Ready to supercharge your trading skills without risking a single rupee? Webull's paper trading feature is an incredible tool for practicing strategies, learning the platform, and building confidence. But what if that initial virtual capital doesn't quite match your aspirations or the scale of your real-world trading goals? No worries! This comprehensive guide will walk you through, step-by-step, how to change your paper trading amount in Webull, whether you're looking for a fresh start or just a different virtual budget.
Let's dive in and get your virtual trading empire set up exactly how you want it!
How to Change Paper Trading Amount in Webull: A Comprehensive Guide
Webull's paper trading account is designed to simulate real market conditions, providing you with a risk-free environment to test your trading prowess. While it typically starts with a default amount (often $1,000,000 USD), you might want to adjust this for various reasons – perhaps to mirror a smaller live account, practice with a larger capital, or simply reset your virtual balance after a series of simulated trades.
Here's how you can do it:
Step 1: Engage with Your Webull Platform
First things first, let's get you logged in and ready. Are you typically a mobile trader, or do you prefer the desktop experience? Webull offers excellent paper trading functionalities across all its platforms, so choose the one you're most comfortable with.
For Mobile App Users: Open the Webull app on your smartphone or tablet. Make sure you're logged into your account.
For Desktop App Users: Launch the Webull desktop application on your computer. Log in if prompted.
For Webull Web Platform Users: Open your preferred web browser and navigate to the Webull website (
app.webull.com/paper
No matter which platform you choose, the next steps will largely be the same, with minor variations in interface layout.
Step 2: Navigate to Your Paper Trading Account
Once you're logged in, you need to find your way to the paper trading section. This is usually quite prominent as Webull encourages its users to practice.
Sub-heading: Locating the Paper Trading Icon/Tab
On the Mobile App: Look for an icon that often looks like a small paper airplane or a document with a "P" on it. It's typically found at the bottom navigation bar or within the "Menu" or "More" section (often represented by three horizontal lines or dots). Tap on it to enter the Paper Trading interface.
On the Desktop App: You'll usually see a dedicated "Paper Trading" tab or button on the main dashboard or in a sidebar. Click on it.
On the Web Platform: Similar to the desktop app, there will likely be a "Paper Trading" option visible on the main page or in a navigation menu. Click to access.
You should now see your paper trading portfolio, including your virtual balance, unrealized P/L, and open positions.
Step 3: Accessing Paper Trading Settings or Account Details
This is where you'll find the option to modify your virtual capital. Webull doesn't always have a direct "change amount" button; instead, it often provides a "reset" function that allows you to start over with a fresh balance.
Sub-heading: Finding the "Reset" or "Account" Option
On the Mobile App: Once in the Paper Trading section, look for a settings icon (often a gear or cogwheel), a "More" option, or directly for a "Reset Paper Account" or "Paper Account Details" button. This might be in the top right corner of the screen or within a submenu.
On the Desktop App: Within the Paper Trading interface, examine the top bar or a side panel for options like "Account," "Settings," or "Reset Paper Trading."
On the Web Platform: Similar to the desktop app, these options will typically be clearly labeled within the paper trading view. Often, there's a "Paper Account" tab or a "Reset" link within the "Paper Account Details" widget.
Click on the relevant option that suggests managing your paper trading account or resetting it.
Step 4: Initiating the Paper Trading Account Reset
This is the key step to changing your paper trading amount. Most often, changing the amount involves resetting your entire paper trading account. This means any open positions, past trades, and the current virtual balance will be cleared, and you'll start fresh with a new virtual capital.
Sub-heading: Understanding the Reset Process
Webull generally allows you to reset your paper trading account to its initial default amount, or in some cases, choose a specific amount.
You will likely see a prompt or a button that says "Reset Paper Trading Account" or simply "Reset."
Confirm the reset: Webull will usually ask for a confirmation, as this action cannot be undone and will clear all your paper trading history. Be absolutely sure you want to reset before proceeding!
Selecting the amount: After confirming the reset, you might be presented with an option to select the new starting capital. Some versions of Webull may automatically reset to the default $1,000,000, while others might provide a dropdown or a field to enter a custom amount.
If you see a "Select Reset Amount" dropdown, choose your desired virtual capital.
If there's an "Other" option, you might be able to manually enter a specific amount.
Click "Confirm" or "Continue" to finalize the reset.
Once the reset is complete, your paper trading account will refresh with the new virtual balance, and you can start practicing your strategies from scratch!
Step 5: Verify Your New Paper Trading Amount
After initiating the reset, always take a moment to confirm that the changes have been applied successfully.
Go back to your main Paper Trading portfolio view.
Check your "Total Account Value" or "Account Balance." It should now reflect the new virtual amount you selected or the default reset amount.
If you don't see the change immediately, try refreshing the page or restarting the Webull app.
Congratulations! You've successfully changed your paper trading amount in Webull. Now you can continue to hone your trading skills with a virtual balance that aligns better with your training goals.
Frequently Asked Questions (FAQs)
Here are 10 related FAQs to further assist you with Webull's paper trading feature:
How to access paper trading in Webull?
You can access paper trading by opening the Webull app (mobile or desktop) or web platform and looking for the "Paper Trading" icon or tab, often found in the bottom navigation bar on mobile or as a distinct section on desktop/web.
How to reset my Webull paper trading account?
To reset your Webull paper trading account, navigate to the Paper Trading section, then look for a "Reset" or "Account Settings" option within that interface. Confirm the reset, and your account will typically revert to its default virtual capital.
How to practice options trading in Webull's paper trading?
Webull's paper trading allows you to practice options trading just like live trading. Simply go to the Paper Trading section, search for the stock or ETF you want to trade options on, and then select the "Options" tab to view the options chain and place virtual trades.
How to set a stop loss in Webull paper trading?
While in paper trading, when placing an order, look for advanced order types. You can typically select a "Stop Loss" or "Bracket Order" (which includes stop loss and take profit) to set a virtual stop loss for your paper trades.
How to use technical indicators in Webull paper trading?
Webull's paper trading charts come equipped with the same technical indicators as the live trading platform. When viewing a stock chart in paper trading, you can usually tap/click on an "Indicators" button (often represented by a small icon or "Ind") to add and customize various indicators.
How to find my paper trading history in Webull?
Within the Paper Trading section, there's usually a "Trades," "Orders," or "History" tab or section where you can review all your past virtual trades, orders, and their outcomes.
How to deposit more virtual money into Webull paper trading?
Generally, you cannot "deposit" more virtual money into Webull paper trading incrementally. Instead, you need to reset your entire paper trading account, which will typically restore your virtual balance to its initial default amount or allow you to choose a new starting amount if the option is available.
How to practice futures trading in Webull's paper trading?
Webull has expanded its paper trading to include futures. Access the Paper Trading section, and then navigate to the futures market to practice trading futures contracts with virtual money.
How to test new strategies effectively with Webull paper trading?
To effectively test new strategies, try to treat your paper trading account as if it were real money. Set clear entry and exit rules, manage your virtual risk, and meticulously review your paper trading history to learn from your simulated successes and failures.
How to switch between live and paper trading in Webull?
On the Webull mobile app, you can usually switch between live and paper trading by tapping on your profile picture or account name, and then selecting the "Paper Trading" option (or "Live Trading" to switch back). On desktop/web, there's usually a clear toggle or distinct sections for each.