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NT7 to NT8 Upgrade - Advantages vs. Disadvantages


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NT7 to NT8 Upgrade - Advantages vs. Disadvantages

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  #1 (permalink)
 TrendTraderBH 
Detroit, Michigan
 
Experience: Beginner
Platform: Ninja Trader
Trading: Futures
 
Posts: 303 since Nov 2011
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Recently contacted my broker to try to get the newer micro instruments (MCL and interest rate) enabled and after several unsuccessful tries they said to contact Ninja Trader. Subsequently found out that these cannot be enabled on NT7 version. Here is the exact text of their email:

"Unfortunately, new instruments such as MCL and MBT are not added to NinjaTrader 7's Database. We recommend upgrading to Ninjatrader 8 to be able to view and trade these instruments on your account."

This was the first time to consider an upgrade to NT8. Have seen several posts/threads about this topic (but not in one convenient place) about advantages and disadvantages to upgrading from NT7 to NT8.

Advantages:
1. Access recently added micro futures data/trading - only available on NT8
2. Access to order flow and volume profile tools (lifetime license)
3. Update to newer version that is fully supported by NT

Disadvantages:
1. Saw some FIO post that NT8 has some technical restrictions that were not present on NT7 that could affect trading negatively (ie. fixed data refresh speed)
2. Would have to convert all custom NT7 indicators and strategies to NT8 (cost)
3. Need to get used to NT8 to be comfortable trading error free

Interested to hear others input to help encourage or discourage a potential upgrade.

Thanks everyone.

TTBH

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  #2 (permalink)
 Tasker_182 
Legendary Market Wizard
Cedar Rapids, iowa
 
Experience: Intermediate
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NinjaTrader7 is slowly but surely being put out to pasture as an old product. They will no longer be providing features or enhancements or anything that is absolutely not needed to “maintain” the old product. They have not announced a retirement date and likely won’t until there is a technical bridge that is too far to cross, but that day is closer then farther so it is in your best interest to move now.

Since NinjaTrader8 was launched some years ago now, you have always been able to download, install, and run NT8 separately from NT7. Install 8 does not in anyway effect the install of 7 period. With one data feed you can connect to either at any one time. You use the same license. They made it this way as a good way for everyone to transition from 7 to 8 over a comfortable period of time, for example run your nt7 production trading and when done for the day switch to nt8 to become used to that environment. You can also run 7 and 8 at the same time, for example run 7 live data run 8 with market replay data.

You cannot copy over nt7 indicators or strategies, nor workspaces, so plan on that.

Your custom indicators / strategies may already have already been converted, you can check both FIO as well as NinjaTrader forums. NinjaTrader support team converted all of the custom nt7 indicators and strategies when nt8 was released so if you had downloaded from them then you will be able to find the nt8 version. If your stuff is 3rd party purchased then yes you will likely need to pay to have them updated, consider this a cost of doing business just like commissions.

NinjaTrader8 is a superior product and has gone through a number of feature enhancements and bug fixes and is actively supported. If you have a lifetime license then you are missing out on all the great tools the license provides in nt8.

Most of the “ problems” people have run into are usually of their own unintentional making. Too many chart with too many days of tick based data all running with Calculate on each tick, or poorly developed indicators. But most of this has become common knowledge by now and you can find plenty of tips in their help guide. You can also access their free support system for specific help.

I hope this has helped.

"Money is better than poverty, if only for financial reasons." - Woody Allen
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  #3 (permalink)
 bobwest 
Site Moderator
Sarasota FL
 
Experience: Advanced
Platform: Sierra Chart
Trading: ES, YM
 
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Besides @Tasker_182's excellent summary of the state of things with NT 7 vs 8, I would just add that you may find you need more robust hardware for NT8, depending on how new your current computer is. My guess is that anything bought in the last few years is probably going to be fine, but you should definitely download NT 8 and test-drive. It does need more resources. You can find the recommended hardware somewhere on their website, or just download it and see how it runs.

I ran 7 perfectly well on an old laptop (still old, still in use), but NT8 tasked it pretty hard. It would run, but I wasn't happy. My solution was to switch from NT to Sierra Chart, which runs fine on my old machine. But you won't know how that works out until you take his suggestion and just download NT 8 and see how it goes.

There were some bumps in the road while NT 8 was being rolled out and polished, but I think that it is a perfectly fine platform now. Just check out its performance on your PC.

