How to Trade
Simple step-by-step guide on how to Trade on NLX
The following guide is for informational purposes only. Trading perpetual futures carries significant risks. This is not financial advice.
Funding Your Wallet
To start trading on NLX, you first need to fund your Core Wallet with CORE, the native token of the Core Blockchain. You’ll need CORE to cover transaction fees when interacting with NLX. Learn how to on-board on Core.
If you’re new to Web3, we recommend watching this video playlist by Core DAO.
These short videos cover everything you need to start your on-chain web3 journey. Watch Now.
With CORE in your wallet, the next step is to acquire BTC for trading on NLX. For this guide, we’ll use coreBTC, Core’s native wrapped BTC. You can get coreBTC in two ways:
Bridging
If you already have BTC, you can bridge it directly to your Core Wallet using the coreBTC bridge. Click here to learn how to bridge from Bitcoin to Core.
Swapping
Alternatively, you can use the CORE in your wallet to buy coreBTC on-chain through any of these DEXs:
Connecting Your Wallet
Now that we have our coreBTC ready, head over to the NLX dAPP and connect your wallet by clicking the “Connect Wallet” button at the top-right corner of the website.
Selecting a Market
You can select your desired market by clicking on the Market dropdown located at the top-left of the candlestick chart. For this guide, we’ll select the BTC/USD market.
Trading Form
The trading form allows you to input your order details, such as side (Short/Long), type (Market/Limit/TP/SL), collateral size, trade size, and leverage. Once you’ve filled out the form, you can execute your trade order. You can find the trading form on the right side next to the candlestick chart.
Picking a Side
When placing a trade in a perpetual contract, you have the option to “bet” on whether the price will go up or down. Select LONG if you’re bullish or SHORT if you’re bearish on the market you want to trade in.
Bullish -> You think the price of something will go up.
Bearish -> You think the price of something will go down.
For this trade, we selected to go LONG.
Order Type
When placing an order, you can choose between different order types:
- Market Order: Executes immediately at the current market price.
- Limit Order: Executes at a specific price you set.
- TP/SL Order: Take Profit (TP) and Stop Loss (SL) orders automatically close your open position at predefined profit or loss levels.
Collateral Size
Collateral is the amount of coreBTC you are willing to risk in your trade. On NLX, you lock up your collateral per position, and you can retrieve it once you close your trade.
- Above the Collateral Size Input, you can see the Pay value, which represents the USD value of your inserted collateral.
- Next to the Collateral Size Input, there is the Collateral Asset selector, displaying the asset you’re using as collateral for the trade (in this case, coreBTC). You can use this to select different assets as collateral if available.
- Above the Collateral Asset, the Wallet Balance is displayed, showing how much of the asset (coreBTC) you have available in your wallet.
Trade Size
Trade size corresponds to the total amount you are longing or shorting. This determines the scale of your trade and influences your potential gains or losses. You can set the trade size directly, and it will adjust your collateral value based on your leverage multiplier.
- Above the Trade Size Input, you can see the directional side and USD value of the total trade.
- Next to the Trade Size Input, there is the Market Selector, which displays the market you are placing your trade in (in this case, BTC/USD). You can use it to switch to other available markets.
- Above the Market Selector, the Effective Leverage multiplier of the trade is displayed.
Leverage
Leverage allows you to amplify your trading position by borrowing additional funds. This means you can control a larger position with a smaller amount of your own capital. On NLX, you can set leverage up to 50x. Use the slider or the input box above it to choose your desired leverage level.
Execute Trade
Now that your order is all set, you can click on the “Long BTC” button to place your trade.
An order summary will pop up, allowing you to review your order details and fees. If this is your first time using coreBTC as collateral from this wallet on NLX, you will need to sign a Spend Approval to enable the deposit of coreBTC for your trade.
Your wallet will prompt you to sign the spend approval, which won’t incur any gas fees.
Once approved, you’re all set to execute your trade and send it to the blockchain. Click on the “Long” button, which will open another prompt in your wallet to confirm the transaction and open your trade.
In a few seconds, you should see your position opened and your trade live!
Congratulations on your first trade on NLX!
Position
Understanding positions and how to manage them, close them & add TP/SLs.
coming soon…