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NinjaTrader SuperDOM Tutorial – Part 9

In NinjaTrader 8, there are a couple ways to place trades. One way, the simplistic way, is to use Chart Trader. Chart Trader lets you trade directly from the chart. Its options are a bit limited compared to a NinjaTrader SuperDOM, our preferred way to engage the market. The NinjaTrader SuperDOM window looks like a television remote controller. On the top, you can see the buyers and sellers changing positions. You can see price moving around with its yellow highlight. Toward the bottom, there are buttons for placing trades. The most basic type of trade is a market order. Market orders get you in at the current price, whatever that may be. Notice how there are two Market buttons – one beneath the Buy column and the other beneath the Sell column. When you click the Market button under Buy, you are wagering that price will go up. Yes, it’s also possible to make (and of course lose) money by placing a Sell order. When buying, it’s called “going long the market.” When selling, you’re “shorting the market.” DayTradeToWin is a fan of limit orders. Watch a video on limit orders.

NinjaTrader SuperDOM: ATM Strategies

Day trading is not as simple as clicking a button and hoping price will go in a certain direction. You should have a reason for placing a trade. Why here and why now? You also need to know how much to risk on each trade. Yes, you can click the market button to get into a trade, and when you think the market has completed its big move, close out the trade by clicking Close. This is an example of poor trading because you’re using no basis for deciding when to leave – it’s very speculative and does not factor in a stop loss. A stop loss is like a safety net. If price reaches the stop loss value, then the trade will close out keeping you from further loss. Similarly, we know the market cannot produce an unlimited profit. That’s why a profit target exists – think of profit targets as a cap on the maximum profit you can get on one trade. What the market gives, it can easily take away. Always trade using a profit target and stop loss. Finally, make sure those profit target and stop loss values are reasonable based on your financial situation, brokerage account, and market conditions.

The NinjaTrader SuperDOM and Chart Trader both have a feature called ATM Strategy that lets you predefine profit target and stop loss values. This way, when you enter a trade, the profit target and stop loss are automatically applied. Remember the suggestion to enable but hide Chart Trader? When combined with an ATM Strategy, Chart Trader will let you see the profit target and stop loss as a red and green line, respectively, on the chart.

Next Post: How to Roll Over Futures Contracts in NinjaTrader 8 – Part 10

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NinjaTrader 8 Tutorial Videos

Part 1 – How to Download NinjaTrader 8

Part 2 – How To Connect to a NinjaTrader 8 Data Feed

Part 3 – How to Open a Chart in NinjaTrader 8

Part 4 – How to Add Indicators to a Chart in NinjaTrader 8

Part 5 – How to Install Indicators Into Ninjatrader 8

Part 6 – How to Save Indicator Settings (Presets)

Part 7 – How to License Indicators in NinjaTrader 8

Part 8 – How to Remove an Indicator in NinjaTrader 8

Part 9 – How to Use a SuperDOM in NinjaTrader 8

Part 10 – How to Roll Over Futures Contracts in NinjaTrader 8

Part 11 – How to Use NinjaTrader 8’s Market Replay

Part 12 – How to Fix Data Problems in NinjaTrader 8

Part 13 – How to Back up Your NinjaTrader 8 Settings

Part 14 – How to Track Trading Performance in NinjaTrader 8

Part 15 – How to Use Chart Tabs in NinjaTrader 8

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The content at this site was created by DayTradeToWin or its affiliates. The author(s) may have been directly or indirectly compensated for the content. All content should be should be treated as an advertisement. Trading is inherently risky and substantial financial loss can occur. Hypothetical performance is not indicative of future results. Results may vary due to the unpredictable nature of the markets, slippage, user behavior, geographical distance to data centers, and other factors.

CFTC RULE 4.41 – HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING. ALSO, SINCE THE TRADES HAVE NOT BEEN EXECUTED, THE RESULTS MAY HAVE UNDER-OR-OVER COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFIT OR LOSSES SIMILAR TO THOSE SHOWN.

GOVERNMENT REGULATIONS REQUIRE DISCLOSURE OF THE FACT THAT WHILE THESE METHODS MAY HAVE WORKED IN THE PAST, PAST RESULTS ARE NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. WHILE THERE IS A POTENTIAL FOR PROFITS THERE IS ALSO A RISK OF LOSS. A LOSS INCURRED IN CONNECTION WITH TRADING FUTURES CONTRACTS CAN BE SIGNIFICANT. YOU SHOULD THEREFORE CAREFULLY CONSIDER WHETHER SUCH TRADING IS SUITABLE FOR YOU IN LIGHT OF YOUR FINANCIAL CONDITION SINCE ALL SPECULATIVE TRADING IS INHERENTLY RISKY AND SHOULD ONLY BE UNDERTAKEN BY INDIVIDUALS WITH ADEQUATE RISK CAPITAL.

ANY ADVISORY OR SIGNAL GENERATED BY DAY TRADE TO WIN IS PROVIDED FOR EDUCATIONAL PURPOSED ONLY. ANY TRADES PLACED UPON RELIANCE ON WWW.DAYTRADETOWIN.COM SYSTEMS ARE TAKEN AT YOUR OWN RISK FOR YOUR OWN ACCOUNT. PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS. WHILE THERE IS GREAT POTENTIAL FOR REWARD TRADING COMMODITY FUTURES, THERE IS ALSO SUBSTANTIAL RISK OF LOSS IN ALL TRADING. YOU MUST DECIDE YOUR OWN SUITABILITY TO TRADE OR NOT. FUTURES RESULTS CAN NEVER BE GUARANTEED. THIS IS NOT AN OFFER TO BUY OR SELL FUTURES OR COMMODITY INTERESTS.

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