Paper Trading on Moomoo — practice buying stocks with no real money (with screenshots)

If there’s one feature in Moomoo every beginner should use before putting in real money, this is it.

Paper Trade gives you RM1,000,000 in play money to buy and sell stocks using real market prices. Every button works exactly like the real thing — same order screen, same order types, same warning messages. The only thing that isn’t real is the profit and loss.

You can mess up as much as you want. It costs you nothing.

Why this matters for beginners

Most people’s first losses aren’t from picking the wrong stock. They’re from operational mistakes:

• Picking Market by accident when you meant Limit, and getting a price far off from what you expected
• Typing the wrong quantity — meant to enter 100 units, typed 1,000
• Not understanding lots, thinking you can buy 1 unit when the minimum is 100
• Accidentally buying a warrant when you meant to buy the stock itself
• Panicking because you can’t find how to cancel an order that hasn’t been filled yet

These are all things you should get wrong — just once, in a place where it doesn’t cost you a cent.

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How to open Paper Trade

1

In the Moomoo app

Go to the Discover tab

Paper Trade is not under the Accounts tab, which is why so many people can’t find it.

Tap the Discover tab at the bottom of the screen (the compass icon). In the row of icons near the top of the page, look for Papertrade — the orange game-controller icon.

If you don’t see it, use search instead: tap the magnifying glass and type papertrade.

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Papertrade

2

Inside Paper Trade

Pick the market you want to practice on

At the top there are four tabs: US · MY · HK · Competition.

Each market has its own practice account with its own balance:

• MY — Malaysia Stock Paper Trading, RM1,000,000
• US — US Margin Account, USD1,000,000
• HK — HK Stock Paper Trading

To learn Bursa Malaysia’s rules (100-unit lots, odd lots, trading hours), pick MY.

You can switch between accounts anytime using the account-name dropdown at the top.

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Malaysia

3

Inside Paper Trade

Get familiar with the main Paper Trade screen

The main screen shows:

• Net Assets — your play-money balance. Starts at RM1,000,000.
• Reset — the small button next to Net Assets. It resets your practice account back to a million and clears all positions. Use it whenever you want to start a fresh practice session.
• Today’s P/L — profit and loss for the day.
• Portfolio › — opens the full view of your assets, history and performance.
• Paper Trade (the big white button) — opens the stock picker so you can start an order.
• Step up to real trading now — a shortcut to your real account. Ignore it for now.
• Heat List / Top Gainers — a list of stocks with a Paper Trade button next to each one.

⤢Balance + Reset buttonTap Paper Trade next to a stock

4

Inside Paper Trade

Pick a stock to practice on

Two ways to do this:

First way — tap the Paper Trade button next to any stock in the Heat List. You go straight into the order screen.

Second way — tap the big white Paper Trade button in the middle, and a stock picker opens with a search box. Type the stock’s name or code.

For your first practice run, pick a stock that is actively traded, like MAYBANK (1155) or RHBBANK (1066). Active stocks have plenty of buyers and sellers, so your orders behave the way you’d expect.

⤢Straight into the order screen

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Search

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The order screen — identical to the real one

This is where Paper Trade really earns its keep. This screen has no difference at all from the real-money screen: same fields, same order types, same warnings.

A full breakdown of every field — Bid/Ask, Direction, Order Type, Price, Quantity, and the submit button — is in buy your first stock. Read it once while you have Paper Trade open on your phone, and tap each thing as you read.

Shortcut: open Paper Trade straight from any stock

You don’t need to go back to the Discover tab every time. On any stock’s page, tap the ⋯ icon in the bottom-right corner, and a menu pops up with eight shortcuts:

Compare · Papertrade · RSP · Notes · Add to · Favorites · Remarks · Settings

Tap Papertrade, and you go straight into a practice order screen for that stock. This is the fastest way to try out something you just discovered without risking any real money.

The same menu also has an RSP shortcut — handy if you want to set up regular investing for the stock you’re looking at.

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PapertradeRSP

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Ten practice runs you should do

Don’t just click around aimlessly. Do these ten things one by one, and you’ll go into the real market far more confident:

1. Buy 100 units with a limit order at the current Bid price. Watch whether it gets filled or stays stuck.
2. Buy with a market order. Compare the price you got with the price that was shown beforehand.
3. Try typing 50 units and tap Buy. Read the odd lot warning that pops up.
4. Place a limit order well below the market price (say, 10% lower). It won’t get filled — that’s the point. You’ll see what a Working status means.
5. Cancel that order. Find the Cancel button. This matters — a lot of people panic because they don’t know where it is.
6. Edit an order that hasn’t been filled yet. Change the price, resend it.
7. Sell half of your position using the 1/2 shortcut.
8. Sell everything using Max, and watch Sellable drop to 0.
9. Search for a stock while deliberately looking for its warrant — type the company name and notice how many results aren’t the actual stock.
10. Send an order after the market has closed. See what happens.

Once all ten of these feel boring, you’re ready for real money.

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Check how your practice is going

Tap Portfolio › from the main screen, and three tabs open up:

• Assets — what you currently hold, market value, and profit/loss
• History — every order you’ve ever sent, including cancelled ones
• Performance — a chart of your practice account’s performance over time

The History tab teaches you the most. After a week of practicing, open it and ask yourself: how many orders did you send? If it’s more than one a day, you might be picking up an overtrading habit — and it’s better to catch it now, while the money is fake.

⤢Three tabs

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What paper trading can’t teach you

Paper trading teaches you the mechanics perfectly, but there are two things it can’t teach:

1. The feeling. When RM5,000 of your real money drops 15%, your gut reacts in a way it never does with play money. No simulator can train that. That’s why your first real purchase should be small — not to avoid losses, but to see how you actually react.

2. Fees. Paper Trade doesn’t deduct brokerage, platform fee, clearing fee, or stamp duty. In the real world, one full round trip (buying and selling) on a RM1,000 position costs you more than 1%. Keep that in mind when you calculate your practice “profit” — and check out the real fee breakdown.

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When you’re ready

Read buy your first stock again — this time meaning to actually do it. Then read how to sell stocks, because you should know the way out before you go in.

And start with an amount that, if it dropped by half, you could still sleep at night.