NinjaTrader Review
NinjaTrader is the most popular stock analysis platform used mainly by day traders. There are many functions available, so the possibilities are endless. Unfortunately, this also means that trading novices can easily get lost in the details.
Is it as good as it seems? This NinjaTrader Review will tell you more about my experiences with the product and provide an overview of its key features and functionalities.
What is NinjaTrader?
NinjaTrader LLC is behind the NinjaTrader platform. The company was established in 2004 in Denver, USA.
NinjaTrader is the current trading platform. Kinetick provides a data feed. In addition, NinjaTrader Brokerage offers a brokerage solution to forex and futures traders.
You can also get trading software, an account and data feed, as well as an online brokerage system, all from one source. You'll soon find out which combination I prefer and why. Version 8 features innovative and revolutionary new functions that will help private investors better prepare to face the daily challenges of foreign exchange and stock market trading.
NinjaTrader integrates stock scanner and stock screener functions and programming options in C#. It also offers automated trading features and programming options. NinjaTrader is designed primarily for active day traders, who can write a few lines in C#.
Although the basic functionalities of NinjaTrader are very well implemented, NinjaTrader's full potential can only be realized by the development of trading strategies. You know that I love automation and structured processes.
This is where trading software shines. You can create fully automated trading systems that trade the markets according to your preferences.
NinjaTrader 8 was created for active traders who trade stocks, futures, and forex markets. They prefer one-click solutions to automate their exchange transactions, and NinjaTrader 8 is specifically designed for them.
NinjaTrader has more than 100,000 registered users, 1000+ add-ons, and 600+ developers. It is one of the most popular platforms in the world. Their trading platform has won many awards. Open user framework is one reason they are so popular.
It is not a closed system. However, individual components like indicators and strategies can be created and used. Integration of third-party software is possible. Software users can also create layouts and partially automated systems using third-party tools.
NinjaTrader Features
NinjaTrader is a great addition to an online broker's trading tools. These include advanced charting functions, market analysis, the development and execution of automated trading strategies. Backtesting is also possible.
Charts
Investors interested in NinjaTrader 8 can test it extensively and place simulated orders on stock exchanges in real-time. However, only licensed traders can use NinjaTrader 8 to trade live with real money accounts.
It is still possible to work cost-effectively while not investing one dollar on the trading platform—a clear plus. In addition, NinjaTrader can simulate trading in real market conditions (paper trading) and develop trading strategies.
This version includes a trading journal with key figures and a great trading journal. This makes it easier to create a trading journal.
Charting market data and mobile trading are not currently supported. Once the app is released, we will need to wait for reviews.
Trading Strategies
NinjaTrader 8 has the right mix of FOREX, FOREX futures, equities, discretionary and automated trading. A self-learning function based on artificial intelligence is the only thing that I believe is missing.
The platform offers more than 1000 apps and add-ons customized to suit your needs and preferences. Private investors can benefit from the free version, especially when learning how to trade. In addition, the integrated paper trading functionality allows you to create and test trading strategies.
Another advantage is that the platform can be used for nearly all functions at no cost. Once you're ready to trade life, you can use the software for various purposes, such as order transfers to brokers.
The exchange software is available for rent or purchase. The Lifetime license is the best option for investors who wish to use NinjaTrader 8 over a prolonged period.
NinjaTrader offers advanced features and tools traders often need, such as optional order flow analysis capabilities. This can also be considered an advanced charting feature. In addition, there are hundreds of add-ons available within the community.
Kinetick
Kinetick also provides a data feed that allows stock quotes to display NinjaTrader 8. End of Day is defined as the smallest unit of time, which means that a chart cannot display hours or minutes.
The trading platform can be connected with free Kinetick data with a few mouse clicks. After configuration, NinjaTrader can also be launched simultaneously through the Kinetick feed. This includes the stock exchange prices.
A customer complained that Kinetick was charging him for his use, even though the EOD data is free. I received this feedback. Before you take action, there are two things that you should consider.
First, you don't need a subscription to connect NinjaTrader with the Kinetick EOD data. It's as easy as connecting to Kinetick EOD data from NinjaTrader.
You will be charged for the Kinetick data you choose if you subscribe via their website. If you subscribed by mistake, you wouldn't get your money back. Subscribing only to Kinetick is a good idea if you are looking for intraday data.
Kinetick Alternative
For those who don't mind NinjaTrader 7, here is an alternative. NinjaTrader 7 can be connected to your TradeStation Brokerage Account.
You can then use all TradeStation data. This is a great feature, as intraday data is free to open a TradeStation account. However, there are also two drawbacks.
NinjaTrader 7 is the only one that can be used. NinjaTrader 8 doesn't support this connection. You should also be aware that NinjaTrader 8 does not support the TradeStation data feed.
This means you can't use NinjaTrader to trigger live trades. This makes it an ideal solution for traders who want to test strategies on a limited budget and avoid the cost of a subscription for exchange data.
Strategy Builder
NinjaTrader Broker has further developed the Strategy Builder, allowing less-experienced traders to create and implement new strategies with no programming knowledge. Inexperienced traders can create and design a fully automated trading strategy with very little effort.
