# How to Trade a Pre TGE Band

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No Pre TGE markets are currently live. This walkthrough describes the flow for when they are listed.
{% endhint %}

This walkthrough covers buying an FDV band position on a Pre TGE market from start to settlement.

## Step 1: Find a Pre TGE Market

Go to Markets and filter for Pre TGE markets. Select the token you want to trade. Each market shows available FDV bands, current prices, and the expiry date.

## Step 2: Understand the Bands

<figure><img src="/files/CCU8ABgffMHRS1RKpiT5" alt=""><figcaption><p>FDV band</p></figcaption></figure>

Each band represents a valuation range. Review all available bands and their prices before selecting one.

## Step 3: Check the Orderbook

Open the orderbook for the band you want to trade. Confirm there are active sell orders at your target price.

## Step 4: Buy the Band

1. Select the band that matches your valuation view.
2. Click Buy.
3. Enter the amount of USDM you want to spend.
4. Review shares and potential payout.
5. Confirm the trade.

## Step 5: Monitor and Exit or Hold

Track your position in Portfolio. If you want to exit early, sell your position tokens back into the orderbook. If you hold to expiry, the position is settled automatically based on where the token's FDV lands at launch. Proceeds are sent to your smart account.

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Settlement uses the token's FDV at launch verified via oracle. If the FDV lands in your band, your position pays out.
{% endhint %}


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