Webull Paper Trading Beginner’s Essential Guide (101)

Webull Paper Trading


In the fast-paced world of stock trading, practice makes perfect. That’s where paper trading comes in. If you’re new to options trading or simply want to refine your strategies, paper trading can be an invaluable tool. And with Webull’s desktop platform, you can now practice your options trading skills with ease. In this comprehensive guide, we will explore the ins and outs of Webull paper trading, its benefits, and how you can get started. So let’s dive in!

What is Options Paper Trading?

Options paper trading allows investors to practice trading options using virtual funds. Whether you’re a seasoned options trader or a complete beginner, paper trading can help you test your strategies, build confidence, and familiarize yourself with the trading process. With Webull’s paper trading feature, you can experience the thrill of options trading without any cost or risk.

Webull Paper Trading

Why Use Webull Paper Trading for Desktop

While Webull mobile offers a convenient way to trade on the go, the desktop platform provides a wider range of features and tools, making it an ideal choice for paper trading options. Here are a few reasons why you should consider using Webull desktop for your paper trading endeavors:

Apply Your Knowledge in Practice

While theoretical knowledge is valuable, hands-on experience is crucial for truly mastering options trading. Webull’s paper trading feature allows you to apply your knowledge in a risk-free environment, enabling you to learn from your successes and mistakes. The more you practice, the more comfortable and confident you’ll become as an investor.

Get Familiar with Webull Desktop

If you’re new to Webull’s desktop platform, paper trading is an excellent way to familiarize yourself with its interface and trading instructions. By practicing on paper, you can gain confidence in using the desktop platform before diving into real options trading. This ensures that you are well-prepared and comfortable when executing live trades.

Differences Between Mobile and Desktop Paper Trading

While both Webull’s mobile and desktop platforms offer paper trading options, there are a few key differences to keep in mind:

Single Option Strategies

Webull’s desktop platform currently supports only single option strategies for paper trading. This means that you can practice buying or selling individual options contracts, but more complex strategies like spreads may not be available in the paper trading mode.

Order Types

When it comes to paper trading on Webull desktop, you have the option to place limit and market orders. Unlike the mobile platform, which offers additional order types, such as stop-loss and take-profit orders, Webull desktop focuses on the essentials for paper trading.

Active Trade Mode

One notable difference between mobile and desktop paper trading on Webull is the ability to place orders quickly using active trade mode. This feature allows you to practice placing orders swiftly, simulating real-time trading scenarios and enhancing your trading skills.

How to Paper Trade Options on Webull Desktop

Now that you understand the benefits of paper trading on Webull desktop, let’s walk through the process of getting started. Here’s a step-by-step guide on how to paper trade options using Webull desktop:

Step 1: Access Options Paper Trading

To access the options paper trading feature on Webull desktop, follow these steps:

  1. Log in to your Webull account on the desktop platform.
  2. Navigate to the menu and select “Paper Trade” from the options.
  3. Click on “Option Trade” to begin paper trading options.

Step 2: Place a Paper Trade Order

Once you’re in the options paper trading mode, you can start placing paper trade orders. Here’s how:

  1. Familiarize yourself with the available options and their respective details.
  2. Choose the option you want to trade and select the appropriate action (buy or sell).
  3. Enter the quantity of contracts you wish to trade.
  4. Select the order type (limit or market) based on your trading strategy.
  5. Review the order details and click “Submit” to execute the paper trade order.

Step 3: Cancel or Edit a Paper Trade Order

In case you need to make changes to your paper trade order, follow these steps:

  1. Locate the order you want to cancel or edit in the “Open Orders” section.
  2. Click on the order to open the order details.
  3. Choose the desired action (cancel or edit) and make the necessary changes.
  4. Confirm the changes and submit the updated order.

Step 4: Close a Contract

When you’re ready to close a paper trade contract, follow these steps:

  1. Navigate to the “Open Positions” section to view your active contracts.
  2. Select the contract you wish to close.
  3. Review the contract details and click on the “Close” button.
  4. Confirm the closure of the contract to execute the trade.

Step 5: Check an Option’s P/L

To check the profit or loss (P/L) of your paper trade options, follow these steps:

  1. Go to the “Positions” or “Order History” section.
  2. Locate the option contract you want to assess.
  3. Review the relevant information, including the purchase price, current value, and P/L.
  4. Analyze the data to evaluate the performance of your paper trade option.

Tips for Successful Paper Trading on Webull Desktop

Now that you know how to paper trade options on Webull desktop let’s explore some tips to make the most of your paper trading experience:

1. Start with a Plan

Before diving into paper trading, it’s essential to have a trading plan in place. Define your investment goals, risk tolerance, and preferred trading strategies. Having a plan will help you stay focused and make informed decisions during your paper trading sessions.

2. Treat it Like Real Trading

While paper trading doesn’t involve real money, it’s crucial to treat it as if it were real. Emulate the same level of discipline, research, and risk management that you would apply to live trading. By taking paper trading seriously, you’ll develop good habits and set yourself up for success in real options trading.

3. Experiment with Different Strategies

Paper trading offers a risk-free environment to experiment with various options trading strategies. Take advantage of this opportunity to explore different approaches, test new ideas, and fine-tune your trading style. By trying different strategies, you’ll gain valuable insights and discover what works best for you.

4. Track and Analyze Your Results

Keep a record of your paper trades and analyze the results regularly. This will help you identify patterns, strengths, and weaknesses in your trading approach. By learning from your paper trading experiences, you can make adjustments and improve your skills over time.

5. Embrace the Learning Process

Remember that paper trading is a learning process. Don’t be discouraged by losses or setbacks. Instead, view them as valuable learning opportunities. Treat every paper trade as a chance to gain knowledge and refine your trading skills. With time and practice, you’ll become a more confident and successful options trader.

Also Read : #1 Master Bull Paper Trading for Stock Success!


Webull paper trading on the desktop platform provides a safe and convenient way to practice options trading. By leveraging this powerful tool, you can refine your strategies, gain experience, and build confidence without risking real money. Remember to approach paper trading with a plan, treat it seriously, and embrace the learning process. With dedication and practice, you’ll be well-prepared to tackle real options trading with Webull. So why wait? Start paper trading on Webull desktop today and take your options trading skills to the next level!

Disclaimer: Options trading entails significant risk and is not appropriate for all investors. Option investors can rapidly lose the value of their investment in a short period of time and incur permanent loss by the expiration date. Losses can potentially exceed the initial required deposit. Before trading options, please read the Options Disclosure Document “Characteristics and Risks of Standardized Options” which can be obtained at www.webull.com. Index Option contract fees, regulatory, and exchange fees may apply.

Note: The information provided in this article is for educational purposes only and should not be considered as financial or investment advice. Always conduct your own research and consult with a professional financial advisor before making any investment decisions.

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