A Chuck Norris fact: reading our NinjaTrader Review is almost as good as watching a Bruce Lee movie! Okay, that could be one of those alternative facts. Nothing beats a good Bruce Lee movie. Maybe a Chuck Norris one? I will let you be the judge of that. One thing is for sure; trading is no Hollywood movie. When you enter the market as a trader, it’s real.
You fight to survive and to win. Today, we’re talking about a weapon you may want to add to your arsenal.
Read and see if NinjaTrader may help you level the playing field when competing for your share of the profit against well-equipped savvy traders.
The reputation of NinjaTrader has been built around their trading software. Since its debut in 2003, the company has been expanding their brand to offer brokerage services, streaming and historical market data (via KINETICK) and a community of app developers and trading educators (NINJATRADER ECOSYSTEM).
If you are looking into NinjaTrader, there is a great likelihood that you are interested in trading futures and Forex. This is where it shines. In fact, you can have their powerful software for free if you have a 'funded' NinjaTrader Brokerage Forex and/or futures trading account.
That does not mean that you cannot use the software to trade other securities. The paid version of the NinjaTrader trading platform works with Futures, Forex, CFD’s, Stocks & Cryptocurrencies.
If you buy or lease a license of the NinjaTader platform, you will have a few choices in terms of brokers. These include IFOREX.com, FXCM (non-US), Interactive Brokers, Oanda and TD AMERITRADE. Check out a list of the top trading companies. Also, here's a list of the top free trading brokers.
According to NinjaTrader Group, LLC, over 60,000 traders around the world so far have been using their software and brokerage services. The technically inclined may appreciate the fact that NinjaTrader has an open-source framework.
In order to make your life easier and portable, NinjaTrader designed their platform so that apps and add-ons could be developed. Now users of NT have access to a great many benefits.
For example, I was first introduced to NinjaTrader through a course I bought on trading system building; which involves a lot of backtesting. I realized back then that, if you learn technical analysis, you can really leverage the power of the software to build a strategy.
Using wizards that do not require knowledge of coding and programming, you can experiment and test various strategies. You can also automate your trades. Granted, NinjaTrader is not the only program allowing you to backtests strategies and automate trades but it is known as one of the most user-friendly for beginners. Check out our page on the best brokerage firms.
To come up with trading ideas you must analyze and visualize the markets, order flow, volume and so on. If you do that, you'll likely need good graphical representation, better known as charts. NinjaTrader gives you access to advanced charting and even allows you to trade directly from your charts.
Indicators in drawing tools are abundant in NinjaTrader. Multiple chart styles are available for your technical analysis visualization. If, by default, NinjaTrader doesn’t have your preferred indicators, there are hundreds if not thousands of third-party tools you can access to satisfy the most creative of strategies; with all kind of unique and sometimes exotic indicators.
To trade directly inside NinjaTrader, you will need real-time/live data. The NinjaTrader platform is compatible with many data feed vendors:
The NinjaTrader software is free to use for backtesting, simulated trading and advanced charting. You can use it to develop your own indicators and even build trading apps. The amount of customization is quasi-unlimited.
If you are a creative techno analysis trader/developer you will feel like a kid in a candy store with NinjaTrader. If you consider yourself a non-techie, instead of a software scripting nerd, you don’t have to be left out of the party. There are thousands of third-party add-ons and all kinds of apps you can use.
Using free historical data, you can rewind the markets and execute your strategies and watch how they play out. Using a simulated data feed inside NinjaTrader allows you to set the market direction. As a result, you can test how your ideas would perform in a specific market environment.
For real-time data and live equities trading, you will need to pay for a data feed. You will also need to lease or own the NinjaTrader software; unless you are a client of their brokerage services, in which case it's yours to use for free.
The "Order Flow +" and the "Trader +" premium features yield powerful benefits. Both are included with a NinjaTrader 8 Lifetime license. Check out the details on NinjaTrader's site.
Algorithmic Trading! Sound familiar? It’s been said that “The time will come when no human investment manager will be able to beat the computer”. We are not there yet but there is a lot of “algos” trading going on in the markets (find out how to open an investment account).
I like what Paul Tudor Jones, Co-founder of Tudor Investment Corporation, said: “No man is better than a machine,” “And no machine is better than a man with a machine.”
If one day you decide to join the Algo trading revolution, there is a great likelihood that you will start by using a program like NinjaTrader. Automating your trading, aside from being a hands-free operation, can greatly reduce the stress of day trading. If this is something that interests you start by visiting the NinjaTrader Ecosystem site.
3 aspects of NinjaTrader that stand out:
3 things that may make you hesitate using NinjaTrader:
If you are looking for an alternative, the well-liked charting capabilities of thinkorswin from TD Ameritrade (and you may if you are not a US resident), try NinjaTrader. I recommend you go with version 8. It has over 500 improvements from the previous version.
The NinjaTrader 8 version delivers advanced trading features for both discretionary traders and automated system builders. It works for all levels of stock trading, futures, and Forex. Plus, if you are a beginner, NinjaTrader 7 will be more difficult to learn.
However, no matter how intuitive and user-friendly the software may be, there will be a learning curve involving many video tutorials, online reading, and guides of all sorts.
Once you have learned the basic of technical analysis you will find NinjaTrader quite intuitive to use. There is a lot you can do with it for free. There are no cost for trade simulations, market analytics, advanced charting, and backtesting.
If you're looking for other futures brokers to try or learn about check out this on best brokers for futures traders.
If you are technically and strategically inclined, you can start developing your own automated money-making strategies. Learning and practicing technical analysis is learning to make money. The Bullish Bears community is here to help you do just that. We cut through all the fog and deliver down to earth training.
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