> For the complete documentation index, see [llms.txt](https://doc.ave.ai/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://doc.ave.ai/tutorial/ave-ai-core-strategy-2-first-wave-outer-market-trading-pvp-phase/definition-what-is-first-wave-outer-market-trading.md).

# Definition: What is First-Wave Outer Market Trading?

First-Wave Outer Trading refers to the **critical early stage** after a token migrates liquidity from an internal platform like **Pump.fun** to a public DEX such as **Raydium**. This is where the first wave of volatility hits—price discovery, mass speculation, bots, and FOMO collide.

This is the **purest form of on-chain PVP (player vs. player)** trading, where execution speed, sharp judgment, and decisive action determine who wins and who becomes exit liquidity.

<figure><img src="https://282307349-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FVhfw2n4uNr4o5eCyFsyK%2Fuploads%2FUVKIxAyW6Z3FqHpoNxRr%2Fimage.png?alt=media&amp;token=25535dae-e3fd-43e4-8b13-18c2f3a1d2e1" alt=""><figcaption></figcaption></figure>