NinjaTrader is one of the most popular trading platforms for futures and forex day traders. The ability to trade off the chart, customize and create technical indicators , as well as create or import algorithmic trading strategies are a few of the reasons day trader like the platform.
In the past, for traders in Canada, it was hard to find brokers that supported the use of NinjaTrader. If you're a day trader in Canada, and want to use NinjaTrader, here's the process. The trading platform is simple to use, and most importantly is designed for traders who need to get in out of positions quickly.
It's customizable and allows you to pre-build strategies, so stop losses and targets are sent out as soon as you enter a trade. This feature is recommended to all day traders, because if you lose your internet connection, your data provider goes down or you disconnect from your broker, you want to make sure any positions you're in aren't going to cause significant loss of capital.
The first thing to do is try out a demo account. Scroll down and fill out the information for a demo account. Use a real email address so you receive your login information, and input Canada as your country or if you're from another country, input your real country so you get the proper information package.
This will redirect you to a page where you can download NinjaTrader as well as beneficial guides. Downloading these guides, such as the "Connection Guide" is recommended in case you need them later. Login credentials will be emailed to you, along with information on downloading the platform if you don't already have it. NinjaTrader has loads of tools and functions, some of which even experienced traders may not be aware of. One of the best features for day traders, aside from nearly endless programmability and add-ons for trading, is the Market Replay.
The Market Replay feature lets you download past trading sessions and trade them as if you were trading live, in real-time. It's an awesome learning tool, and allows you accelerate your learning by trading multiple sessions in a single day. For example, if a day trader only trades for the first two hours of the trading session , typically they need to wait a full day between each trading session. With Market Replay, a trader can download multiple days, and trade that specific 2-hour period back to back to back In addition to your demo account login credentials, which will allow you to try out the software, you will also receive via email information on setting up a real trading account if you wish do so.
If you opt to trade futures, the information will come from Global Futures. If you decide to open an account with Global Futures you will receive documentation from them as well Ironbeam. Global Futures is your contact point, while Ironbeam is the clearing firm for your trades. This charge may be negotiable, and may change from time to time as regulatory, clearing fees or commissions rise or fall.
In Canada, you can use the demo for free, but the free account can not be used for futures trading; the platform must be purchased or leased. If you trade forex, and open a forex account via the emails sent to you when you signed up for the demo account, your live account will be opened with Friedburg Direct. Please note that if you're a resident of Alberta you must qualify as an Accredited Investor. These brokers offer multiple trading platforms, so during the account opening process email your representative stating you wish to trade with NinjaTrader.
Interactive Brokers also supports NinjaTrader. If you want to day trade with NinjaTrader, more options are starting to appear in Canada. NinjaTrader can be integrated with Interactive Brokers, but with two trading platforms running on top of each other it can cause some issues. If unsure about which way to go, open a demo account and see which you like best. Updated May 12,More...