If you want to develop your knowledge base and hone trading skills with 0 risks, why not know more about paper trading? Paper trading is a simulated trade without real money, which is an excellent way for beginners to gain confidence and for professional traders to test new strategies.
This article will show you how to paper trade on moomoo.
1. Tap Discover > Papertrade. After activating your paper trading accounts. You will be granted one million virtual money for each paper trading account.
2. You could choose Stocks, Options, and Futures in different markets to paper trade. For example, you could tap a stock account and then tap Trade.
Please note that it only applies to intraday trading, not pre/post-market trading.
3. Enter Code, Direction, Price, QTY, and Amount.
After ensuring the above, tap the Buy or Sell button to place the order waiting for the upstream matching and transaction. Tap Got it.
4. Tap Hot Stocks, and then you can see the Daily Hot, Watchlists, and Star Traders, which may be the trends in the market.
5. Select a stock under Positions to adjust your positions, and then place an order.
6. For users without trading accounts: You can also start paper trading easily on the Detailed Quotes page of a specific stock. Tap Papertrade on the bottom-left, and then place an order.
For users with trading accounts: On a stock's Detailed Quotes page, tap More in the bottom right corner> Papertrade, and then place an order.
Although paper trading enables you to practice trading in a real market environment, it has some limitations compared with real trading. For example, paper trading is available for regular trading hours only and doesn't support short selling or margin trading.
If you'd like to practice trading based on skills instead of emotions, paper trading is for you!