Choose Venue and Market
US-regulated comfort: Kalshi (bank funding, familiar onboarding). Crypto-comfortable: Polymarket (deepest liquidity). Zero-risk learning: Manifold's play money. For a first market, pick something resolving within days-to-weeks (feedback beats waiting months), liquid (tight spread), and in a domain you genuinely follow — then read the resolution rules top to bottom, which instantly puts you ahead of half the participants.
Place and Manage the Trade
Fund modestly ($20-50 is plenty for the lesson). Before buying, write down your own probability estimate — trade only if it differs meaningfully from the price. Use a limit order at or inside the spread. Then watch how the price digests news: the urge to react to every headline is the thing to study, not indulge. You can sell anytime; deciding between exiting on a favorable move versus holding to resolution is the core skill the first trade teaches.
Settle and Review
At resolution, winning shares redeem at $1.00 automatically. Now the valuable part: was your estimate better than the market's? Not 'did you win' — a 40% position losing is consistent with a good estimate — but whether your reasoning held. Keep a one-line log per trade (estimate, price, outcome, lesson); calibration across twenty logged trades tells you honestly whether you have an edge worth scaling.