Trading modes overview

Nocterm gives you three ways to trade from one cockpit. Paper is a fully simulated account for risk-free practice, prop-sim is that same paper account with enforced drawdown limits - like a prop challenge - and live sends real orders to a connected exchange. Which mode you’re in is a property of the venue a panel is pointed at, set once in Settings ▸ Connections - not a per-panel switch.

Where: Settings ▸ ConnectionsTier: Live needs Trader / Desk

The Connections settings with the Nocterm venue (paper only) and a Local paper toggle on another venue

Overview

Paper and prop-sim both run against the built-in simulator inside the app, so fills, PnL, and brackets all work without touching real money. Prop-sim simply layers drawdown rules on top of that simulator. Live mode sends your orders to a real exchange you’ve connected with API keys. Everything else on screen - charts, order flow, brackets, the ticket - is identical in every mode.

The venue decides the mode. The Nocterm venue is data-only, so it always runs the in-app paper engine - it’s the free, no-setup way to practice. Connect an exchange like Kraken or Alpaca and it trades live by default; flip its Local paper toggle in Connections to fill it in the in-app engine instead. A panel trades paper or live simply based on which venue it’s showing.

How to use

1. Most traders start on the Nocterm venue - it’s always paper, so any panel pointed at it is risk-free out of the box.

2. To practice under pressure, open Settings ▸ Paper Trading and turn on prop-sim limits - the paper account now closes if you break a drawdown floor.

3. When you’re ready for real orders (Trader / Desk tier), connect an exchange under Settings ▸ Connections, enter your API keys, and leave Local paper off. Point a panel at that venue and its orders go live.

   

   The Local paper toggle on a connected exchange under Connections

The three modes

Mode	Money	Risk rules	Routes to
Paper	Simulated	None	Built-in in-app simulator
Prop-sim	Simulated	Max + daily drawdown enforced	Simulator, latches closed on breach
Live	Real	Your exchange / prop account rules	The connected exchange

Tip

Prove a strategy on the Nocterm paper venue, harden it under prop-sim limits, then connect an exchange and go live. The cockpit is the same in every mode, so nothing about your workflow changes when the money becomes real.

Caution

Live mode places real orders against a real exchange account. A venue is live whenever its Local paper toggle is off - double-check the venue and Local-paper state before you submit.

Related

• Paper trading & account setup - the simulated account and how to reset it.
• Prop-sim risk limits - turn paper into a prop challenge.
• Live trading - connect an exchange and route real orders.