Bob.

When one door closes, another opens.
-- Cervantes, Don Quixote
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 WoodyFox 
Columbus, Ohio
 
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TrendTraderBH View Post
Recently contacted my broker to try to get the newer micro instruments (MCL and interest rate) enabled and after several unsuccessful tries they said to contact Ninja Trader. Subsequently found out that these cannot be enabled on NT7 version. Here is the exact text of their email:

"Unfortunately, new instruments such as MCL and MBT are not added to NinjaTrader 7's Database. We recommend upgrading to Ninjatrader 8 to be able to view and trade these instruments on your account."

This was the first time to consider an upgrade to NT8. Have seen several posts/threads about this topic (but not in one convenient place) about advantages and disadvantages to upgrading from NT7 to NT8.

Advantages:
1. Access recently added micro futures data/trading - only available on NT8
2. Access to order flow and volume profile tools (lifetime license)
3. Update to newer version that is fully supported by NT

Disadvantages:
1. Saw some FIO post that NT8 has some technical restrictions that were not present on NT7 that could affect trading negatively (ie. fixed data refresh speed)
2. Would have to convert all custom NT7 indicators and strategies to NT8 (cost)
3. Need to get used to NT8 to be comfortable trading error free

Interested to hear others input to help encourage or discourage a potential upgrade.

Thanks everyone.

TTBH

Hands down, NT8 runs way smoother...Period. Too many new features to count, but my favorite is the ability to attach your orders to indicators.

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 TrendTraderBH 
Detroit, Michigan
 
Experience: Beginner
Platform: Ninja Trader
Trading: Futures
 
Posts: 303 since Nov 2011
Thanks: 540 given, 286 received

There are two current NT threads that are relevant to this thread's topic - both are showing NT8's weaknesses.



and



They show significant downsides to NT8 and re-enforce my reluctance to move from NT7.

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TigerStripes
Surrey
 
 
Posts: 33 since Mar 2021
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TrendTraderBH View Post
There are two current NT threads that are relevant to this thread's topic - both are showing NT8's weaknesses.



and



They show significant downsides to NT8 and re-enforce my reluctance to move from NT7.

This is ab the first of two quote threads. The issue was not the playform itself, it was a single instance of historical data not being imput into a new Bank Holiday on the Trading Hours Template that the charts load start to finish a current and historical hours. It was a simple fix simply change that chart template to a 24 x 7 all hours each day and that data loaded up in an instant. Also NT was on top of that and had system wide message telling users how to right the issue not an hour after the issue arose after the open Sunday. Having support there to be on top of any issues or continued bug fixing is highly advantagous and unlike the support that on NT 7 need to have but may not be available coming in platform chages and updates.

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lightsun47
Toronto, Canada
 
 
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TrendTraderBH View Post
There are two current NT threads that are relevant to this thread's topic - both are showing NT8's weaknesses.







and







They show significant downsides to NT8 and re-enforce my reluctance to move from NT7.

Andddd based on those 'weaknesses', it is wise for me to stay with NT7 based on two factors: 1. My vendor will not migrate to NT8 yet and 2. Until NinjaTrader gives an absolute final notice that EVERYONE has to migrate to NT8 by the end of 2025 or similar.

By that much time period, hopefully NT8 *should* be a stable platform.

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 TrendTraderBH 
Detroit, Michigan
 
Experience: Beginner
Platform: Ninja Trader
Trading: Futures
 
Posts: 303 since Nov 2011
Thanks: 540 given, 286 received


lightsun47 View Post
Andddd based on those 'weaknesses', it is wise for me to stay with NT7 based on two factors: 1. My vendor will not migrate to NT8 yet and 2. Until NinjaTrader gives an absolute final notice that EVERYONE has to migrate to NT8 by the end of 2025 or similar.

By that much time period, hopefully NT8 *should* be a stable platform.



Unfortunately, I have to agree with you. Looks like I'm sticking with NT7 and will have to forego the newly launched micros for now (the data is not being made available by NT for NT7 users only to NT8 users - this is disappointing)

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 TrendTraderBH 
Detroit, Michigan
 
Experience: Beginner
Platform: Ninja Trader
Trading: Futures
 
Posts: 303 since Nov 2011
Thanks: 540 given, 286 received

Another recent NT8 memory leak post:


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