Ninja Trader is a trading software that can seem difficult at first to get setup. This guide will show you that it is actually pretty easy if you know what to do. There are pros and cons to just about any trading platform out there. I have used many over the years and so far Ninja Trader is my favorite. It provides great customization and users continually create new indicators that you can download for free. There are of course plenty of people selling indicators as well.
Please note that this post about Ninja Trader is old. Since this time I have started trading futures again but am now using TradingView for the platform through AMP Futures.
Why I Chose Ninja Trader
So I am now live with Ninja Trader. I am using them (Dorman) for my brokerage account and trading platform. Years ago I was live with them when I was trading with a crappy trading room. I also used their platform again when I was looking at trading through another crappy trading room that I fortunately never went live with so I am very comfortable with the Ninja Trader platform. You used to be able to use Ninja Trader with just about any broker out there but Ninja Trader purchased Mirus so now you can’t use most other futures brokers.
The reason why is because the way the US has regulated forex trading makes it very difficult to use leverage to your advantage with the options available. I understand why they don’t want their citizens depositing their money to overseas brokers (they want to keep it all in the US) but the horrible options they have given US citizens is pathetic.
I still have my Tallinex account and am trading it but they no longer accept US customers so I am extremely hesitant to put anymore money into the account. I’ve seen this before and it is probably only a matter of time before they try to freeze all overseas forex brokers from sending or receiving funds to US addresses. A similar thing happened to the US poker industry in 2011. If the US provided better options such as better than 1:50 leverage, no FIFO and hedging available then it wouldn’t be a big deal. Unfortunately they don’t so the options left for US citizens are horrible. Thank you US government for protecting us from ourselves! More government intervention in our personal lives is exactly how the founding fathers envisioned America in the future!
Ninja Trader is now a full service brokerage since they purchase Mirus a couple of years ago. They also offer forex trading so I may look into that in the future depending on what it is like. For now I am trading futures because they are regulated and I don’t have to worry about an overseas brokerage closing up shop in the middle of the night plus the taxes on them are lower than stocks or forex. Getting the account setup wasn’t too difficult and below I will give you the steps on getting a live account and the costs involved.
How To Setup a Live Account:
- Go to www.ninjatrader.com and download the Ninja Trader platform. You can use it in demo for 2 weeks and then request 2 additional weeks. After that you’ll have to use another email address because they only give you 4 weeks of live data for the demo account. They provide instructions on how to setup the data feed.
- Click on the ‘Open Account’ in the top right of www.ninjatrader.com. I chose Dorman Trading to be my broker. From there you have to fill out an account form and submit all of the info. It will take 1-3 days for them to process everything and you’ll have to provide them a photo copy of a government issued ID and a utility bill confirming your home address.
- After you get the account processed then they will send you wiring instructions for you to fund your account. Once they receive your deposit (1-2 days) they will send you your ‘Live” username and password that will replace the ‘Demo” username and password for your Ninja Trader platform.
- Now you can either purchase Ninja Trader to Own, Lease or use it as Free. With the Own or Lease option you receive discounts on your commissions compared to the Free version. Also the free version restricts some of the trading options compared to the Lease or Own version. I chose the Lease option because I plan on purchasing the Lifetime option after 3 months with my profits. If you have the extra $1,000 then I would go ahead and purchase Nina Trader so you don’t have to spend the extra $180 to Lease it for 3 months.
- You will then receive an email to pay for the exchanges you wish to trade each month. If you are just trading the ES then it is only $7/month. Since I am looking at a ton of different CME instruments I chose the bundle option which is $21/month. That application was approved in less than a day. I also wanted to trade the DX but the monthly cost for that is $117 which is insane.
- Finally you will receive an email from Ninja Trader asking you to verify your Ninja Trader platform to ensure you receive the discounts for your commission rate. They had me at the ‘Free’ version so I sent them my Ninja Trader key and notified them I should be at the ‘Lease’ commission rates.
Conclusion
All in all it took about 4 business days to get everything processed and finalized. The support I’ve received has been great so I highly recommend using Ninja Trader for your trading platform and broker. It is light years better than Meta Trader and Think or Swim. The only option I wish they had was instant deposit like most Forex brokers offer. The quickest funding option they have is wiring which takes at least a day to get the funds settled in your account.
But it is a very solid platform that is extremely customization and easy to use. If you have to pay for a platform then I would highly recommend Ninja Trader.
Edit Update: If you are new to trading then check out my beginner’s guide to day trading. Or if you are looking for a way to improve your trading by creating your own trading style then check out my post on meditation.
