Ninja Trader Forex trading platform
NinjaTrader is a popular trading platform among futures and forex day traders. If you’re a day trader in the United Kingdom, and want to use Ninja Trader forex platform, here’s the process.
Why Ninja Trader platform?
The NinjaTrader trading platform is simple to use, and designed for traders who want to customize their platform and 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; if you lose your internet connection, your data provider goes down or you disconnect from your broker, those stop losses and targets may help you avoid a financial catastrophe. Make these strategies as complex or as simple as you you want. For example, place one target, multiple targets or a tailing stop loss.
Try a Ninja Trader Forex Demo Account and Receive an Information Package
The first thing to do is try out a demo account. On the NinjaTrader.com website click Trade Futures or Trade FX, depending on your preferred market. Scroll down and fill out the information for a demo account. Use a real email address so you receive your login information, and input United Kingdom 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 “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).
Learning About Ninja Trader Forex Platform
NinjaTrader offers many tools and functions. Browse through the Video Library for tutorials on the various features of the platform.
One of the best features for day traders, aside from nearly endless add-ons for trading, is the Market Replay connection. 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.
Setting Up a Ninja Trader Forex Account
In addition to your demo account login credentials, which allow you to try out the software, you will also receive some information on setting up a real trading account if you wish to do so.
The information will come from NinjaTrader Brokerage.
The minimum deposit to open a futures trading account, with NinjaTrader Brokerage, is USD$1,000. The minimum deposit for a forex account is USD$2,000.
For popular day trading futures such as the S&P 500 emini (ES) the day trading margins are $500. Mini Dax and FTSE 100 futures have $1000 day trading margins. Commissions start at $0.53 per contract, depending on whether you buy the NinjaTrader platform, lease it or 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 account, your live account will be opened with FXCM UK.
Commissions with FXCM UK begin at 0.03 pounds per 1000 in currency traded (3 pounds per 100,000 traded, or 6 pounds round trip). Volume discounts apply if 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 (prices in USD). You can also use NinjaTrader for free, but commissions will be slightly higher, as discussed above.
Other Forex Brokers That Support Ninja Trader
Interactive Brokers UK also offers Ninja Trader as a trading platform option. If you already have an account with IB (or want to open one) you can switch to/use the Ninja Trader 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 Ninja Trader platform.
Ninja Trader Review conclusion
If you want to day trade with Ninja Trader in the UK you have a number of options. For easy and seamless integration with Ninja Trader, going with Ninja Trader Brokerage and/or FXCM UK (for forex) is the recommended option. Ninja Trader is also offered by Interactive Brokers UK; this requires linking two trading platforms which can occasionally cause issues. If unsure about which way to go, open a demo account and see which you like best.
Now you know about Ninja Trader Forex trading platform so tip ForexSQ.com foreign exchange trading experts please by share it if you like this article about Ninja Trader Forex trading platform.
For more information about Ninja Trader Forex trading platforms visit TopForexBrokers.com forex brokers comparison website.