WEBVTT 00:00:01.300 --> 00:00:05.328 In Paper, the trading consequences belong to a practice account. The cash 00:00:05.328 --> 00:00:09.356 is simulated. A practice purchase changes simulated holdings, and a practice sale 00:00:09.356 --> 00:00:13.384 changes simulated holdings and cash. A position is the amount of an 00:00:13.384 --> 00:00:17.411 asset the practice account currently holds. You can use these changes to 00:00:17.411 --> 00:00:21.439 learn how the app reports activity without buying that asset at your 00:00:21.439 --> 00:00:21.775 exchange. 00:00:22.275 --> 00:00:26.212 The market information can still change while you watch. A chart moving 00:00:26.212 --> 00:00:30.149 up or down does not turn a Paper position into a real 00:00:30.149 --> 00:00:34.086 investment. Think of two separate questions: what information is the app showing, 00:00:34.086 --> 00:00:38.022 and which account would this action affect? Paper answers the second question. 00:00:38.022 --> 00:00:40.975 The source and timing labels help answer the first. 00:00:41.475 --> 00:00:45.786 Read those timing labels carefully. The desktop Paper reference is labeled as 00:00:45.786 --> 00:00:50.096 Coinbase reference data delayed by forty-five minutes. Other views can show their 00:00:50.096 --> 00:00:54.407 own freshness or delay messages. Do not assume every number on every 00:00:54.407 --> 00:00:58.717 screen represents this exact second. When comparing a chart with a transaction, 00:00:58.717 --> 00:01:01.950 compare the relevant times as well as the prices. 00:01:02.450 --> 00:01:06.739 Look next at your Paper cash. Do not expect your starting number 00:01:06.739 --> 00:01:11.028 to match our example. Existing practice, balance adjustments, and account state can 00:01:11.028 --> 00:01:15.317 make it different. Where the Paper funds controls are available, Add paper 00:01:15.317 --> 00:01:19.606 funds opens a practice-capital dialog. Its message explains that only simulated funds 00:01:19.606 --> 00:01:21.750 change and no exchange money moves. 00:01:22.250 --> 00:01:26.140 For example, adding one hundred practice dollars means giving the simulation more 00:01:26.140 --> 00:01:30.030 cash to work with. It is not an exchange deposit, a reward, 00:01:30.030 --> 00:01:33.920 or money you can withdraw to a bank. Removing practice capital is 00:01:33.920 --> 00:01:37.811 also a simulation adjustment. We will keep any adjustment separate from trading 00:01:37.811 --> 00:01:41.701 results so we do not confuse extra starting cash with a successful 00:01:41.701 --> 00:01:42.025 trade. 00:01:42.525 --> 00:01:46.362 The app may distinguish your total cash from cash that is tradable 00:01:46.362 --> 00:01:50.199 and cash kept in a profit reserve. Tradable means available for the 00:01:50.199 --> 00:01:54.036 relevant trading use; it is not a promise that every requested purchase 00:01:54.036 --> 00:01:57.873 will be accepted. If those amounts differ, inspect their labels. Do not 00:01:57.873 --> 00:02:01.710 add more practice money simply to avoid learning what is holding an 00:02:01.710 --> 00:02:02.350 amount aside. 00:02:02.850 --> 00:02:06.979 Paper is useful for learning the sequence: make a request, read the 00:02:06.979 --> 00:02:11.108 response, find the record, and explain the result. It cannot prove that 00:02:11.108 --> 00:02:15.236 a future Live request will have the same outcome. Live adds actual 00:02:15.236 --> 00:02:19.365 exchange permissions, account conditions, order handling, and real consequences. A practice result 00:02:19.365 --> 00:02:23.150 is evidence about the rehearsal, not a guarantee about future trading. 00:02:23.650 --> 00:02:27.643 There is one more boundary: Paper describes trading activity, not every action 00:02:27.643 --> 00:02:31.637 throughout the app. It does not make a subscription purchase, account change, 00:02:31.637 --> 00:02:35.630 or message to another person fictional. Read those screens on their own 00:02:35.630 --> 00:02:39.624 terms. For our exercise, we stay with clearly identified Paper trading controls 00:02:39.624 --> 00:02:43.617 and practice records, so the purpose and the consequences stay easy to 00:02:43.617 --> 00:02:43.950 explain.