A forex brokerage is a platform that links retail forex traders to the foreign exchange market. A forex trading account is similar to a bank account in that it allows you to buy and hold currencies. The purchase of currencies is made in pairs. A forex brokerage allows you to join the FX market and buy a currency pair easily. Before forex brokers, anyone who wanted to deal in foreign currency needed a substantial sum of money and a particular connection with a bank in order to do so. But now, you can trade with less money because of the existence of brokerage firms. NinjaTrader is one trading platform that traders use.

What is NinjaTrader?

NinjaTrader is one of the most established internet trading platforms. Its main feature is its extreme customizability, which allows users to construct custom charts and switch plugins to create the ideal data environment for their trade. NinjaTrader is an award-winning platform that has gotten consistently outstanding ratings throughout the years. It is technologically and aesthetically superior. In fact, expert traders operating in specialized markets will find this program to be highly useful. NinjaTrader 8 is the newest platform developed. 

Features and how to use them in FX trading

Advanced charting

  • The bid and ask are shown concurrently in a professional charting package.
  • To help with your technical analysis, it comes pre-configured with hundreds of indicators and a variety of chart layouts.
  • Powerful sketching tools are freely accessible for precisely measuring the market.
  • Multiple timeframes may be loaded into a single chart, and indicators can be configured to track market change in real-time.
  • You can easily discover developing trends by loading relevant markets onto a single chart.

Chart trader

  • With one-click order input, you may place orders directly from your chart.
  • Orders may be placed and modified immediately from a chart window.
  • You can manage all of your trades, indicators, and sketching tools in one convenient location.
  • Automate profit objectives and stop loss orders using Advanced Trade Management (ATMs).
  • To aid in the planning of trade entrances and exits, attach orders to indicators.

Automated trading

NinjaTrader’s forex trading platform offers a variety of automated execution options.

  • Non-programmers may create, test, and deploy automated trading algorithms using “point and click” technology.
  • Orders can be linked to indicators to automate execution. There is no programming required, and everything is controlled entirely through the user interface.
  • Build complex and interconnected apps with NinjaTrader’s contemporary C#-based trading framework. You can create anything you imagine.

Order entry

  • NinjaTrader offers a variety of order input interfaces that are optimized for quick order execution.
  • Orders may be placed and modified straight from a chart, the FX Board, or custom Hotkeys.
  • To safeguard an open position, use OCO orders. When one of them is full, the other one is immediately canceled.
  • ATM strategies can be used to protect open positions by submitting stop and target orders automatically or by attaching orders to indicators for automated order execution.
  • For rapid and customizable order entry, pre-set Forex amounts are available.

Advanced trade

Advanced trade management is linked directly to the FX board. The use of pre-configured rules and criteria in management methods eliminates emotion.

  • While managing trade exits, automatically submit stop loss and profit target orders in milliseconds.
  • Stop loss and take profit orders at several levels
  • Trailing stops that tighten themselves automatically
  • Order submission and modification have a near-zero latency.
  • Maintains trader discipline

Customize your workspace

To improve your trading workspaces for quick decision-making, customize NinjaTrader to your particular preferences.

  • To simplify navigation and save screen space, employ tabbed functionality and detachable windows.
  • Create unique workplaces and layouts by configuring windows across several monitors.
  • Link an FX Board to a chart for technical analysis to keep your workspace to a minimum.

Market analyzer

To swiftly find possibilities on a forex trading platform, monitor markets in real-time depending on your specified requirements.

  • Lists may be customized using a range of data points, such as price and time data, PnL, and even indicator values.
  • Add several indication columns for quick access to actionable data.
  • Color changes or custom text can be used to draw attention to specific cells.
  • When your pre-defined conditions are satisfied, you may receive alerts or see graphs.
  • Dynamically rank, sort, and filter instruments depending on data from any column.

Backtesting & optimization suite

  • NinjaTrader’s high-performance backtesting engine may help you validate your forex trading ideas.
  • Simulate and assess the success of your automated trading systems using historical data.
  • Choose a time window with the granularity of a minute, second, or tick.
  • For complete control over the scheduling of previous executions, use a custom period value.

Advanced alerts

Keep an eye on the currency market to make sure you don’t miss out on any trading possibilities.

  • With easy point-and-click condition creation, you may create complicated alert-trigger logic.
  • Create alerts to send unique messages, listen to music, get information, and even execute orders.
  • Alerts can be based on indicator values, price or time data, and PnL risk management, among other things.

How much does it cost to trade with NinjaTrader?

The minimum commissions and margins are among the lowest in the industry. The minimum initial deposit for a new account is $1,000, and commissions start at $.09 per micro contract with a lifetime license. Day trading margins for ES, NQ, and YM contracts are $500 and $400 for GC and CL futures.

The broker’s advanced platform and live data are both free to use in a sample account when it comes to platform costs. You may utilize their free platform for live trading, which includes all of the necessities or upgrade to a premium license level for more sophisticated features and cheaper commissions.

Conclusion

NinjaTrader is one of the most popular present trading platforms. It provides a level of graphing and data analysis that is unrivaled. In addition, NinjaTrader brokers provide reasonable prices and features. Although the platform is not the most popular in the forex market, it has a lot to offer traders and brokers.

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