Please help setting up buy stop, target price, and protective stop on Super Dom.

[patpat]

Hello,

I just got a live account today with Ninja Trader through my broker. I had been practicing and became quite proficient on the demo Ninja Trader using a particular ATM strategy.

But now that i have gone to the live Ninja Trader platform, I no longer have access to the ATM strategies because I have the free-version of the live Ninja Trader.

So now I am trying to learn how to set-up a trade using the Super DOM since that is the only method available to me. A trade set-up that I used on the ATM strategy, for example, was to enter the market with a buy stop with a target price 6 ticks above the buy stop, and a protective stop 4 ticks beneath my buy stop.

I am getting VERY confused about how to achieve this on the Super Dom, where as I understood it quite well using an ATM strategy.

If someone could walk me through a hypothetical scenario (using the info above), I would appreciate it. Thank you.

[NinjaTrader_Kyle]

Hello patpat,

Thank you for your post.

Since neither ATM Strategies or OCO orders are available to you using this Direct Edition license for NinjaTrader your only option would be to place orders to act as a stop loss or profit target order manually.

For instance, if you enter in to a long position two sell orders (likely a limit and stop limit order) could be submitted to act as exit orders. Note that you would need to cancel the remaining order when one order is filled to ensure that you are not inadvertently entered in to a secondary position on the opposite side of the market when the secondary exit order triggers however.

Another option to consider is using the Close button to manually exit from a position.

[patpat]

Ok that's what I was thinking... thanks. But for clarification, I would like to run through it with you, ok?

I place a buy-limit order by left-clicking below the current price in the buy column to go long.

I place a sell-limit order 6 ticks above my buy limit order by left-clicking in the sell column.

And lastly, I place a protective stop 4 ticks below my buy limit order by clicking the center scroll button and the control button at the same time.

I do not understand what type of order clicking on the center scroll button by itself creates. But if it isn't something I need, I guess it doesn't matter.

Mainly, I am wondering if I placed my target order correctly? The limit order 6 ticks above my buy limit order. Did I do it correctly? Thank you.

[NinjaTrader_Kyle]

Hello,

The steps you have outlined sound to be correct.

A middle mouse click will place a Stop Limit order in the SuperDOM window by default.

[patpat]

Ok here is what I am having trouble grasping, and you could probably save me tons of time if you could help me with it. For my protective stop, I am using the control key + middle scroll button, which gives me a sell stop.

As an example, I get long at 1600 with a buy limit. I set a sell-limit at 1601.50. And I set a sell stop at 1599 as my protective stop (control key + middle scroll button).

Should I be using a stop limit order instead for my protective stop? (i.e., middle scroll button only).

If so, why? Thanks!!

ps... and if I should be using the stop limit order as my protective stop, should I concern my self with offsetting? When I set up my protective stop using the ATM strategy in Chart Trader, I do not remember it being this complicated!

[NinjaTrader_Jason]

Hello patpat,

You can use either a stop market or stop limit order. Both can be used as a stop loss order. If you submit a stop market order and the market hits the stop market order price, a market order will be submitted. If a stop limit order is hit, it will submit a limit order at the limit order price. Upon using a stop limit order, it will use an offset which determines where the limit order will be submitted. So if you use an offset of 10 ticks, it will submit the limit order 10 ticks below the stop limit order.

Stop loss orders part of an ATM strategy that are submitted as stop limit order will always use an offset of 20 ticks which cannot be changed.

[XtraderFX]

In reference to the existing question

Sorry if this has been answered but I have searched an still haven't found my answer, this is the closest to what I been trying to figure out. I attached a screen shot of a trade i entered short. I had an atm strategy of 12 - stop loss and 18 - take profit, my entry point was 1.3160 and i get stopped out at 1.3172. Shouldn't it had been the opposite? Instead of being stopped out at 12 it should have been 18? Im also still trying to figure out doing this manually instead. If I placed a sell ask and I'm trying to manually put in a stop loss and take profit do I but in a buy limit to cancel out my sell ask? If so does this start a new trade long? How can I have my sell ask cancel out of trade at take profit without having to enter a new trade with a buy limit and without using the atm strategy.

Essentially I wouldn't mind using the atm strategy if I can fully understand how to use it.
Thanks in advance, before sending this message I looked for days and couldn't find the exact information I was looking for. This is a demo account by the way and I'm using chart trader.

[NinjaTrader_PaulH]

Hello XtraderFX,

Thanks for your post and welcome to the forums!

The ATM strategy will adjust to the direction of your trade so that you can simply specify your stop value and your target. In the case of when you entered short at 1.3160 the stop then would have been 1.3160 + 12 ticks and your target would have been 1.3160 - 18 ticks. Had you entered long at 1.3160 your stop would have been 1.3160 - 12 ticks and your target 1.3160 + 18 ticks. So long or short your stop would be 12 ticks, your target would be 18 ticks.

I think that our help guide videos, and our full training videos on these subjects will explain far better than I. Please review:

(Chart trader submitting orders) http://ninjatrader.com/support/movie...ing-Orders.htm

(Chart trader modify and cancel orders) http://ninjatrader.com/support/movie...ing-Orders.htm

Chart trader training session: https://www.youtube.com/watch?v=eG-_...D7105&index=14

ATM strategy training: https://www.youtube.com/watch?v=lvLc...D7105&index=19