Here’s why I wouldn’t recommend NinjaTrader to most people.
Limited Paper Trading. This is the biggest one for us. We believe that “Practice makes Profit” and if you can’t practice, you’re not going to profit in commodity futures. From their website, NinjaTrader says it’s always free to simulate trading. While that’s technically true, the data they allow you to simulate on is based on historical data. Honestly, who wants to trade on historical data? I don’t want to know if I could’ve done well in the past, I want to know if I can do well right now. I want to practice trading futures in as close to real-time as possible.
Complicated Pricing. While the cost of the NinjaTrader software platform itself can be cheap – from free up to $1,000 – that’s not where your costs end. If you want to be able to trade or practice with real time or delayed data, you’re going to have to link it up to a real time or delayed data processor. The one that Ninja Trader recommends starts at $55/mo…on sale! We think that’s too much to practice – especially with the learning curve of this software
Overwhelming Platform. From linking your data stream to adding “instruments”, to linking charts to setting your buys and sells…wow…I’m overwhelmed just telling you about it…there’s a ton of stuff you have to do and most likely for your purposes, it’s way too much and seriously bloated! Seriously, watch this demo setup and see what I mean: https://www.youtube.com/watch?v=q60SBeJizHQ
Let me be clear, I have nothing against Ninja Trader. I equally don’t recommend Trade Station, either. It’s a fine software with tons of bells and whistles. Professional traders swear by it. Eventually, you might have to bite the bullet and use a software like this. However, whether you use it or not, the need for simplicity in practicing is glaring.
But here’s the good news. Papertrademe.com addresses all of these problems and more:
- Papertrademe.com’s paper trading is super simple. Our entire goal is to get traders – new and old alike – to paper trade. Our data is delayed only 15 minutes (as opposed to “historical”). When you trade, you get a better picture of how you would fare in the real, current market.
- Papertrademe.com’s pricing is super simple. It’s all inclusive and affordable. We’re not trying to “up sell” you on anything and there are no expensive add-ons or data streams. Check our pricing here.
- Papertrademe.com’s platform is super simple. You can enter your first paper trade within 5 minutes of getting access to the site! Seriously…5 minutes.
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