NinjaTrader Trading Platform Product Review
What You Need to Know About NinjaTrader
NinjaTrader, LLC, is a software development company best known for its award-winning NinjaTrader trading platform. Based in Denver, Colorado, the company's platform is available to use with a number of brokers around the world. NinjaTrader Brokerage, based in Chicago, also provides brokerage services to U.S. residents and has affiliations with other brokers around the globe.
NinjaTrader offers a feature-rich platform for active traders of futures and forex.
NinjaTrader Demo and Costs
The NinjaTrader program is free to download and try out, enabling users to become familiar with the platform and the majority of its features. Traders get free access and can engage in trade simulation, backtesting, signal development and comprehensive evaluation of the program until they are ready to begin live trading with the platform. Demo accounts last for one month, but a new demo account can be opened after expiry, if needed.
Traders may buy or lease the program. Annual leases start at $50 monthly and buying a lifetime license starts at $999. Prices are as of 2017, and prices are subject to change. There is also the option of not buying the platform, but this will result in higher commission costs.
Current NinjaTrader Brokerage commissions and fees can be found their site. As of 2017, futures commissions start at $0.53 per contract, and forex commissions start at $0.01 per $1000 traded.
Actual commissions vary based on which broker is chosen, and whether the platform is leased, purchased or the free version is used. The lowest commissions are available to those who purchase the platform.
Traders interested in real-time quotes and historical data must purchase a separate data feed.
Real-time quotes are provided for free during the demo period, but must be paid for if looking to place real money trades This is done through the trader's broker, or through NinjaTrader Brokerage.
Not all brokers support the NinjaTrader platform. For seamless integration with the platform consider one of the brokers available through the NinjaTrader Brokerage. If none of these brokers suit you, contact NinjaTrader through website to inquire about which brokers are compatible with the platform. Traders outside the U.S. can also do this, as NinjaTrader has affiliations with brokers around the globe, such as in Canada, Australia and the U.K..
Charts and Tools
Traders are provided with a full array of customizable charts, a trade simulation program, and a market replay feature that allows traders to download historical days and trade them, at any time, as if they were live.
The platform also includes drawing tools, and more than 100 technical indicators. The indicators are fully customizable and can be easily modified in the indicator's settings. The NinjaSript tool provided in the package enables traders to create their own indicators for use on the platform.
The most impressive feature is ChartTrader, a chart-based order entry tool, which gives users the ability to enter, modify and manage trades directly through the charts with a single click.
Automated or semi-automated strategies can also be applied to the charts. For example, the trader can create a simple program to place a stop loss and target orders automatically when a buy or sell order is filled.
Trades are placed through one click of the mouse on a buy or sell button, or by placing orders on a chart. A confirmation message before the trade is placed is an optional safety feature. The program favors active traders, who want to get in out of trades quickly, with simple mouse clicks or pre-programmed exit orders.
Traders can also buy automated strategies, like a trading robot, that will place trades their behalf according to a program written by someone else. These automated strategies, as well as additional indicators written by other people, are available on the NinjaTrader Ecosystem site.
The NinjaTrader program has a learning curve and takes a couple weeks to get comfortable with, especially for newer traders. The company offers an extensive and very-well organized online reference library, as well as a forum where traders can speak with each other about issues and solutions. The company also provides regular webinars, highlighting key features of the program and how to use them, as well educational sessions hosted by industry experts.
Updated by Cory Mitchell, CMT.