Paper Trading Options is a great Way to build confidence in your strategies.
Either you are a beginner options trader or a veteran who is testing to validate a brand-new trading strategy,
You will need to learn how to paper trade Options before going Live with real money.
In this discussion, we will show you the best place to Paper trade Options as an alternative to Webull.
Table of Contents
Can you Paper Trade Options on Webull?
Webull recently introduced the Beta version of Options Paper trading on the Webull App.
This means that for the time being, you will not be able to paper trade options on the Webull Desktop platform.
I know how of an inconvenience this may be for some traders but given that the majority of users really use their Mobile devices nowadays to trade, the impact should not be that bad.
The Webull Options Paper Trading Account comes with a nice feature which enables you the trader the reset the account to any amount you would like as depicted on my step-by-step video below.
Why Is Paper Trading Options So Important?
The first reason you should paper trade options as an experienced traders is to test and validate brand new trading strategies.
With the goal to see how effective a specific trading methodology is – traders can avoid loss of time and time while pursuing a new way to make money trading options.
The second reason to paper trade options is for beginner traders to build their confidence even on already proven options strategies.
Recently, a new trader joined our Discord room and started learning about out our 10-Baggers trading System.
My advice to her was to spend a few weeks at least getting familiar with the ordering process and the nuances of trading options.
We agreed that she would be doing so without risking really money.
Therefore, she started Paper trading options with Successultradings.com 10-Baggers Trading system.
She traded #AFRM options on her paper account for so much profit that the next day, she decided to trade with really money.
Just to give you an idea about our system, here are the last few weeks summary results.
Great confidence in the strategy led this trader to make over $500 the very next day on BABA and #AFRM on her live account
Just like this trader, you can easily emulate our successful trading strategies first on Paper trading account which Webull does not provide for options but from the alternatives to Webull Options Paper Trading below.
Webull Paper Trading Options is Only on Webull app
Some traders are not yet able to access the beta version of Webull paper trading.
Here are the steps to contact Webull for options paper trading and other inquiries:
- Goto Help Center
- If your question is not listed as shown below, click on Contact us
- A New Window will come up where you can type you message
Alternative # 1 To Paper Trading Options on Webull
The easiest options Trading Paper account you can start today is E*Trade.
It comes with $100000 for Paper trading Options and stocks.
You will be able to reset it anytime for an unlimited funding so that you can practice and refine your options trading strategies.
How to Paper Trade Options On E*TRADE
A trader recently on my Discord channel asked me if I could recommend him a good paper trading options platform.
Without hesitation, I said: sure, E*TRADE is the best place for that.
Then he said to me, but it is not realistic because he would not start with that much money in his real trading account.
Eventually, I got to explain to the trader that the amount of money provided by the paper trading account does not matter that much.
His focus and yours should be on mastering the skills of options trading within the paper options trading account.
Power ETRADE Paper Trading Contact
Once you create an options trading account on ETRADE, it automatically comes with your paper trading for stock and options.
The above screen shows how you will launch the Options paper trading account on Power ETRADE.
For that first that, you will have to activate it and that is it.
In case you need Power ETRADE Paper trading contact, customer service is available 7 days a week 24 hours per day.
You can either chat Live or be super patient to reach Power contact though one of the numbers below.
|Call ETRADE 24/7||Employee Stock plans||Regular Mail||Overnight Mail|
|1-800-ETRADE-1 (1-800-387-2331)||1-800-838-0908||E*TRADE Securities LLC|
PO Box 484
Jersey City, NJ 07303-0484
|E*TRADE Securities LLC|
200 Hudson Street, Suite 501
Jersey City, NJ 07311
|From outside the U.S. +1 678 624 6210||From outside the U.S. + 1 650-599-0125|
12:00 a.m. Monday – 11:59 p.m. Friday ET
Advantages of Paper Trading Options on Power ETRADE
In the case of ETRADE, both the real account and the paper trading one are exactly the same.
Better yet, the watchlist you create in your real account are also visible on the paper trading account.
Here is my Full tutorial on how to Trade Options on E*TRADE from your Paper account.
Lessons From Paper Options Trading on E*Trade
As an options trader beginner, there are some basic skills you will get out of paper trading options.
The main one is really the confidence of doing something new.
Then, the practical aspect of entering your trades: where should you click to buy calls and puts.
|Paper Options Trading Skills||Resources|
|How To Pick an Option Strike Price||https://youtu.be/HX9ekDifrpQ|
|How To Place an Option Order on Paper Account||https://youtu.be/tgQ3OpCihMg|
|Advanced Features of Power E*TRADE||https://youtu.be/t3g6OPm7dd4|
|How To Setup Your Option Chart||https://youtu.be/bXHaqV-ObyI|
|How To Use E*Trade Scanners||https://youtu.be/y1EbJLhjMJs|
To View the Full PlayList on How TO Trade Options on E*TRADE, click here
Alternative #2 to Webull Options Paper Trading
I was undecided on which options trading platform to recommend as number 2 for paper trading.
But after a few second, I opted for the newcomer FUTU MOOMOO App.
This one is as progressive as Webull but It offer $1 Million dollars for Options Paper trading.
Wait until I tell you that this amount is separate from the Stocks Trading paper account which coems with its own $1 Million.
Futu MooMoo App is gaining popularity in a great of countries around the globe as described in our Futu MooMoo Review.
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FINAL THOUGHTS On Webull Paper Trading Options
Webull Paper Trading for options is finally here as many traders have been waiting for this feature for ages.
For the time being, Webull Paper Trading is only offered on the Webull App.
I highlighted the importance to spend time to learn how to paper trade options especially for options trader beginners.
I will update the readers once it become available on the Desktop platform.
Also, as requested by many traders on my YouTube channel, I will create a similar tutorial video to this one we shared for the Mobile App.
Hold a Master Degree in Electrical engineering from Texas A&M University.
African born – French Raised and US matured who speak 5 languages.
Active Stock Options Trader and Coach since 2014.
Most Swing Trade weekly Options and Specialize in 10-Baggers !
YouTube Channel: https://www.youtube.com/c/SuccessfulTradings
Other Website: https://237answersblog.com/