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Paper trading allows you to set up algo, and test the working of your trading system. But it is not a substitute for live trading to check the performance of your strategy.

What is the difference between Live Trading and Paper Trading?

CasePaper TradingLive Trading
SubscriptionFree1500/30 days
Integration with Broker API requiredNOYES
Broker ChangeNot RequiredYES
Market order with actual price from Bid & AskNOYES
Trailing StoplossNOYES
Time-based Entry From and Entry ToYESYES
Auto Square-OffNOYES
Accurate PnL to test strategiesNOCurrently Under Beta Mode
BO & CONOYES
MAX Profit & MAX LossYESYES
Risk Management SettingsYESYES
Signal RulesYESYES
Telegram NotificationsYESYES
  • All orders get filled. If you are sending the Price in order, it will be considered as traded price. If 0/null price is sent in Signal, then it will show 0 prices. PnL in trade history also depends on order price; so it may show wrong values. This is the biggest difference in Paper vs Live trading. Because in live trading, the Price/PnL calculations are taken based on actual values given by Broker API. You are advised to use only Limit Orders in paper trading with valid prices in Signal also.