Paper trading: A Must For Success In Trading
Ever talked to a non-trader and asked them if they wanted to invest? The vast majority of them will say something along the lines of “No, I don’t know how” or “No, I don’t think I want to risk losing my money on something I can’t control”. This has changed with Cryptohopper’s paper trading.
It’s understandable that using a service like Cryptohopper can be quite daunting for new users. Linking your trading bot to your exchange and allowing it to trade on your behalf with your hard-earned cash can be a particularly scary experience.
It’s just like stepping into a self driving car. Most people know it's safe, but it’s probably not easy to let go of the wheel.
Many professional traders argue that not only practicing with paper trading is a must before jumping into trading with your real funds, but also to keep testing your current strategy’s effectiveness and new strategies. Get ready a paper trading bot next to your real one to keep a close eye to changes in the crypto market and testing new options when the market requires them. Recently, Crytohopper has released a brand new subscription type, the paper trading account, that will let you purchase a lifetime paper trading bot! Doesn’t matter if you do or don’t have a subscription to use the bot. With a paper trading account, your trading bot will be reading real life chart data, and placing pretend buy and sell orders.
This new option will let you connect your trading bot to any exchange, trade with virtual funds any coin you choose and automating your strategy with technical indicators, candlestick patterns or simply manually.
How to set up your Paper trading account
After having created your trading bot, go to Baseconfig and click on Exchange. Rather than inputting the API keys from your real exchange, which will give your trading bot access to your exchange (if you have one), you just select the paper trading option. Then, you’ll have a Cryptohopper trading bot which is interacting with the exchange data of your exchange. You get access to a paper trading bot with every bot subscription you purchase. However, you can also buy a lifetime paper trading account that you could allocate to a trading bot. Please note that you always need a subscription to be able to use this extra paper trading account.
You can find this option in Baseconfig, Exchange, and then Manage accounts. Here you will be able to purchase this lifetime subscription that will enable you to have a paper trading bot to test your automated or manual strategies.
Once you have set up your paper trading account, it’s time to add funds and use the paper bot as a testing ground for any strategy you want to apply. If it does well, you can always just save the template, link your real exchange and then continue your winning strategy on the real trading platform.
You can add funds in the Dashboard, at the right-hand side of your screen:
The above tab will allow you to deposit as much crypto as you want. It’s all fake, so you could easily import up to 100k Bitcoin if you want. From then on, your trading bot will be trading just like it would if you had that amount of money.
Right now, 22 million people own Bitcoin wallets, and a significant number of those have it on a crypto exchange to trade with their funds. Let’s make sure this number keeps growing removing barriers to experimenting and increasing the resources for learning.
Of course, our support staff is more than happy to assist you if anything is unclear. We hope you will have a great time to make use of this new feature.
Happy Hopping,
Your Cryptohopper Team
