Setup guide

Paper trading account setup process

A useful paper-trading account is not just a login. It is a simulated workspace with written rules, a narrow watchlist, paper risk limits, journal fields, alert labels, and a review cadence that keeps practice separate from live-capital decisions.

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Paper-first account boundary

Trading Boy does not execute live trades, hold funds, or provide financial advice. This setup process is for simulated account organization, evidence review, and paper-mode discipline. It should not be treated as a brokerage onboarding guide or a recommendation to trade live capital.

Setup sequence

Set up the account in layers. The goal is to make every simulated decision reviewable before the first result appears. If a field is unclear during setup, it will usually be more confusing after a winning or losing trade creates bias.

Step	Decision	Good setup evidence	Common mistake
1. Account boundary	Define paper mode, owner, alias, and review purpose.	The account states that entries are simulated and reviewed for process quality.	Using live-trading language before a paper workflow exists.
2. Access and security	Store Trading Boy account keys safely and avoid unnecessary third-party credentials.	Keys are private, support paths are known, and exchange keys are not required for paper setup.	Sharing full keys in screenshots, chats, or support messages.
3. Watchlist	Choose a small token or market universe.	The watchlist has inclusion rules, removal rules, and a review date.	Adding every trending asset and losing the ability to compare decisions.
4. Agent rules	Write setup criteria, invalidation, skip rules, and cadence.	The first rule version links to the journal and pre-trade checklist.	Changing the agent prompt after every outcome.
5. Paper risk	Set simulated size, drawdown stop, and maximum correlated exposure.	Risk limits are visible before simulated entries begin.	Letting paper PnL decide the next position size.
6. Review routine	Decide when entries, exits, missed trades, and rule changes are reviewed.	There is a weekly review slot and a post-trade checklist.	Only reviewing interesting winners or painful losses.

Example setup

Account purpose: A trader creates a Trading Boy paper account to practice a large-cap crypto trend workflow for eight weeks. They write the account purpose as "review rule consistency, not predict returns."

Initial configuration: The trader limits the watchlist to BTC, ETH, and SOL, sets one active simulated position at a time, writes a maximum paper drawdown pause rule, and links the account to the paper trading journal template.

Review result: After the first week, the account has fewer trades than expected. The setup process still worked because it exposed a missing market-data rule. The next action is to use the market data review process, not to widen the watchlist without evidence.

Setup fields to write down

Paper-mode label: The account should visibly say simulated, paper, or practice so results are not confused with live capital.
Rule version: Give the first setup a version such as v1.0 and record future changes with dates.
Review owner: Decide who reads the journal, who can change rules, and who can archive a setup.
Market scope: Define symbols, timeframes, and excluded conditions before alerts start arriving.
Risk boundary: Write paper size, drawdown pause, and maximum daily or weekly decision count.

Pages to connect during setup

Pair this setup page with crypto paper trading workflow, AI trading agent rules, pre-trade checklist, and paper-trading limitations. Those pages turn setup fields into a repeatable review loop.

If the workflow touches API credentials or exchange terminology, read exchange API key safety for paper trading before adding any third-party access outside the paper workflow.

What to avoid during account setup

Do not start with a giant watchlist, a vague agent prompt, and no journal. That creates a paper account that can generate activity but cannot explain whether the process is improving. The account should make review easier, not just make it easier to collect simulated trades.

Also avoid treating setup as a one-time admin chore. Setup is the first evidence in the paper sample. If the account starts with unclear rules, mixed timeframes, or hidden risk assumptions, every later result inherits that ambiguity. A conservative setup makes it easier to reject weak evidence later, which is often more valuable than collecting another attractive paper return.

Account setup FAQ

What should I set up before paper trading?

Define the simulated account boundary, access keys, watchlist, rules, paper risk limits, journal fields, alert labels, and review cadence before judging any paper result.

Does a paper trading account need exchange keys?

No. The setup process described here is for simulated review and does not require exchange keys, custody, or live order routing.

Is account setup the same as live trading setup?

No. Paper setup organizes practice data and review evidence. It does not approve live trading, predict returns, or replace professional guidance.