How to use NinjaTrader

What is NinjaTrader

NinjaTrader 8 is both a piece of software and a service that helps people trade forex and futures. The platform has a simple interface, the ability to use multiple screens, charts, and tools with properties that can be changed, a Market replay function, and the ability to place and change orders right on the chart.

The platform also has a lot of advanced features, such as a C# framework that lets developers build custom indicators, drawing tools, and automated strategies.

How to download NinjaTrader

You can download NinjaTrader 8 and start a demo account for free.

If you haven’t already installed NinjaTrader, here’s how:

1. Open the NinjaTrader website website
2. In the bottom left corner of this home page, enter your email address.
3. You will be asked in the pop-up window, “Do you want FREE live market data?” Select the “Yes” option.
4. In the larger pop-up window, type in your information.
5. Select ‘Submit’
6. You’ll be taken to a new page.
7. Choose the version of NinjaTrader you want to download from the dropdown menu. In this situation, choose “NinjaTrader 8.”
8. Select “DOWNLOAD.”

What are PC requirements for NinjaTrader 8

NinjaTrader 8 needs at least these things from your computer:

• Windows Vista (SP2) with Platform Update, Windows 7, Windows 8, Windows Server 2008 with Platform Update, Windows Server 2008 R2, or later.
• 32-bit or 64-bit processor running at 1 GHz or faster
• 2GB RAM
• Microsoft.NET Framework 4.5 (which comes installed on most PCs and can be downloaded here: Microsoft.NET Framework)
• Screen resolution of 1024 x 768 and with DirectX10

How to install NinjaTrader

When you click “DOWNLOAD.”

1. Choose the location of the installation file to be saved.
2. Find the installation file on your PC once the download is done.
3. To start the installation wizard, double-click the “NinjaTrader.Install” file.
4. Select “Next” to move on to the next step. After reading the terms of service and agreeing to them, check the box and click “Next” to move on.
5. Select the installation folder. The default place is fine.
6. Click the “Install” button to select the process.
7. Once NinjaTrader has been set up, click “Finish.”

You should see the NinjaTrader icon on your desktop or in our list of apps. To start, double-click the icon. For the best performance, use NinjaTrader (64-bit).

How to install NinjaTrader on a Mac?

There is no file that lets NinjaTrader be installed directly on a Mac. NinjaTrader is built on the .NET framework, which only works on Windows. NinjaTrader can be used on a Mac by installing either Virtual Machine or Apple Boot Camp, which lets Windows run on top of Mac hardware.

How to open a NinjaTrader demo account

If you just downloaded NinjaTrader by following the steps above, your new “Demo account” information has already been sent to you.

If you’ve tried NinjaTrader before and already have it installed, get a new “Demo account.”

This free demo account will let you see live market data for two weeks. You’ll have to sign up again when it runs out. You can only try out the service for free twice per email account.

On the other hand, when you fund a new account, you have unlimited access to the data feed, which lets you trade for free in demo mode.

Connecting Ninja Trader data feed

Once you’ve received an email with your new username and password, either demo trading or real trading can be done through the live data feed connection. In the next example, I’ll show you how to use a demo account to connect.

For a brokerage account, the steps are the same.

1. From the top bar of the “Control Center” window, select “Connection” and then “Configure.”
2. In the “Available” section of the Connections window, scroll down to “My NinjaTrader Continuum.” In ‘Configured’ select ‘add’. The new connection should show up in the section that says “Configured.” In “Properties,” enter your “username” and “password,” which were sent to you by email. If you’d like, choose “Connect on startup” and make sure “Demo” is checked. Click “Use.” Read the NinjaTrader Continuum Disclaimer and click “OK” to select on.
3. Back in the control centre, go to the top bar and select “Connections.” Select your new ‘My NinjaTrader Continuum’ connection. During the connection, a round light to the left of the connection will turn yellow. Once it’s hooked up, it will turn “Green.”

Choosing a broker is extremely important in every aspect of trading. Trading with the wrong or even an “overnight” broker that is trying to scam you is a harsh reality. Choose a broker that aligns with your needs and that you can trust with your hard-earned money!

