Using the NinjaTrader Trading Platform in the UK
Assessing the NinjaTrader Trading Platform in the UK
NinjaTrader is a popular trading platform among futures and Forex day traders, and it's available to you if you're a day trader in the United Kingdom. It's simple to use, designed for traders who want to customize their platforms and their technical indicators for quick execution and fast-paced—or slow-paced—trading.
NinjaTrader allows you to build trading 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—it's invaluable if you lose your Internet connection, if your data provider goes down, or if you disconnect from your broker. Those stop losses and targets might help you avoid a financial catastrophe.
You can make these strategies as complex or as simple as you like. Place one target, multiple targets, or a tailing stop loss.
Try a Demo
You can try the platform free of charge by clicking on Trade Futures or Trade FX on the NinjaTrader.com website. Scroll down and fill out the information for a demo account. Use a real email address so you're sure to receive your login information and input United Kingdom as your country.
This will redirect you to a page where you can download NinjaTrader, as well as some beneficial guides. Downloading these guides, such as the "connection guide", is recommended in case you need them later.
Your login credentials will be emailed to you, along with information on downloading the platform if you don't already have it.
Learning About NinjaTrader
NinjaTrader offers many tools and functions. You can browse through the Video Library for tutorials on the platform's various features.
Aside from nearly endless add-ons for trading, one of the best features for day traders is the "Market Replay" connection. This feature lets you download past trading sessions and trade them as if you were doing so live in real time. It's an awesome tool that allows you to accelerate your learning by trading multiple sessions in a single day.
Setting Up a NinjaTrader Account
Your demo account login credentials will allow you to try out the software, but you'll also receive some information on setting up a real trading account if you want to do so. The information will come from NinjaTrader Brokerage.
The minimum deposit to open a futures trading account with NinjaTrader Brokerage is $1,000 USD. The minimum deposit for a Forex account is $2,000 USD.
The day trading margins for popular day trading futures such as the S&P 500 emini (ES) are $500. Mini Dax and FTSE 100 futures have $1,000 day trading margins. Commissions start at $0.53 per contract depending on whether you buy the NinjaTrader platform, lease it, or just use the free version.
If you trade Forex and open a Forex account via the emails sent to you when you signed up for the demo, your live account will be opened with FXCM UK. Commissions with FXCM UK begin at 0.03 pounds per 1,000 in currency traded, 3 pounds per 100,000 traded, or 6 pounds round trip. Volume discounts apply if you're making more than $50 million in transactions each month.
A lifetime license for NinjaTrader costs $999, or four monthly payments of $299. It can be leased for $600 per year, $330 for six months, or $180 quarterly. These prices are USD. You can also use NinjaTrader for free, but the commissions will be slightly higher.
Other UK Brokers That Support NinjaTrader
Interactive Brokers UK also offers NinjaTrader as a trading platform option. If you already have an account with IB or you want to open one, you can switch to the NinjaTrader platform if you wish.
The downside of this option is that NinjaTrader will run off of the IB Trader Workstation platform, which can sometimes create delays or communication problems between the platforms. Also, not all versions of Trader Workstation are compatible with all versions of NinjaTrader.
A Final Word on Using NinjaTrader in the United Kingdom
You have a number of options if you want to day trade with NinjaTrader in the UK. Going with NinjaTrader Brokerage and/or FXCM UK for Forex are the recommended options for easy and seamless integration with NinjaTrader.
Open a demo account to see which you like best if you're not sure about which way to go.