Paper trading
Trading with simulated money through a real broker interface.
Paper trading runs a strategy through a broker's real market data and order system, but with simulated cash. It is the standard shakedown phase for an automated strategy: it proves the machinery (orders, fills, stops, reconciliation) under live conditions without risking capital.
Paper results are more honest than backtests but still flatter reality slightly: simulated fills do not compete for liquidity, and spreads cost less than they do live. A serious operator treats paper trading as an engineering test, labels the results clearly, and graduates to real capital with a defined checklist.
Records on this platform state their mode. A paper badge means exactly that, and the transition to live is visible in the record itself.