Beginner's Guide To NinjaTrader: Trading
  1. Beginner's Guide To NinjaTrader: Introduction
  2. Beginner's Guide To NinjaTrader: Software Installation
  3. Beginner's Guide To NinjaTrader: NinjaTrader Control Center
  4. Beginner's Guide To NinjaTrader: Charts and Settings
  5. Beginner's Guide To NinjaTrader: Trading
  6. Beginner's Guide To NinjaTrader: Advanced Features
  7. Beginner's Guide To NinjaTrader: Conclusion

Beginner's Guide To NinjaTrader: Trading

Opening and Modifying Orders

Traders can choose from a variety of methods to place orders within NinjaTrader. Remember, traders who wish to use NinjaTrader to execute live trades through a brokerage account must either purchase a lifetime license or lease the platform on a quarterly, semi-annual, or annual basis; the free version of NinjaTrader supports simulated trading only.

NinjaTrader offers four graphical interfaces for order, position and ATM Strategy (discussed in the Advanced Features section of this tutorial) management. The four interfaces - Basic Entry, Chart Trader, SuperDOM and FX PRO - provide complete functionality for order management in a highly visual manner. While the Basic Entry, Chart Trader and SuperDOM interfaces can be used to trade any of the supported trading instruments, the Basic Entry window is geared to equities, the SuperDOM towards futures, and FX Pro is only for Forex instruments.

Basic Entry

Submitting orders within the Basic Entry order entry window is easy and efficient. To open a Basic Entry window, Control Center > File > New > Basic Entry.

Figure 12: NinjaTrader\'s Basic Entry order entry interface

To submit an order in the Basic Entry order entry window (shown in Figure 12):

1. Select the Instrument

2. Fill in the "Order qty" (order quantity) field

3. Set the TIF (Time in Force) field from the drop-down menu

4. Select the ATM Strategy option from the drop-down menu

5. Submit order by clicking with the left mouse button on any of the Quick Buttons (BUY ASK, BUY MARKET, BUY BID, SELL ASK, SELL MARKET, SELL BID). (For more, see The Basics Of The Bid-Ask Spread.)

6. Or, submit order using a custom order (select the order Type, set the limit price if applicable, set the stop price if applicable, left mouse click the BUY or SELL button)

7. A "Confirm Order Placement" window will appear, giving traders the opportunity to place or cancel the order

8. To modify the price of an order, left-click on the order line or the right section of the label on the price chart. Slide the ghost order line to the desired price level. Left click with the mouse to complete the action. Note: this is a click and click action -not a click and drag action

9. To cancel an order, left mouse click on the red X on the order markerThe Basic Entry is a robust feature of the NinjaTrader platform. Additional information regarding placing and managing orders can be found in the NinjaTrader User Guide. (For additional reading, see The Basics Of Trading A Stock.)

Chart Trader

NinjaTrader's Chart Trader (shown in Figure 13) is an easy-to-use visual display that allows single-click order entry, modification and cancellation from the chart. To open the Chart Trader, click on the Chart Trader icon located in the top toolbar of any price chart. The Chart Trader will appear on the right side of the price chart.

Figure 13: NinjaTrader\'s Chart Trader interface. Image provided by NinjaTrader, LLC

To submit an order using the Chart Trader:

1. Fill in the "Order qty" (order quantity) field

2. Select the ATM Strategy option from the drop-down menu

3. Submit order by clicking on the right mouse button and selecting the desired order type (note: before right-clicking, hold the mouse over the desired price level on the price chart):

4. Or, submit order by clicking with the left mouse button on any of the Quick Buttons BUY ASK, BUY MARKET, BUY BID, SELL ASK, SELL MARKET, SELL BID):

5. A "Confirm Order Placement" window will appear, giving traders the opportunity to place or cancel the order

6. To modify the price of an order, left click on the order line or the right section of the label on the price chart. Slide the ghost order line to the desired price level. Left click with the mouse to complete the action. Note: this is a click and click action - not a click and drag action

7. To cancel an order, left mouse click on the red X on the order marker8. Quickly cancel all pending orders by clicking the right mouse button while over the Chart Trader and selecting "Cancel All Orders":

9. Quickly close all orders by clicking the right mouse button while over the Chart Trader and selecting "Flatten Everything":

The Chart Trader is a robust feature of the NinjaTrader platform. Additional information regarding placing and managing orders can be found in the NinjaTrader User Guide.

SuperDOM

NinjaTrader's SuperDOM, shown in Figure 14, is designed to allow traders to view market prices, market depth, current inside market, profit & loss, current positions, and pending orders at a glance. The highly visual characteristics of the SuperDOM Price Ladder display makes managing open orders and positions easy and efficient.

