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Inside the spread and NT chart trader questions
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Inside the spread and NT chart trader questions

  #1 (permalink)
Trading for Fun
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Inside the spread and NT chart trader questions

Hi all, I need some help with my understanding of buy inside the spread and as it’s related specifically the Forex cash market (Not the Futures market).

Some context first, I am thinking of moving to Futures from Forex Cash market. I have never traded Futures. One thing that has appealed to me with Futures along with other things is being able to Buy the Bid and Sell the Ask so not having to pay the spread. Also I’m completely new to Ninja but like the look of it especially the chart-trader function. At this stage I’m leaving the DOM to one side as I like the visual aspect of the chart trader.

Now to my questions:

1. Since I have a live Forex account with MB Trading (I liked their ECN status) and I am going to use Ninja going forward, if I buy a licence from Ninja ($60 per month) can I use it on my MBT account and also on my Futures account when I decide on my Futures broker? Or is a Ninja licence tied to a single broker?

2. Getting back to buying inside the spread. If I had Ninja connected to my MBT Forex cash account can I Buy the Bid and Sell the Ask? Or is this only possible within the Futures market. Even if I can do it on the Forex cash market, is it normal practice?

3. Using chart-trader in Ninja I’m a bit confused how I can Buy the Bid and Sell the Ask. I think I understand it better using a DOM but I can’t get my head around it using chart trader. Can anyone do a bit of hand holding here with me and make it simple for this wee Irish lad…………….no Paddy the Irishman jokes please LOLJ I never use market orders for an entry, its either a limit or buy stop if that helps?

4. Going back to the Futures again, if I am trading off a 3-5 min timeframe using limit/stop orders is it normally easy enough to buy inside the spread? I’d be trading the eur-usd / gpb-usd eur-jpy.

As you can read from the above my understanding of this “inside the spread” is a bit fuzzy so I appreciate your patience with me. Also some of my terminology might be off a bit…………….Thanks

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  #2 (permalink)
Elite Member
Berlin, Europe
 
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gracepips View Post
Hi all, I need some help with my understanding of buy inside the spread and as it’s related specifically the Forex cash market (Not the Futures market).

Some context first, I am thinking of moving to Futures from Forex Cash market. I have never traded Futures. One thing that has appealed to me with Futures along with other things is being able to Buy the Bid and Sell the Ask so not having to pay the spread. Also I’m completely new to Ninja but like the look of it especially the chart-trader function. At this stage I’m leaving the DOM to one side as I like the visual aspect of the chart trader.

Now to my questions:

1. Since I have a live Forex account with MB Trading (I liked their ECN status) and I am going to use Ninja going forward, if I buy a licence from Ninja ($60 per month) can I use it on my MBT account and also on my Futures account when I decide on my Futures broker? Or is a Ninja licence tied to a single broker?

2. Getting back to buying inside the spread. If I had Ninja connected to my MBT Forex cash account can I Buy the Bid and Sell the Ask? Or is this only possible within the Futures market. Even if I can do it on the Forex cash market, is it normal practice?

3. Using chart-trader in Ninja I’m a bit confused how I can Buy the Bid and Sell the Ask. I think I understand it better using a DOM but I can’t get my head around it using chart trader. Can anyone do a bit of hand holding here with me and make it simple for this wee Irish lad…………….no Paddy the Irishman jokes please LOLJ I never use market orders for an entry, its either a limit or buy stop if that helps?

4. Going back to the Futures again, if I am trading off a 3-5 min timeframe using limit/stop orders is it normally easy enough to buy inside the spread? I’d be trading the eur-usd / gpb-usd eur-jpy.

As you can read from the above my understanding of this “inside the spread” is a bit fuzzy so I appreciate your patience with me. Also some of my terminology might be off a bit…………….Thanks


1. NinjaTrader offers single and multi broker licences.

2. I do not have an MBT account, but this should be possible. You cannot trade FOREX via the DOM, but you can trade it via chart trader or the FX pro order entry.

3. The chart trader has buttons. They read "buy ask", "sell ask", "buy bid", "sell bid", so obviously this should be possible.

4. It is technically easy to buy the bid or sell the ask with futures.

5. Why don't you download NT and install it and connect it to MB. It should work in SIM mode (no order execution).

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  #3 (permalink)
Big game hunter
NY
 
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Fat Tails View Post
1. NinjaTrader offers single and multi broker licences.

2. I do not have an MBT account, but this should be possible. You cannot trade FOREX via the DOM, but you can trade it via chart trader or the FX pro order entry.

3. The chart trader has buttons. They read "buy ask", "sell ask", "buy bid", "sell bid", so obviously this should be possible.

4. It is technically easy to buy the bid or sell the ask with futures.

5. Why don't you download NT and install it and connect it to MB. It should work in SIM mode (no order execution).

You can connect a demo account to ninja with MBT , I use one . Just install navigator to ninja and you are all set . All true what FT said about the buy bid sell ask . Adjust the FX quote via tools - options - misc. - to tenth pips .

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  #4 (permalink)
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Eric j View Post
You can connect a demo account to ninja with MBT , I use one . Just install navigator to ninja and you are all set . All true what FT said about the buy bid sell ask . Adjust the FX quote via tools - options - misc. - to tenth pips .

Yes, I missed that point. The FX quote needs to be adjusted as @Eric j explained, otherwise you will run into problems!

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  #5 (permalink)
Trading for Fun
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Futures Experience: Beginner
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Thanks Fat Tails and Ericj this all makes things alot clearer.........

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  #6 (permalink)
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Near the BEuTiFULL Horse Shoe
 
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Fat Tails View Post
Yes, I missed that point. The FX quote needs to be adjusted as @Eric j explained, otherwise you will run into problems!

Can you please be specific about 'problems' ??! I am still in MB with SIM, but dont use the 1/10th pip setting as it was doing annoying things between my strategy and the chart trader.

Jon

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  #7 (permalink)
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Trader.Jon View Post
Can you please be specific about 'problems' ??! I am still in MB with SIM, but dont use the 1/10th pip setting as it was doing annoying things between my strategy and the chart trader.

Jon

I had nasty spikes on the chart and problems with the chart trader with a false setting.

In the end I opted for a setting of 1/10th pip, although 1/2 pip is recommended for Interactive Brokers. I do not remember why I opted for this solution and may have to test this again.

I am not trading FOREX, but currency futures.

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  #8 (permalink)
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Fat Tails View Post
You cannot trade FOREX via the DOM, but you can trade it via chart trader or the FX pro order entry.

Could you explain why is it that you cannot trade FOREX via the DOM

"The only thing to do when a man is wrong is to be right by ceasing to be wrong." - Edwin Lefevre -
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  #9 (permalink)
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kashbg View Post
Could you explain why is it that you cannot trade FOREX via the DOM

It probably depends on the broker interface. If you broker is an ECN broker, the broker interface allows to transmit all necessary information for the DOM, then it may even work. I have always been running into trouble, when connecting the DOM to FOREX.

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  #10 (permalink)
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I have a live account with Dukascopy. Recently tried the NinjaTrader DOM with Dukascopy DEMO and it was OK, I assume it would be the same for the live account too.

"The only thing to do when a man is wrong is to be right by ceasing to be wrong." - Edwin Lefevre -
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