The NinjaTrader Control Center

Access Free Content

Video Transcript:

Hello, traders, and welcome to the NinjaTrader tutorial and the module one, Introduction to NinjaTrader. In this lesson, I’m going to give you an overview of the control center. I think this is very important because, before we try to go onto the charts and start trading on the futures market, we need to understand all the metrics that we can find on the control center, and how these metrics are going to help us improve as a trader, and how these metrics are going to make us even more profitable in the long run.

NinjaTrader Control Center

So, the first thing we’re going to do is we’re going to open the control and, as you can see, the first tab that we are going to view or we are going to go through, is the orders tab. Right here, we have all the orders that have been either filled or cancelled. And just by looking at what has been filled and cancelled, you can see what trades are we on and what trades have been closed, either on a profit or on a loss. For instance, we have the first trade right here, which is a buy on the gold contracts or five contracts and, right here, we have a sell. The order type is this. I bought the five contracts under market and I got stopped out on a loss, and I cancelled. Just look at this. The state of this order was cancelled, my limit order of five contracts on gold, which means that I had to cancel my take profit, because I got stopped out on a loss.

Screen Shot 2015-08-12 at 11.12.15

Right here, you can see that we have two trades open. We have one in crude, of one contract, and one in gold, of one contract. Let’s say we want to add to this gold trade on the long side. We just choose the right name of the contract and the right expiration and we just buy these on the market. Let’s say that we want to actually close the gold trade. We are, right now, on the buy side of one contract. So, we’re going to sell one contract and it’s going to flatten us.

Control Center

Now, let’s go to the strategies tab, and this tab, we’re going to go into depth about this tab when we actually start our SuperDOM module because, on this tab. you are going to have the positions that you are on or that were filled by using a strategy that you decided to save onto your platform. If we go to the execution order, you can see that all the executions that we have made on the trading day. And you can see the five contracts on the buy side on gold and then the exit on the sell side. We have an entry on crude which hasn’t had an exit yet, and, of course, we have the one contract on the buy side and the exit that we just took on the sell side.

The positions tab is going to give you the open positions that you already have or that you have brought in on your account. And, as you can see, we only have one position on crude, and it will give you your profit and loss. And, in this case, we are up $70 on this trade.

The accounts tab is going to give you all the information of all of your accounts. Remember that, with NinjaTraders, you can have more than one account on your platform but for this course, we are only trading with one account. You have the buying power, the cash value, the excess equity and, of course, the realized P and L for the day. At the close of every single day, this P and L is going to run down back to zero and start over.

I think that this is the most important tab that you will find on the control center, which is the account performance. And this is the account performance for this account. Because this account was generated today, I am only choosing to look at the data for today. As you can see, we are down $1,190 and all of our trades have been on the long side. This is the cool thing about the summary, because it gives you the total net profit of all of your trades, and it divides it between long and short trades. Of course, you can look at the gross losses, the gross profit, which gives you, of course, the total net profit, the profit factor, the commodity profit factor, the maximal draw down, which is the one that we are right now, which is -0.22 of our account, which is absolutely nothing. But still, it’s a small draw down on a sharp ratio.

Account performance

Now, you can also look at the total of trades and you can start dissecting this data, trade by trade, and, of course, long trades by short trades, with your maximum consecutive winners and losers. And this will give you, of course, an idea of your losing streaks or how big your losing streaks are and, of course, you have to look at the ratio average win versus average loss, which also has to do with how big your losing streaks are.

And, of course, you need to understand what these metrics at the bottom are. The average MAE, stands for Maximum Favorable Execution, and the MAE, Maximum Adverse Execute, which measures the potential in your trading strategy. The MFE calculates the maximum unrealized profit during the period and the MAE calculates the maximum or realized loss during the period. So, this means that, let’s say we are calculating or we want to know the MFE during one trade. And you made 16 ticks on the trade but the maximum that you could have made on the trade was 70 pips or 70 ticks. The MFE is going to be very high and the MAE is not going to be that high at all, if the actual position didn’t have so much of a draw down. These metrics are very important to understand how profitable your trading strategy is and how much money you are leaving on the table.

Basically, this is what the control center is going to teach you and, of course, all the metrics that you can look at. You can also look at the graphs, for example, the commodity profit of your account, the daily net profit of your account, the distribution of the profit of your account. For instance, we have a half hourly distribution, but if you want days of the week distribution, you can also choose to do so. You can even have a monthly net profit distribution. And you can always change the date on which you want to regenerate the report from.

Adam

More About

Adam is an experienced financial trader who writes about Forex trading, binary options, technical analysis and more.

View Posts - Visit Website

Comments are closed.