Unreal Engine 4 (UE4) How to create a projectile using a blueprint based on an actor and configuring it to act as a projectile with a velocity with a collision component

In the content browser, click on new and select blueprint and then click on actor. Name the blueprint appropriately, like BP_projectile. In the blueprint, under the components section, click add component and select sphere which will serve as a collision component. Add another component, a mesh component that you would like to use for the look of the projectile. Under the details, and under collision presets, set to no collision. Add another component that will serve as the projectile movement component. Set the velocity on X to 100, or whatever value you wish. Under the projectile setting under details, set the initial speed to 2000, or whatever you wish. The projectile can be tested by going back to the level editor and placing the projectile blueprint onto the level (above the ground) and press simulate.