Instruments List in NinjaTrader 8

Let’s make a list of the market instruments that will be loaded onto the charts before we open a chart. The “Instrument List” in NinjaTrader is a list of the most-traded items that have been saved. This makes it easier to move from one instrument to another from one chart.

Note: If you know the code for the instrument you want to change, you can click on the chart and type the code instead of using an instrument list. The instrument will change, and a text box will appear.

To add an instrument to NinjaTrader’s “Instrument List,” do the following:

1. Go to “Control Center,” then “Tools,” and then “Instrument List.”
2. Select the market from the “Lists” window, and then select the Instrument code from the “Instruments” window. Select “Add” and type in the code for the instrument.

Opening a new chart in NinjaTrader 8

1. To open a new chart, click “New” in the “Control Center” window. In the dropdown tab, select chart.
2. From the “Select” tab, choose the instrument data to load from either the summary of instruments list at the top of the market vehicle lists you’ve already made at the bottom.
3. Change the properties of the chart in the “Properties” window. When you’re done, select “OK.” The new chart will load with instrument data.

How to add indicators to NinjaTrader charts

NinjaTrader 8 has a number of built-in indicators that can be added to any chart.

To add a NinjaTrader indicator to a chart.

1. Right-click on the chart anywhere. The next popup-up menu will show up. Choose “Indicators.”
2. The menu for the Indicators will show up. Select the indicator you want to load in the “Available” window.
3. Under “Configured,” click “Add.” The indicator will show up in the window that says “Configured.”
4. In “Properties” window, you can change the properties of the indicator to suit your needs.
5. Click Apply to add the indicator to the chart. Your chart will show the indicator.

How to import indicators into NinjaTrader

NinjaTrader comes with a long list of indicators that are already installed up and ready to use. The NinjaTrader community has a huge number of custom indicators as well that you can download for free or buy from third-party providers.

To add indicators to NinjaTrader, do the following:

1. Download the chosen indicator to your computer from one of the places listed (anywhere of your choosing).
2. In the “Control Center” window, choose Tools > Import > NinjaScript Add-On

Then:

1. Find and choose the machine indicator you want to go for.
2. A “warning” box will pop up. Select OK to keep going.
3. An “Import” box will show you that the script has been imported successfully. Select OK.
4. Add the indicator to any chart in the same way that was explained above in the section “How to add indicators to NinjaTrader charts.”

How to use NinjaTrader templates and workspaces

Templates and workspaces are helpful parts of the NinjaTrader platform. They make it easy and quick for users to set up their preferred chart and trading desktop settings.

Templates: Users can use chart templates to make files with a list of indicators and their settings. It doesn’t have any information about instruments or bars on a chart.

Workspaces let users save information about multiple charts and where they are on single or multiple monitors in a single file. Workspaces also let users set up and save settings for chart instruments and bars.

How to use NinjaTrader templates

1. Right-click anywhere on the chart setup to set up a template. Select Templates and then Save As.
2. In the “Save As” box, type the name you want to give your chart and click “Save.”

How to load a NinjaTrader template

To load a template, open a new chart (see the section above on “how to open a new chart” for details). Right-click on the chart anywhere. Select Templates, and then click Load. Choose the chart template you want to use.

Where are NinjaTrader chart template files stored?

Chart templates can be sent to other computers running NinjaTrader and used there.

NinjaTrader makes a “NinjaTrader 8” folder under “Documents” on your computer. Go to Documents to find template files. Open the NinjaTrader 8 folder. Select Templates > Chart and then find the Template.

How to use NinjaTrader workspaces

1. To set up a place to work. First, go to the window called “Control Center.” Select Workspaces in the top bar. In the dropdown menu, select New.
2. Select the name of the new workspace.
3. Go back to the top bar of “Control Center” and select the Workspaces tab. Then, click on the new workspace. Now, all the charts and windows will go away. Leaving a clean area to work on.
4. Set up charts and their supporting windows on a single monitor or on more than one. Then go back to the window called “Control Center.” In the Workspaces dropdown menu, select the name of your workspace and then click on Save. Your space is now ready to go!

