WEBVTT 00:00:01.300 --> 00:00:05.255 The most important part of an amount is its unit. Ten dollars 00:00:05.255 --> 00:00:09.209 and ten coins describe very different requests. Before typing, read the label 00:00:09.209 --> 00:00:13.164 beside the box. In the current purchase form, you can see Quantity 00:00:13.164 --> 00:00:17.118 and Amount, marked with a dollar sign. They help you describe the 00:00:17.118 --> 00:00:19.425 same proposed purchase in two different ways. 00:00:19.925 --> 00:00:24.022 Quantity means the amount of the asset. The dollar field is a 00:00:24.022 --> 00:00:28.118 cash estimate calculated from the row's displayed price. When you change one 00:00:28.118 --> 00:00:32.215 field, the form updates the other. That is a conversion, not two 00:00:32.215 --> 00:00:36.311 separate purchases. Still, read both values after you type, because a misplaced 00:00:36.311 --> 00:00:39.725 decimal point can change the size of the request dramatically. 00:00:40.225 --> 00:00:44.321 For a simple illustration, imagine a market displayed at one hundred dollars 00:00:44.321 --> 00:00:48.418 per coin. Entering twenty dollars would correspond to about zero point two 00:00:48.418 --> 00:00:52.514 coins. Entering two in the Quantity box would instead describe about two 00:00:52.514 --> 00:00:56.610 hundred dollars. These are made-up teaching numbers, not current prices or an 00:00:56.610 --> 00:00:59.000 amount you are being asked to spend. 00:00:59.500 --> 00:01:03.445 The form rounds its displayed conversion. More importantly, this buy route submits 00:01:03.445 --> 00:01:07.390 the resulting asset quantity. The dollar amount helps calculate that quantity from 00:01:07.390 --> 00:01:11.335 the displayed price; it is not a promise that the final cash 00:01:11.335 --> 00:01:15.280 cost will stay exactly at the number you typed. Recheck the quantity 00:01:15.280 --> 00:01:19.225 on the confirmation step, even if you began with a dollar amount. 00:01:19.725 --> 00:01:23.740 Use a dollar-quoted pair for this demonstration, because this particular form labels 00:01:23.740 --> 00:01:27.755 its cash field in dollars. Do not silently reinterpret a dollar sign 00:01:27.755 --> 00:01:31.770 as another quote currency. In any different account or market context, confirm 00:01:31.770 --> 00:01:35.785 the full pair and the units the interface actually supports. If they 00:01:35.785 --> 00:01:39.800 do not make sense together, stop and clarify the mismatch before proceeding. 00:01:40.300 --> 00:01:44.266 Next, check the account's available cash. A portfolio's total value includes holdings 00:01:44.266 --> 00:01:48.231 and is not the same thing as money available for a new 00:01:48.231 --> 00:01:52.197 purchase. Estimated value, locked money, and reserve-related figures also need their own 00:01:52.197 --> 00:01:56.163 definitions. We will examine those categories in the next chapter. Here, the 00:01:56.163 --> 00:02:00.128 useful habit is to check availability instead of treating the largest number 00:02:00.128 --> 00:02:01.450 as a spending limit. 00:02:01.950 --> 00:02:06.067 Selling has a different boundary. The position dialog shows Owned, Available, and 00:02:06.067 --> 00:02:10.184 Reserved quantities. You may own more units than are currently available to 00:02:10.184 --> 00:02:14.302 sell. For example, an illustrative position could show one unit owned, zero 00:02:14.302 --> 00:02:18.419 point eight available, and zero point two reserved. The available amount is 00:02:18.419 --> 00:02:21.850 the relevant ceiling for a new sale in that dialog. 00:02:22.350 --> 00:02:26.144 Before continuing, read your entry aloud as a complete sentence: I am 00:02:26.144 --> 00:02:29.937 requesting this quantity of this asset in this Paper market. Then compare 00:02:29.937 --> 00:02:33.731 it with the estimated cash value and the relevant available balance. If 00:02:33.731 --> 00:02:37.524 you cannot name the unit, you are not ready for the next 00:02:37.524 --> 00:02:41.318 step. Correcting an entry now is much simpler than untangling an unintended 00:02:41.318 --> 00:02:41.950 request later.