Hello Sir,
What kind of trading does not required margin . So there risk will be limited. And no penalty also.
Paper Trading will involve no risk no reward.
long only stocks has no leverage.
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Did not understand your question. Any trade you take requires cash or margin. Are you referring to leverage?
If you are option trader do Iron Condor, Iron fly, Call/Put Ratio Back Spread, Buying stock without leverage. For these there will be no penalty and risk also limited.