How to load a NinjaTrader workspace

To load a workspace, go to the “Control Center” bar at the top and click on “Workspaces.” In the dropdown menu, choose the workspace you want to use so that the workspace is already open when you start NinjaTrader the next time. Save your workspace before you leave.

Where are NinjaTrader workspace files stored?

Workspace files can be sent to other computers running NinjaTrader and used there.

NinjaTrader makes a “NinjaTrader 8” folder under “Documents” on your computer. Go to “Documents” to find the files in the workspace. Find the “NinjaTrader 8” folder and double-click it. Select “Workspaces” and find the one you want.

How to use NinjaTrader’ Chart Trader’

The “Chart Trader” is one of the easiest parts of the NinjaTrader platform to use. Chart Trader has a graphical user interface that lets people add, change, or cancel orders right from the chart.

Open any chart to get to the chart trader. Choose “Chart Trader” from the dropdown menu that appears when you click the “Chart Trader” icon in the top bar.

If you want to trade “live” through any brokerage, you can only get “Chart Trader” with a “lease” or “Lifetime” licence. It cannot be used under the “Free” licence.

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There are a number of ways to place trade orders in the “Chart Trader” panel:

• Market orders are the most basic types of orders.
• “Rev” means to switch places.
• ‘Close’ open positions.
• Being traded as an “instrument.”
• “TIF” stands for “Time in Force,” and there are three choices:
• DAY: Orders are held only for the trading day. GTC: “Good til Cancelled.” Orders stay open until they are cancelled, and GTD stands for “Good until date.” The orders are held until a certain date. Below is a tab that lets you choose between a “Sim” account and a “Live” account.
• “Order Quantity” means the number of contracts that will be traded.
• This is an ATM strategy; it automatically puts in buy or sell limit orders with stop loss and take profit. See the section below, “How to Use NinjaTrader ATM Strategies” for more information.

How to enter orders on a chart

When you use the on-chart trading feature, you can place four different kinds of orders:

• Limit order is used to buy or sell at a certain price or better. A Limit “buy” order can be filled at the limit price or lower, and a Limit “sell” order can be filled at the limit price or higher.
• MIT is a conditional order that turns into a market order when the market reaches a certain price.
• A stop loss order is another name for a stop market order. When the market reaches a certain price, it turns into a market order. Even though they are called “stop market orders,” they are often used to get into the market.
• Stop Limit Order: This opens a limit order when the price hits a certain price. The Limit order is filled at the price you set or a better price.

To place an order on “Chart Trader,” do the following:

1. Right-click where you want to place the order on the screen. If you want to place a buy limit order, you would right-click below the current price.
2. Choose the type of order you want from the window that pops up. The order will show up as a “Flag” on the chart.
3. Change the price at which the order will be carried out. Move the flag to the price that’s right. Left-click on the “X” to cancel the order. On the left side of the flag, you can see the order type and the number of contracts.

Stop loss orders and take profit orders can be put in the same way. A better way, though, is to use ATM strategies to automatically set stop loss and take profit orders.

NinjaTrader ATM strategies

A great way to automate the placement of orders is Automatic Trade Management Strategies (ATM). It also has a number of other features that can be used to automate trade management. For example, you can set multiple targets, use trailing stops, move your stop loss to break even, and more.

ATM Strategies have 3 major benefits:

• There is no need to enter or manage orders by hand, which saves time and lets traders focus on the already open trades.
• Get orders in line as soon as you can so you can get the best fill.
• Helps define and set trading rules.

Setting an ATM Strategy

On the right side of an open chart, in the “Chart Trader” panel. Select “Custom.” A box called “Strategy Parameters” will show up.

