> ## Documentation Index
> Fetch the complete documentation index at: https://docs.liquid.trade/llms.txt
> Use this file to discover all available pages before exploring further.

# Paper trading

> Practice on live markets with simulated funds.

Paper trading lets you trade the same live markets with simulated money. It's a safe way to learn the app, test a strategy, or try Co-Invest.

## Turn it on (web)

**1. Open settings**

Click the gear icon in the top bar and open **Trading**.

**2. Switch to paper**

Turn on **Paper trading mode**. A **Paper trading mode** banner appears at the top of the app.

**3. Trade**

Place trades as usual with any [order type](https://docs.liquid.trade/trading/order-types.md). They use your simulated balance.

To go back to live trading, click **Disable** on the banner. To start over, use **Reset balance** in the same settings section.

## What's different in paper mode

* Deposits, withdrawals, and Send Money are turned off.
* [Spot](https://docs.liquid.trade/trading/spot-trading.md) markets aren't available.
* Your paper balance and live balance are completely separate.

## Paper trading with Co-Invest

Ask Co-Invest to switch to paper mode to practice with a simulated balance. See [What is Co-Invest?](https://docs.liquid.trade/co-invest/overview.md).


This documentation is built and hosted on [Mintlify](https://mintlify.com), a developer documentation platform.