Warning: At this point it's crucial to set the default witness node to your own server (ideally running inlocalhost, see below config.yaml) using peerplays set node ws://ip:port. If this step is skipped the setup will not work, or at best will work with very high latency.
Setup Your python-peerplays Wallet
# you will be asked to provide a new wallet passphrase. Later in the
# tutorial you will be asked to store that password in a file
# (config.yaml)
peerplays createwallet
# to add the key we need to make the node known (preferably on localhost)
peerplays set node ws://localhost:8090
peerplays addkey
# You will be prompted to enter your active private key for the witness
Funding the Account
Since your Witness account is going to create and approve proposals automatically, you need to ensure that the Witness account is funded with PPY.