Even though the advertisements may suggest something else, individual programming is the best way to get the best results. For me, the Strategy Builder's greatest advantage is the ability to view the source code afterward. This can be a great foundation for your programming.
Explore Trade Ideas
Although the software is not unique, the visualization of the chart and market analysis using long-term price data makes it one of the most appealing trading tools for day traders.
Even though it is controversial to use historical data for future price movements, technical analysis is often the first choice of private investors. My opinion is that manual trading can't make money using technical analysis. But, it can with automated processes.
The new backtest engine is a significant improvement over the NinjaTrader 7 version. The new FX Board offers forex trading concepts and modern analysis tools. You can visualize your trades and do it directly from the chart (deal through the chart).
Backtesting Functionality
It is possible to look back at the past and create a system used in today's markets. NinjaTrader 8 comes with many trading tools and is a great construction kit. However, the development of strategies and indicators is not without limitations. This is something that an experienced system developer will be able to recognize.
Install indicators, trading apps, charts, drawing tools, and an automated trading system. In addition, you should be familiar with the C# programming language. Programming is the only way to learn the software and make institutional investors more efficient.
Trade Simulation
Everybody knows about paper trading. But paper takes patience. NinjaTrader allows strategies to be evaluated in real market conditions before investing risk capital. It offers a wide variety of options and is an excellent way to trade, just like a demo account.
One, you can buy and sell classically from the chart. Second, you can also test partially or fully automated trading strategies. Third, the chart can show trades. This is what I like.
Fourth, you can export your chart quickly to create your trading journal. Finally, you can save and add text annotations to the chart.
Tradeable markets
NinjaTrader allows you to send orders via API to brokerage accounts. These asset classes are available for trading:
- Stocks
- Futures
- Forex
- There are many options
- CFD's
Day traders are the primary target audience, but swing traders and buy-and-hold investors can have fun with this software. You can trade stocks up or down, buy or sell a stock, and trade futures on CME and EUREX. All of this is possible. Fully automated, semi-automated, and manual.
NinjaTrader Data Providers
It is not possible to do this with NinjaTrader software. Unfortunately, this means that you will need to pay additional fees if you wish to have a fast, real-time data feed available for your day trading. However, you can use various data feed providers to connect to the market data.
NinjaTrader is the best for saving money with its in-house Kinetick data. You will not need to pay extra for stock market data (CME and EUREX), Level I and II. However, you should think about which markets you want to trade and whether day trading is right for you.
Kinetick, NinjaTrader's in-house data service, allows you to use the end of the day data, including a detailed data history, without paying any data feed fees. If you're not interested in day trading, this is only an interesting option.
This package, when combined with the free version, is unbeatable. Unfortunately, even though the software provider has deliberately prioritized it, having access to state-of-the-art technologies for free is not an option.
Your broker's real-time data feed can be used to connect your brokerage account to NinjaTrader. When comparing brokers, ensure that you select a compatible broker if you wish to use NinjaTrader with a broker.
NinjaTrader Datafeeds
The following data brokers and suppliers can be connected at the moment:
- Continuum
- CQG
- eSignal
- Forex.com
- FXCM
- Interactive Brokers
- Kinetick
- Barchart
- Coinbase
- IQFeed
- Oanda
- Rithmic
- TD Ameritrade
Here's a reminder: You should plan what and how you want to trade on the stock market. Level II market data can also be used.
NinjaTrader Plans, Cost, Pricing
NinjaTrader is free to use as long as no brokers are connected via API-Connect. However, NinjaTrader's greatest strengths are automation, so a broker connection is required. This brings us to the need to consider the licensing model. There are 3 +1 different licensing models available.
- "Purchase" - a one-time payment of $1,099 or four installments of $329.
- Rent with a quarterly, semi-annual, or annual lease fee of $225, $4225, or $720
- Free use of live trading functionality without any charges
NinjaTrader Brokerage offers live trading to its customers when they open an account. To avoid paying license fees, it is unclear if one is doing oneself a favor and tying himself to a broker. However, I felt you should know this.
I purchased the Lifetime license at that point. Since version 7, I have used all software versions without restriction. I never considered renting the program as it would have been too expensive in the long term.
I did use the free version until the program was exactly what I needed. I would not be obligated to anyone broker. I would, therefore, still decide today to purchase the model.
NinjaTrader Free Trial
NinjaTrader is completely free to use with the Kinetick Datafeed for trading strategy development, simulation trading, and your first steps in this trading software.
You need to trade in shorter time frames. This is why you need real-time data feeds. This is a huge advantage for fast order execution and trading from trading software. However, this advantage comes at a cost.
Not only do you need to purchase the software, but also monthly fees for stock exchange prices (data feed). Therefore, moving from the demo account into the live trading account should be considered in your business case.
Community and Customer Service
While the customer service will take care of all your queries, you can still ask questions in the community. So regardless of your trading style, beginners and active traders alike will answer their questions by contacting the customer service or the community.
