> ## Documentation Index
> Fetch the complete documentation index at: https://docs.noise.xyz/llms.txt
> Use this file to discover all available pages before exploring further.

# Trading

> How to open, manage, and close a position.

## Balance and collateral

Your available balance is the collateral you can commit to positions. Noise's current product can present funding as **Buy Credits** or **Add Funds**, depending on the account experience that is enabled.

Where USDC deposits and withdrawals are enabled, transfers use the user's wallet on Base and appear in account activity after they are recorded by Noise.

## Positions

You take a directional position on a trend:

| Position | Your view                     |
| -------- | ----------------------------- |
| Long     | You expect relevance to rise. |
| Short    | You expect relevance to fall. |

An open position shows its entry, size, margin, relevance, and profit or loss. Closing all or part of a position sends an opposing reduce-only order so the close cannot create a new position in the other direction.

## Order types

### Market orders

A market order is submitted as an aggressive limit order so it can execute immediately without accepting an unlimited price. Noise applies a default **1.5%** price boundary when no other slippage setting is supplied.

The order can fill at one or more available prices up to that boundary. Any behavior for an unfilled remainder is determined by the order instructions shown in the trading interface.

### Limit orders

A limit order executes only at its selected price or better. A limit buy can fill at or below its limit; a limit sell can fill at or above its limit. Until then, the order can remain open on the book or be cancelled.

### Reduce-only orders

A reduce-only order can close or shrink an existing position without opening a position in the opposite direction.

## Leverage and margin

The current trading interface submits new positions at **1x leverage**. Noise uses isolated position margin, so risk and collateral are tracked per position by the matching engine.

Funding and forced risk actions can affect a position while it remains open. See [How It Works](/how-it-works#funding).