Figure 14: NinjaTrader\'s SuperDOM interface. The green, white and red area is called the Price Ladder. Image provided by NinjaTrader, LLC

Many market data items can be displayed in the SuperDOM's Price Ladder, including best ask, best bid, last price, ask depth, bid depth, cumulative ask depth, and cumulative bid depth.The left column of the Price Ladder is the BUY column which is used to:

  • Submit buy orders
  • Modify buy orders
  • Display bid market depth

The center column of the Price Ladder is the PRICE column which is used to:

Modify stop loss and profit target orders

The right column is the SELL column which is used to:

  • Submit sell orders· Modify sell orders
  • Display ask market depth

Orders are submitted in the SuperDOM using a combination of mouse clicks and keyboard keys. To submit an order:

1. Select the Instrument

2. Fill in the "Order qty" (order quantity) field

3. Set the TIF (Time in Force) field from the drop-down menu

4. Select the ATM Strategy option (see Figure 15) from the drop-down menu

Figure 15: The ATM Strategy window

5. Submit desired order type (read below how to enter different order types)

6. Modify an order by clicking on the order and immediately clicking on a new price cell

7. Quickly cancel all orders by right-clicking SuperDOM window and selecting "Cancel All Orders"

8. Quickly close all orders by clicking on "CLOSE" at the bottom of the Price Ladder, or by right-clicking SuperDOM window and selecting "Flatten Everything"

To submit a limit order, select the BUY column for buy orders or the SELL column for sell orders and click the left mouse button in the cell that corresponds to the desired price.

To submit a stop market order, select the BUY column for buy orders or the SELL column for sell orders and click the middle mouse button (the scroll wheel) while holding the CTRL key down in the cell that corresponds to the desired price.

To submit a stop limit order, select the BUY column for buy orders or the SELL column for sell orders and click the middle mouse button in the cell that corresponds to the desired price. A box will appear; use the mouse scroll wheel or click the up/down arrows in the numeric field to enter the number of ticks away the desired limit price of the stop limit order will be.

To submit orders using the Quick Buttons, first enable "Show Quick Buttons" in the SuperDOM properties. Right-click on the SuperDOM window and select "Properties." Find "Show Quick Buttons" under the "General" section and select "True." The Quick Buttons will now appear at the bottom of the SuperDOM display. Once enables, clicking the ASK button with the left mouse button will submit a limit order at the ask price; pressing the BID button will submit a limit order at the bid price.

The SuperDOM is a robust feature of the NinjaTrader platform. Additional information regarding placing and managing orders can be found in the NinjaTrader User Guide. (For related reading, see Understanding Order Execution.)

FX Pro

NinjaTrader's FX Pro order entry window (see Figure 16) is comprised of several components that are helpful to Forex traders, including:· The Order Grid which displays orders in a consolidated format:

  • Level II data, when supported by certain brokerages
  • Position and Level I (the current inside market) display
  • Order entry and ATM Strategy management
Figure 16: NinjaTrader\'s FX Pro interface for forex traders

To submit an order in FX Pro:

1. Select the Instrument

2. Fill in the "Order qty" (order quantity) field

3. Select the ATM Strategy option from the drop-down menu

4. Submit order by clicking with the left mouse button on any of the Quick Order Buttons (BID places a buy limit order at the best bid; BUY places a buy order; SELL places a sell order; OFFER places a sell limit order at the best ask)

5. Or, submit order using a custom order (select the order Type, set the limit price if applicable, set the stop price if applicable, left mouse click the BUY or SELL button)

All of NinjaTrader's order entry methods support advanced orders such as OCO Orders (One-Cancels-The-Other) and Break Out/Fade Entries. Additional information regarding placing and managing advanced orders can be found in the NinjaTrader User Guide. (For additional reading, see Futures Fundamentals: How To Trade.)

Checking Transaction History

Traders can view history in the Control Center's Execution Tab, which displays the current day's execution information; the Position Tab, which displays the current open positions in a data grid; the Accounts Tab, which displays current account information, including realized P&L; the Account Performance Tab where customized performance reports can be generated; and the Log Tab, which displays historical application and trading events for the current day. (For more, see 9 Tricks Of The Successful Forex Trader.)

Beginner's Guide To NinjaTrader: Advanced Features

  1. Beginner's Guide To NinjaTrader: Introduction
  2. Beginner's Guide To NinjaTrader: Software Installation
  3. Beginner's Guide To NinjaTrader: NinjaTrader Control Center
  4. Beginner's Guide To NinjaTrader: Charts and Settings
  5. Beginner's Guide To NinjaTrader: Trading
  6. Beginner's Guide To NinjaTrader: Advanced Features
  7. Beginner's Guide To NinjaTrader: Conclusion
RELATED TERMS
  1. Bracketed Buy Order

    A buy order that is accompanied by a sell limit order above the ...
  2. Limit Order

    An order placed with a brokerage to buy or sell a set number ...
  3. Bracketed Sell Order

    A sell order on a short sale that is accompanied (or "bracketed") ...
  4. Above The Market

    An order to buy or sell at a price set higher than the current ...
  5. Day Order

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  6. Canceled Order

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RELATED FAQS
  1. How do I place a limit order online?

    Learn how a limit order is placed, the types of stocks it is most useful for and the specifications placed with it to suit ... Read Answer >>
  2. What's the difference between a market order and a limit order?

    Buy and sell trades with market orders at the present stock price and execute limit orders if the stock price falls within ... Read Answer >>
  3. What are the advantages of a limit order over a market order?

    Understand the functional differences between a limit order and a market order and the respective advantages and disadvantages ... Read Answer >>
  4. What is the difference between a stop and a market order?

    Learn about market orders and stop orders, how they are used and executed, and the main difference between stop orders and ... Read Answer >>
  5. How do I place an order to buy or sell shares?

    Read a brief overview of how to open a brokerage account, how to buy and sell stock, and the different kinds of trade orders ... Read Answer >>
  6. What is the difference between a buy limit and a sell stop order?

    Understand the differences between the two order types, a buy limit order and a sell stop order, and the purposes each one ... Read Answer >>

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