WeBull Paper Trading

Paper trading is simulated trading through an account which has all the same functions and features as an actual trading account but in which all trading is done with fake money. Many investors and traders, beginners and professionals alike, use paper trading accounts to practice and fine-tune their skills in the market before risking real money. Webull is a great broker in that they offer paper trading accounts to everyone free of charge. This article will walk you through Webull’s paper account and its features.

Webull Paper Trading for New Traders

Those who are brand new to the stock market are probably the biggest group of users that benefit from using a paper trading account like Webull’s. Paper trading gives beginners the benefit of having simulated market experience that is as close to the real thing without actually risking real money.

The adrenaline rush of entering a trade and immediately watching your account balance fluctuate and move in line with supply and demand is something that tutorials and books cannot prepare you for. Training your mind to react logically and to control your emotions during big market moves is a skill that can only be gained through experience – real and simulated.

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Webull Paper Trading for Experienced Traders

You may think that experienced investors wouldn’t have any use for paper trading, and although paper trading is certainly less common for this group of investors it can still be a useful tool. Even if you have experience in the market, you may have a new strategy you’re developing to add to your portfolio. If it’s a rules-based trading strategy that makes sense in your head, you may want to test it out in a paper trading account before risking real money with it. Despite having extensive market knowledge, when you are playing around with a new investment strategy there is always the risk that you overlooked a detail that paper trading might remind you of.

Accessing Webull Paper Trading

To access Webull’s paper trading feature, simply go to the menu tab and then click on the “Paper Trading” icon below.

WeBull Paper Account

You will be then be taken to the main screen for your paper trading account as shown below. You will see your account balance (all paper accounts start out with a cool million dollars of “play money”). This screen will show your paper positions and gain/loss, just like you’d expect a real brokerage account to look.

WeBull Virtual Account

Placing a Paper Trade

By clicking on the “Trade” button in the middle left of the screen you can then search for the stock or ETF that you want to paper trade. You will be taken to the below screen, where you can enter the details for your paper trade, such as the order type (buy/sell), quantity of shares, order type, price, and time frame you want the order to be in effect for. In this screenshot, we are placing a limit order to buy 1,650 shares of LYFT at a limit price of $48 per share, which will be active for the whole trading day.

WeBull Limit Order

Closing a Paper Trade

When you are ready to close out your paper position and sell the shares, you will use the same order ticket but indicate that it is a “sell”. Enter all the same details as before, including the lowest price you’re willing to sell for if it’s a limit order, and then click “confirm” to submit. Depending on the price you sold at, your paper account will show either a gain or loss.

WeBull Simulated Trading Summary

To conclude, all investors, experienced and new, can benefit from using paper trading accounts at different times in their investing careers. Webull’s paper trading platform is very easy to use and accessible to all free of charge, and therefore we’d recommend giving it a try when you want that simulated market experience without using a real, funded account.

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