> For the complete documentation index, see [llms.txt](https://farside.gitbook.io/docs/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://farside.gitbook.io/docs/user/paper-vs-live.md).

# Paper Trading vs Live Trading

Paper trading and live trading are different. Always check which mode is selected before creating or launching a bot.

## Paper mode

Paper mode uses simulated execution inside Farside.

Paper mode:

* does not require a live venue connection
* does not require live funding
* does not place real orders
* is the safest way to learn the product
* can still use venue market data where the product asks for a market data venue

Paper results can differ from live trading.

## Live trading

Live trading places real orders on a connected venue account.

Live trading may require:

* venue connection
* funding
* agent approval
* identity/credential setup
* platform fee approval or acknowledgement
* readiness checks

Read [Fees](/docs/user/fees.md) to understand how Farside platform fees and exchange trading fees can affect live results.

Live trading can lose real money.

## Testnet

Testnet may be available for venue-specific testing. Testnet is not the same as paper mode and not the same as live mainnet trading.

## Which should I choose?

Choose paper mode if:

* you are new
* you want to test a bot
* you are unsure about settings
* you do not want live-money risk

Choose live trading only if:

* the venue is connected
* the account is funded where required
* approvals are complete
* you understand the risk settings
* you are ready to monitor the bot