Unique identifier |
price_bps | Limit price |
quantity | Remaining shares |
original_quantity | Original order size |
timestamp | When placed |
Cancelling Orders
You can cancel any open order you own:
What happens on cancel:
- Buy orders: USDC collateral returned to available balance
- Sell orders: Shares unlocked for trading or settlement
Position Lifecycle
End of Trading
When trading ends (at t_end):
-
All open orders are cancelled
- Buy orders: Collateral returned
- Sell orders: Shares unlocked
-
Shares are frozen
- No more trading allowed
- Wait for resolution
-
Settlement becomes available
- After market resolves
- Claim your winnings
Position Statistics
Your position tracks lifetime statistics:
| Statistic | Description |
|---|---|
total_bought | Total shares purchased |
total_sold | Total shares sold |
total_fees_paid | Taker fees paid |
total_rebates_earned | Maker rebates received |
first_trade_at | Timestamp of first trade |
last_trade_at | Timestamp of last trade |
Risk Management
Position Sizing
Consider maximum loss when sizing positions:
| Position | Max Loss |
|---|---|
| 100 YES @ 6000 bps | 60 USDC (if DOWN) |
| 100 NO @ 4000 bps | 40 USDC (if UP) |
Diversification
Spread risk across:
- Multiple markets (different epochs)
- Different assets (BTC, ETH, etc.)
- Both YES and NO positions
Stop-Loss Strategy
No automatic stop-loss, but you can manually:
- Monitor price movements
- Place sell orders at your stop level
- Accept the loss if price moves against you
Monitoring Tools
Key Metrics to Watch
| Metric | Description |
|---|---|
| Current Price | Where shares are trading |
| Your Entry Price | What you paid |
| Time Remaining | Until market ends |
| Oracle Price | Current Pyth price |
Position P&L
Calculate unrealized P&L:
Unrealized P&L = (current_price - entry_price) × quantity / 10000
Example: Bought 100 YES @ 5500, now trading @ 6500
P&L = (6500 - 5500) × 100 / 10000 = 10 USDC profit
Common Scenarios
Taking Profit
Price moved in your favor? Lock in gains:
Cutting Losses
Price moved against you? Limit damage:
Hold to Settlement
Confident in your prediction? Wait for resolution:
Best Practices
- Track Entry Prices: Know your breakeven
- Monitor Time: Market ends automatically
- Cancel Unused Orders: Free up capital
- Review Statistics: Learn from your trades
- Plan Exit Before Entry: Know when to close
Next Steps
- Learn Claiming Winnings
- Understand Risks