Paper trading is extremely important when you are just starting to trade. What paper trade means is you are virtually taking trades without using real money. With paper trading on Axiom Trade or any other meme coin platform, you will get experience, test strategies, and see how the market moves without risking money.
Why You Should Paper Trade
No matter if you are using Axiom or any other trading platform, you should paper trade—especially when it comes to meme coins. Meme coins are full of ruggers, bundlers, KOLs, vamp coins, farmers, etc. On top of that, even if a coin is without all these farms, it is hard to get early in meme coins that will do good. You look on X, you will see all those big PNLs, but that is extremely hard to achieve.
As a new trader, you will lose all your money. So paper trade at least a few months so your brain adapts to spot all things that will make you lose money. So create a spreadsheet, paper trade, write notes about coins—why did it go to 0, or why did it go to 2m. It is all about practice and learning.
Paper Trade on Axiom Trade
There is no paper trade option on Axiom Trade. There are some extensions that you can use, but I would not recommend that because they can be hacked or have some virus that will steal your private key.
There is no paper trade option, but I will show you how I was paper trading on Axiom when I just started.
First, set up your filters, fees, theme—all basic stuff for trading new pairs.
Once you find a coin, add a horizontal line located on the left part of the screen. This will be your entry.
Then add a price range, also located on the left part of the screen. You will add 2—one for profit, one for sell. This will be your targets.
Now, a lot of people are lazy, but if you are serious you want to make a spreadsheet that will calculate all for you. You want to have CA, entry price, fee, exit price, PnL, and some notes that you can look at later—why you took that trade.
A small problem with paper trade is that you are risking nothing, so you are not scared to wait for the coin to moon or sell when it dips. Real trading is different, so when you are paper trading you have to set targets and keep them; otherwise, you will not learn to trade.
If you want to get a real feel, then you can deposit small amounts and trade with small amounts like $1. Do not forget to put the lowest fees possible; you do not want to lose on fees.