NinjaTrader is one of the most popular trading platforms for futures and foreign exchange (forex) day traders. It's simple to use and designed for traders who want to customize their platform for quick trade executions and efficiency.
NinjaTrader is customizable and allows you to build strategies so stop loss and target orders are sent out as soon as you enter a trade. This feature is recommended for all day traders. If you lose your internet connection, your data provider goes down, or you disconnect from your broker, those stop losses and targets may help you avoid a financial catastrophe.
If you're a day trader in Australia and are considering using NinjaTrader, the first part of the process would be to open a demo account that lets you practice trading on the platform without putting real money at risk.
At NinjaTrader.com, click Open Account. Select Buy Platform. Then click Download. Enter your email address and click Download again. You will be asked whether you want free live market data. If you don't, you will be directed to a page where you will be asked to select your version of NinjaTrader, either 8 or 7. If you do want the data, you will first need to select your asset class and enter your name, phone number, and country.
When you download your version of NinjaTrader, your log-in credentials will be emailed to you by Continuum/CQG. You will also get an email from NinjaTrader that provides a link to information on connecting to NinjaTrader Continuum as well as links to training webinars, online help, and a video library.
NinjaTrader offers many educational tools and functions. For example, you can browse through the video library for tutorials on various features of the platform.
One of the best tools for day traders, aside from nearly endless add-ons for trading, is the Market Replay. The Market Replay feature lets you download past trading sessions and review them as if you were trading live, in real-time. It's a helpful educational tool and enables you accelerate your learning by trading multiple sessions in a single day.
If you like the trading experience, you can transition to a funded trading account. For futures or options, you will have to choose between Phillip Capital or Dorman Trading as NinjaTrader Brokerage's partner trading firm. For forex, you will have to choose between FXCM Australia or City Index.
The minimum deposit to open a futures trading account, with NinjaTrader Brokerage, is US$1,000. For popular futures such as the E-mini S&P 500 (ES), day trading margins are US$500. Commissions vary depending on whether you buy the NinjaTrader platform (59 U.S. cents a side), lease it (89 U.S. cents a side), or use the free version (US$1.19 a side).
A table of average spreads for currency and currency forward trades is available at FXCM's website. High-volume traders, called Active Traders, are eligible for discounted spread costs. A table of those spreads is also on the website.
Leasing the NinjaTrader platform costs US$720 a year in a single payment, US$850 total in two semiannual payments of US$425, or US$900 total in four quarterly payments of US$225.
Purchasing the platform outright costs US$1,099 in a single payment or US$1,316 in four consecutive monthly payments of US$329.