How to Set Up a Paper Trading Bot on OptionBots

Hey guys, this is Jordan with OptionBots and in this video, we're going to show you how to set up a paper trading bot in our platform. So, if you see on the homepage here, everyone starts out with about $500,000 of paper trading capital. Now, this is all not connected to a broker. You don't even have to connect your broker if you want to use this. You can simply sign up and test all your bots with paper trading beforehand. and we give you 500,000 because we want you to be able to test as much as you want, have as much capital to deploy and really see what type of bot work for you. Now, if you want to set up a bot, all you have to do is go ahead and add a trading bot. Now, you can go ahead and use one of our templates like so. I'm going to go ahead and build one from scratch so you can kind of see the whole process. So, first thing we're going to do is give it a name. So, we can call it a paper iron butterfly bot just like that. We'll call it paper iron butterfly bot one. So we can go ahead and change this right here from live trading to say paper trading. And then all we have to do is hit the strategy we want to trade, which in this case would be an iron butterfly, and then continue. So let's say we want to do it on the Q's. We want the short strike delta to be 0.5. And we want the wing selection to be by width. So let's say on Q's, we're doing just a two point width of our strikes. So, every time we're shorting at the 0.5 delta, the ones we're buying are going to be two strikes apart. VIX range, let's keep it blank for now. We don't really care about the VIX. And let's say we want to do a zero DTE bot that gets in every morning at we'll go 10:00 a.m. Okay, keep it very simple. We're going to do this every single day. And we can leave all the advanced settings the same. Actually, we're going to skip CPI days. We don't really need that. We're going to continue. Let's go with a very simple 50% take-profit. Let's go with a 50% stop-loss. So, nice even 1:1 risk-reward ratio. And we don't want to hold any of this into close. So, we're just going to do a 5 minute close before exit. Which basically means if the take-profit or the stop loss hasn't hit, we're going to close this bot within 5 minutes of the day. So, 3:55 p.m. Eastern time. We can go ahead and continue. And because we're paper trading, let's go ahead and go with like 12 different contracts because we have the capital to do so. And then continue. Make sure everything here looks all good. And then we're going to launch that bot. And here we go. That's all it took for us to build and create a paper trading bot. All I have to do is right here is turn this on like so. And there we go. It is now live and running. And if I go back to my bots over here, you're going to see right here at the very top, paper iron butterfly bot one right here, and it is turned on. So, this is going to continue to paper trade for me as long as I have it on. Again, it's not connected to the broker. This is all paper trading. So, not risking any real money on the line for this particular bot. And you can see that there's a few other different paper trading bots that we've done. This is the test account we're using. So, we're doing a bunch of different tests on this one. But you can see, for example, if we look at this one here, this Flutter, this is one of the templates that we have available inside the actual platform. And this is paper trading. You can see actually all the entries, the exits, the P&Ls, you can see the exit reason, the credits, everything that goes on just like a normal trade with a live broker would. Everything is the same obviously except for the fills. They're going to be slightly different, but we try and close them or match them as closely as possible to simulate real live funds. Although it is still obviously paper trading. You can see the log as well and see everything that happened with this particular paper trading bot and see kind of how that works. So, I hope you guys did enjoy this video. If you're new and you want to give OptionBots a try, you can go ahead and do so with the link in the description. I'll see you all in the next video.