Checklist for Providers
- Founded: 2003
- Numbers of users: >100,000.
- USA + 312.262.1289
- No cost trial Yes, a free version to simulate trading
- No cost resources: You can get EOD-Data, YouTube, and help guides for free
- Price range - From $0 to $1,099 per lifetime license
Free NinjaTrader Trading Indicators
This is a great opportunity for traders with a limited budget to test a Ninjacators monthly trading indicator. These indicators can be combined with the free NT8 edition and the Kinetick data feed. Additionally, you can read the Ninjacators Review.
Who is NinjaTrader best for?
NinjaTrader is one tool that gives day traders a great chance to get started quickly and effectively. Why? It is free and can help you understand how financial markets function.
The vast array of functions will make trading difficult for beginners. However, after you've used NinjaTrader for just a few hours, it becomes very easy to learn how to trade. If you don't yet have a live feed, you can look at the Kinetick data feed.
NinjaTrader is the best choice for day traders. However, investors can also benefit from the free resources provided by NinjaTrader's end-of-the-day charting. TradingView is an excellent alternative for investors who rely on Technical Analysis.
NinjaTrader Review Summary
There are nearly 3,500 words left if you get to the bottom. I hope you have a solid understanding of NinjaTrader 8 and its trading experience.
NinjaTrader allows futures trading and also supports stocks and other assets
The fact that trading software is almost completely free of charge is something I love. The fact that different data feeds can be connected is almost perfect. NinjaTrader 8 is an excellent trading platform. But, there are still high standards.
NinjaTrader, like MetaTrader, can be enhanced by expert advisors. Also, you can program your systems. However, these strengths can only be used by someone who has a lot of programming experience or is a skilled programmer. Connectable third-party tools are not something I value.
I wouldn't pay for a black box whose contents I don't fully understand. But, on the other hand, I see nothing wrong with NinjaTrader being installed on your computer and used extensively.
Once you have created profitable trading strategies and have been tested by forwarding and backtesting, you can invest money to buy a license. Keep your money safe and only invest if you can make more than your investment.
You should have substantial buying power in your brokerage account, although you will be paying $1,099 for one-time fees and possibly hundreds of dollars per month for market prices. This investment is worthless if it doesn't.
Trade-Ideas, in my opinion, is the better option. For developing trading strategies, you don't need to know C#. Instead, connect to Interactive Brokers, the best brokerage offering low-cost trading in stocks and futures.
Every day, trading strategies are automatically evaluated. As a result, there are tons of pre-configured trade strategies. The free Trade Ideas chat room is a good place to start.
NinjaTrader Brokerage
Futures and forex trading can be done using NinjaTrader's brokerage services. Futures and forex traders may want to open an account to connect trading systems starting at NT7 +/- NT8 directly with the brokerage account.
Futures traders have their accounts with Phillip Capital or Dorman Trading, two of the most reputable futures brokers. On the other hand, Forex traders can choose between FXCM accounts in Europe and the UK or Forex.com in America.
Futures trading is competitively commissioned. Minimum account deposits start at $400. The margin for micros and E-Mini is $50 per contract. E-Mini margin is $500 per contract.
NinjaTrader platform is a popular choice for active traders. Because the futures market is extremely liquid, order execution speeds for futures contracts are usually very fast.
Demo accounts are available to traders trying advanced features, technical indicators, mobile app for trading, order types, and market analysis tools.
Other reviews have confirmed that NinjaTrader's trade simulation is an important advantage before the platform goes live. If someone is interested in programming a strategy, they can either do it themselves or use the community to help them find the right person.
If you have questions regarding regulatory issues, make sure to visit the website of the Commodity Futures Trading Commission.
NinjaTrader Review FAQs
Is NinjaTrader truly free?
NinjaTrader can be used for simulation trading at no cost. However, additional fees will be required for connecting NinjaTrader API to a brokerage account.
What is the NinjaTrader platform?
NinjaTrader is an excellent trading tool for beginners and a great one for traders who want to use NinjaScript to create their trading strategies. In addition, the API for Interactive Brokers works well.
How to use NinjaTrader
Traders can download NinjaTrader 8 here: http://ninjatrader.com/ The software must be installed on a personal computer. Only Windows systems can install the software.
Can NinjaTrader be used on a Mac?
NinjaTrader can only be used on Windows systems. To run NinjaTrader on a Mac, you need to use a Windows-based partition.
What brokers are NinjaTrader compatible with?
Brokers like Interactive Brokers support NinjaTrader. In addition, they work with Phillip Capital, Dorman Trading, and Forex.com for futures trading.
- See more of The Best Funded Trader Programs for 2022
Risk Disclosure: This content is provided for informational purposes only. We strive to make the content accurate and current by updating it often. Sometimes, the actual data may differ from what is stated on our website. onlineproptrading.com operates independently. Although we are an independent platform, advertisements and sponsored products may compensate us. We also receive compensation for clicking on links on our website. Authors and contributors are not certified or registered financial advisors. Before making any financial decisions, you should consult a financial professional.