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Trading Lesson 2 - Placing Orders in NinjaTrader Using the SuperDOM - YouTube
Channel: DayTradeToWin
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Hello everyone.
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My name is John Paul.
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DayTradeToWin.com.
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Today is video lesson #2.
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In this continued training, I want to show
you how the DOM works, how to place orders,
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what are limit orders, what are market orders,
stop orders, etc.
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I want to cover the basics on how to use the
DOM aka price ladder or matrix.
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I also have some tips on how to best use this
price ladder.
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January 24, 2014 is today.
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I am showing you the Atlas Line software.
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These orders you see here, for example, the
short at 1809.50 and 1807.25 are entries into
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the market to sell.
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You want the market to go down.
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That's exactly what happened.
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The price went down.
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How do you actually place these orders?
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Go over to the DOM.
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The way you open the DOM is via NinjaTrader's
Control Center, File, New, Dynamic SuperDOM
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(that's what I use) or Static SuperDOM.
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Either one brings up a price ladder / DOM.
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Then choose the market you want to trade from
the Instrument drop-down box.
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A few futures and forex markets are listed
in mine.
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Choose the market you want.
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You will need to make sure the markets you
want to trade are added to this list via NinjaTrader's
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Instrument Manager.
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Here, choose either your sim or brokerage
account.
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Here is the quantity and here is the ATM strategy.
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I will cover all of these ideas, including
how to manage a trade using the ATM, how to
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place trades, what the trade means, etc.
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I also use the terminology, "first-come, first-served",
which I will go over.
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First thing - how do you place an order to
go short like right here.
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When the Atlas Line gives an order to go into
the market, I like to use limit orders.
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I try to get as close to the exact price as
possible.
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To place a limit order, left click on the
grey sell column anywhere above where price
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is currently trading.
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This trade happened earlier in the day at
1809.50.
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I can't even scroll up that far, but let's
just say you placed an order to go short by
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left clicking.
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The definition of a limit order is this: I
want to go short at 1809.50 or better.
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If you try to place a limit order below where
price is currently to sell it, it will try
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to get you a better price.
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Always place the limit order above the market
for selling the market.
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If
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you
want to buy the market, the opposite is true
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- left-click above.
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Let's say you want to buy at 1800.
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If you click and drag, it's going to say you
want 1800 or 1800.25, but it's trading at
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a cheaper price, so I'm going to give John
a cheaper price and automatically fill him.
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The term first-come, first served is related
to electronic markets and trading.
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Whoever places limit orders first get into
a queue to get filled first on those orders.
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Take a look here at how many traders (or contracts)
are waiting to be filled short at these prices.
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As soon as you place a limit order, say here,
I am in line.
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I may be #440, or #100, #200, etc.
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As soon as price touches 1800.25, I am waiting
to be filled.
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Sometimes, the price just touches where I'm
waiting to be filled.
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I may be last in line.
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If my number is not up and only, say 100 contracts
get filled, then I am out of luck.
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Price will touch the price of my order, but
I won't get filled.
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When it comes to placing orders, it's first-come,
first-served type of scenario.
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I bring this up because many traders click
on their limit order, either to get into the
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market or to text on a target.
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They say, I don't want this price Maybe I'll
get a better price and I'll move this to a
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point better, say 1801.25.
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Now, the trader is in the back of the line
at the new price.
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Each time you move a limit order, you're putting
yourself at the back of the line.
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I tell all my students, try to keep your order
where it is.
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Many other traders are moving their orders
in and out.
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The other thing with Ninja - and some other
platforms have this as well - it's called
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an ATM strategy.
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I use the ATM strategy feature to utilize
specific targets and stops.
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As soon as I get filled, the ATM strategy
that I previously set up tells NinjaTrader
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and my broker I want a specific stop and target.
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The ATM strategy puts me in the market with
a limit order and a stop right away - it's
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very fast.
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Here, the first thing you have to do to create
your own custom ATM strategy is select Custom
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from the list.
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Specify the number of ticks for your stop
(10 ticks) and say 8 ticks (2 points) for
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your profit target.
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The ATM strategy will apply as you see here.
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You can click and move them around.
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Again, only move them when you absolutely
need to as previously discussed.
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You can have as many of these ATM strategy
templates as you like.
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I recommend saving them by right-clicking
this grey area.
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Select manage ATM strategy templates, and
you can name it whatever
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you want.
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I pretty much use a three or two tick target
for my scalping strategies and four or six
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tick stop relative to the trade.
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Every time you enter, it's immediate.
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When I want to exit, I click Close.
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Everything on the chart gets closed out.
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The
next order is called a Stop order.
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I use the middle mouse button for this type
of order.
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Stop orders are like, "I want to catch this
train."
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You can catch the market as it goes down.
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As this market is coming down, I want to catch
this train and get short as it moves.
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The same thing is true for a long.
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With a limit order, price always has to retrace
back to it.
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With a stop order, you try to catch it as
its moving.
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Most traders think of a stop as a stop loss.
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That's true, but you can also use a stop as
you try to get into
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a trade.
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One last thing I want to cover is a little
bit of psychology.
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This question comes up a lot - how many contracts
should I trade?
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Trade one contract until you feel comfortable,
so you can do that consistently.
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Even if you have a million dollars in your
account, I still recommend starting off slow
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and small and being consistent.
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If you can trade one contract consistently
well for a week or a month, then all you have
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to do is go to two contracts.
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Again, be consistent for a week or a month
until you're ready to go to three.
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It's important to know that you can take a
loss and recover within the same day or the
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very next trade.
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Even if it takes a day or two, recovery is
still possible.
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That builds confidence.
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Again, start of small, be consistent, and
grow from there.
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Know what it's like to get stopped out
and recover.
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My name is John Paul.
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I hope you've enjoyed this video trading lesson.
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Next week, I'll put out a new lesson.
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Until next time, take care!
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