In this box, you can set all the rules for a new strategy:

1. Order Quantity: The number of contracts to be carried out. This can be set here or entered in the main “Chart Trader” panel.
2. TIF (Time in Force) is the type of order that ends. This can be set to DAY, “good until cancelled,” or “good until date” (good til date).
3. Parameter type: This is the distance from the entry price. Price, Percent, Tick, and Pip are some of the choices.
4. Set the number of contracts per target and the number of units from the entry price for the stop loss and profit target. Select “Add” to add or remove targets.
5. Stop Strategy – Select “Custom” from the “Stop strategy” tab. The window called “Custom Stop Strategy Parameters” will pop up.
6. Auto Breakeven: This lets you move the stop loss order when the price moves in your favour by a certain amount. “Profit Trigger” is the “Parameter amount” that the price can move in your favour before the stop loss is moved. With “Plus,” you can choose the “Parameter amount” that will move the stop loss relative to the breakeven price.
7. Auto Trail: This feature lets you follow your stop. With 3 steps, you can change the auto trail settings as the price moves in your favour. “Profit Trigger” is the “Parameter amount” that the price must move in your favour to trigger a step. “Stop loss” is the “Parameter amount” that shows how far away from the “Profit Trigger” price the stop loss is. “Frequency” is the “Parameter amount” that the price needs to move in order to move the stop loss.
8. For a “simulated stop,” a “volume trigger” must be set. A buy or sell order will only go through if the ask volume for a buy order or the bid volume for a sell order is higher than the “volume trigger” limit.

Under More

These parameters are for ATM strategies that are a bit more advanced.

1. Reverse at a stop—Order reserves when the stop is reached.
2. Reverse at target—Order reserves when the target is reached.
3. Target chase: When the profit target is hit but not reached, the price starts to move in the opposite direction. The profit limit target order then moves toward the current price until the “Chase limit” is reached.
4. Chase: Each time the market moves away from your original order, NinjaTrader will automatically adjust your entry limit order to the current price until the “Chase limit” is reached.
5. Chase if touch is similar to “Chase,” but the chase function doesn’t start until the order price has been touched.
6. Stop limit for stop loss: A stop loss limit order is filled at a price specified or better.
7. MIT for profit: If the profit target price is reached, a “Market order” is sent out.
8. Shadow strategy: This is a way to try out different ways to manage trades in the future. Shadow strategy opens a fake position (like a Sim101 account) at the same time as the real one. This lets traders use the same entry signals to move on to other ideas.

How to use NinjaTrader market replay

NinjaTrader also has a great feature called “market replay.” It lets you trade in a simulated version of any market at any time. It’s a great way to start trading for people who can’t always be at the market when it opens.

Market replay lets you look at all of the trading data from any day. Market data can be played back in real time or sped up by 2, 3, 4, 6, or 500 times.

How to download market replay data

To get market replay information:

1. Go to the “Control Center.” Select Tools, then Historical Data.
2. At the bottom, click on the”Load” tab.
3. Select Get Market Replay Data from the dropdown menu. This is where we get the information we need to play it back.
4. Choose the “Date” and “Instrument” to download. Just click download. You should see “loading data…” in the bottom right corner of the window.

How to play market replay data

1. Go back to the “Control Center” Select Connections in the menu bar at the top of your screen to end your data connection. You have to end one connection before you can start another one.
2. Select Connections again. Connect to Playback Connection this time.
3. Once you are connected, a box that says “Playback” will show up. This box lets you change the “Date,” “Time,” and “Replay speed” of the market replay.
4. Select Market Replay, and then choose a Start and End date.
5. Click the Play button.

How much does NinjaTrader Cost

There are three main ways to get a licence to use NinjaTrader. In the free version of NinjaTrader, you can only practise trading. You must either “Lease” or “Own” a licence key to trade live on the NinjaTrader platform.

How to change NinjaTrader License key?

For a live account, you need to add the new license key emailed to you after purchase. To do this, go to:

‘Control Center’ then Help and then License Key and add your new license key.

Final thoughts

NinjaTrader has charts that look great and can be customised and used in a lot of different ways. Both the platform and the brokerage are made for active futures and forex traders who need a good platform for technical analysis.

The “sim trading” feature of NinjaTrader is a great way for new traders to practise entering orders, and the ecosystem is a great place to find indicators and strategies. The platform has useful features like partial and full strategy automation, and you can work with a NinjaScript programmer to make your own technical indicators and strategies. If you already know how to code and want to learn something new, you can do this on your own.