> For the complete documentation index, see [llms.txt](https://nfa.gitbook.io/nfa-docs/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://nfa.gitbook.io/nfa-docs/trading-and-portfolio/paper-and-real.md). # Paper and real ## Paper and real New to prediction markets, or testing a strategy? Paper trading lets you follow the engine with a practice balance before you risk anything. The point is that paper behaves like real, so what you learn transfers. ### One engine, two modes Paper and real trading run through the **same scoring and resolution engine**. A paper position and a real position on the same market settle on the same outcome, priced from the same source a real fill would use. There is no separate, kinder simulator that makes paper results look better than they would be live. * **Paper mode** starts you with a practice balance and settles each position the moment its market resolves. * **Real mode** places non-custodial orders on Polymarket as described in Non-custodial trading. Both support market and limit orders, and both show the same portfolio views. {% hint style="info" %} Because paper settles on the real resolved outcome, a paper track record is a fair rehearsal for a real one. If a strategy does not work on paper, it will not work with money. {% endhint %} --- # Agent Instructions This documentation is published with GitBook. GitBook is the documentation platform designed so that both humans and AI agents can read, navigate, and reason over technical content effectively. Learn more at gitbook.com. ## Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question. Perform an HTTP GET request on the current page URL with the `ask` query parameter, and the optional `goal` query parameter: ``` GET https://nfa.gitbook.io/nfa-docs/trading-and-portfolio/paper-and-real.md?ask=&goal= ``` `ask` is the immediate question: it should be specific, self-contained, and written in natural language. `goal` is optional and describes the broader end goal you are ultimately trying to accomplish on behalf of the user. GitBook uses it to tailor the answer towards what is most useful for that goal. The response will contain a direct answer to the question and relevant excerpts and sources from the documentation. Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.