Live  paper trading involves acting out buying and selling securities without using real money, creating the illusion of buying and selling securities without risk. A few key points should be remembered when live paper trading: (1) Keep in mind there's no real financial risk when making decisions when paper trading; (2) Not all brokerage firms offer paper trading services, so opening an account with one that does may be necessary; and finally (3) track trades over time to gauge progress and identify areas for improvement.