IB with NinjaTrader vs Currenex?

Anyone know what practical differences I could expect between trading an IB account with NinjaTrader and using a Currenex platform?

I'm not talking about spread, commission, or broker attributes, but more things like execution facilities and how the platform works. For example, I read in another thread that if you place a Market order on Currenex and it runs away from you, your order just sits there unfilled rather than slipping. Is that true, or has someone been applying their 'max slippage' control?

Also, with Ninja I can create an order with one click that applies Entry + Stop Loss + 1-3 Take Profits + Automated Stop to Breakeven as an OCO (they call it an ATM, sounds like a cash machine...). Can you do that kind of thing in Currenex, or can you even use Ninja on a Currenex feed?

Max

Some PB's are offering your CNX GUI Client Terminal with the 'Market Order' tab disabled, and any order you execute by hitting the BID/ASK on the GUI will be executed as a GTC order only (limit order), and as you have rightfully pointed out yourself: a CNX GTC order means: the order will sit and you will only get filled/partial filled, if partial fill is enabled, if your GTC order price is 'at market'.

Also, make sure that you ask your Broker to enable and to set Trigger on BID or ASK on your Client Terminal, like this if you have BID/ASK charts you have the facility to enter/exit the market with the 'Bid through Ask and Ask through Bid' feature.

Further, going back to the setting of 'MKT Order', I personally do not set slippage, simply because liquidity is in most if not in all cases good enough in order for you to get good fills (depending of course on your PB's relationships/credit lines); In my humble opinon one doesn't want to run the risk of the order not getting filled/ or partial filled only should the market move quickly and sharply away from your limit price.

Also be aware that most if not all Currenex hubs are operated on a Credit and not on a Margin basis.

With regards to using the CNX advanced order tab: the easiest way to speed up your entry/exit/OCO orders is to use a macro tool, and with a click of a shortcut on your keyboard your order is prepared.

Further, with using FIX API you can connect direct to the Stream or Trade Server hub of your PB allowing you to bridge your MT4 to CNX.

Thanks Trader 613, that's very helpful.

Max

I use Currenex and am a short term trader and was wondering if there was an easier way to enter orders quickly. Can you please elaborate about using macro tool and shortcuts on the keyboard. I don't know what a macro tool is and was unaware that we can use shortcuts with Currenex. Any help would be much appreciated.

Hi Sujith!

OK. download here (it supports multi screen setups). If you like you can also purchase a wireless numpad with shortcut buttons to which you can assign buy/sell order buttons.

Next: To record your own Macro press this button (all the follwoing steps are to be carried out while Macro is in recording mode): then left mouse click here: which will bring up the Currenex Order window and in order to un-select the highlighted trade amount left click onto any available space in the entry field here . Then, move your mouse onto the highlighted price area left click once and press ''backspace'' in order to clear the field like this . After that, press ''Stop'' to save and name your Macro file.




Now you can add/alter the following user inputs:

To assign a Hot-key to your Macro and to shorten the time sequence by setting the time values ie: to 1ms . You are now ready to use your assigned Hot-key ie. the ''numpad-button'' for a buy order; upon pressing, your Currenex Advanced Order tab window will appear within split seconds awaiting for the desired Price Trigger input.

Hope this helps.

My Best.

I use IB and connect to it via sierra as I can chart trade, setup OCA's/OCO's, easier entries as opposed to fumbling with TWS, etc...
Also multiple secondary data feeds for free. Just a suggestion, as Ninja has a history of being buggy and I would be worrysome trading real size via it.

Ninja ver 7 is now out and the one they are pushing - full of bugs and a pain in the a**. To do order entry it is not free, but if you are going to pay for a system I suggest a better one - there are many - perhaps, eSignal.

Hi Trader613,

Thanks a lot for the help. I will try it out.

What sort of bugs, please?

Max

go to the ninja trader forum -
http://www.ninjatrader.com/support/forum/index.php

If you just want free charting, get v6.5.

which has better timing tools and application

Kenz 987, I just looked at NT Support, there are some problems - I expect that with any major software revision at any time (which is why I usually use old software), but someone else posted here that NT 6.5 doesn't work so well with IB, and 7 is better. Can you tell me of significant major bugs you have experienced please?

Oh, and I was pleased to note NT Support answering support forum questions quickly.

Thanks, Max

I use (free) 6.5 with IB just for charting. It works just fine.
I don't have a list of personal bugs for 7 because I don't use it.
I installed it, could not get some of my indicators to work right, and have decided to wait a while before moving on - maybe never. The bug list on the forum is extensive. It should be a warning to you.
go over here:
http://www.bigmiketrading.com/
to get a more professional user perspective.
Many of these guys have dropped NT and moved to Multi-Charts or another platform.
But it's free - try both versions and see for yourself.

Thanks Kenz987. I particularly like Ninja Trader's ATM system (multi level exit OCO style orders plus auto stop to breakeven etc with a few clicks), its clear clean chart trading plus SuperDom button panel to manage those orders (e.g. you can jump the gun on an automated Stop to Breakeven order with one click), but I'm not keen on bugs.

Do you know of another platform which compares with NT for those features please? I tried a couple of versions of MultiCharts recently - seems like a good platform, but the Chart Trading implementation in the new free version (soon to be also in the full purchase model) didn't appeal to me.

Max

I'm not up to date on these platforms - TransAct Futures had a DOM like that, but no charts, - I think they now have Sierra Charts. Maybe TradeStation. Open-E-Cry. If you really like NT go with it and find a sub-set of things that work and stick with it. It will be constantly improved.