Quick Facts
- Fees: TOS: $1.99 commission per contract (futures), NT: $0.53 commission per contract (futures)
- Platform: TOS: Web, mobile, and desktop, NT: Windows, macOS, and mobile
- Charting: TOS: Advanced charting with technical indicators and custom studies, NT: Advanced charting with technical indicators and custom strategies
- Automated Trading: TOS: No built-in automated trading, NT: Yes, with C#-based strategy development
- Data Feed: TOS: Real-time market data included, NT: Real-time data feeds available through third-party providers
- Order Types: TOS: Advanced order types, including conditional orders, NT: Advanced order types, including simulated stop-loss orders
- Customer Support: TOS: 24/7 phone and email support, NT: Phone, email, and live chat support
- Community: NT: Large community of developers and traders, TOS: Smaller community, but growing
- Backtesting: NT: Advanced backtesting capabilities, TOS: Limited backtesting capabilities
- Integration: NT: Integrates with third-party applications, TOS: Integrates with Thinkorswim’s proprietary tools
TOS vs Ninja Trader for Futures: A Practical, Personal Experience
As a futures trader, I’ve had the privilege of using both ThinkOrSwim (TOS) and Ninja Trader (NT) in my trading journey. In this article, I’ll share my personal experiences with these two popular platforms, highlighting their strengths and weaknesses, and providing insights to help you make an informed decision for your futures trading needs.
My Background
Before we dive in, let me give you a brief background on my trading experience. I’ve been trading futures for several years, focusing primarily on the E-mini S&P 500 (ES) and Crude Oil (CL). I’ve used various platforms, including MetaTrader, Interactive Brokers, and, of course, TOS and NT. My trading style is a mix of day trading and swing trading, with a focus on technical analysis and risk management.
ThinkOrSwim (TOS)
I started using TOS in 2018, and it quickly became my go-to platform for futures trading. Here are some of the reasons why:
Pros:
- User-Friendly Interface: TOS is incredibly easy to navigate, even for those new to trading. The platform is highly customizable, allowing you to create a workspace that suits your trading style.
- Advanced Charting: TOS offers an impressive range of charting tools, including studies, indicators, and drawing tools. I particularly appreciate the ability to easily create custom indicators and save them for future use.
- Real-Time Data: TOS provides real-time market data, which is essential for futures traders. You can trust that the prices you’re seeing are accurate and up-to-date.
- Order Execution: TOS’s order execution is fast and reliable, which is critical for day traders and scalpers.
Cons:
- Cost: TOS can be expensive, especially if you’re not trading frequently. The platform charges a monthly fee, plus commissions on trades.
- Limited Customization: While TOS is highly customizable, it can be overwhelming for new users. It takes time to learn how to fully utilize the platform’s features.
Ninja Trader (NT)
In 2020, I decided to explore Ninja Trader as an alternative to TOS. Here are my thoughts on NT:
Pros:
- Cost-Effective: NT offers a more affordable pricing model, with no monthly fees and competitive commissions.
- Customizable Indicators: NT allows you to create and customize indicators using their proprietary programming language, NinjaScript. This feature is particularly appealing to traders who want to automate their strategies.
- Strategy Backtesting: NT offers a robust backtesting feature, which enables you to test your trading strategies on historical data. This is an essential tool for optimizing your trading approach.
Cons:
- Steeper Learning Curve: NT has a more complex interface than TOS, which can be intimidating for new users. It takes time to learn how to navigate the platform and utilize its features effectively.
- Limited Real-Time Data: NT’s real-time data is not as reliable as TOS’s, which can lead to delays and inaccuracies.
Comparison Table
| Feature | ThinkOrSwim (TOS) | Ninja Trader (NT) |
|---|---|---|
| Cost | Expensive (monthly fee + commissions) | Affordable (no monthly fee, competitive commissions) |
| User Interface | User-friendly, customizable | Steeper learning curve, customizable |
| Real-Time Data | Highly reliable, accurate | Less reliable, occasional delays |
| Charting Tools | Advanced, customizable | Advanced, customizable |
| Order Execution | Fast, reliable | Fast, reliable |
| Strategy Backtesting | Limited | Robust, advanced |
My Verdict
So, which platform is best for futures trading? In my opinion, it ultimately comes down to your personal preferences and trading style.
If you’re a beginner or prefer a more streamlined, user-friendly experience, TOS might be the better choice. The platform’s ease of use and advanced charting tools make it an excellent option for those who want to focus on trading rather than platform management.
On the other hand, if you’re a more advanced trader or want to automate your strategies, NT might be the way to go. The platform’s customization options and backtesting feature make it an ideal choice for traders who want to optimize their approach.
Final Thoughts
In conclusion, both TOS and NT are excellent platforms for futures trading, each with their strengths and weaknesses. As a trader, it’s essential to weigh the pros and cons of each platform and choose the one that best aligns with your trading goals and style.
Remember, the key to success in trading is not the platform you use, but rather your ability to adapt, learn, and improve your approach over time.
Frequently Asked Questions:
TOS vs NinjaTrader for Futures Trading: Which is Right for You?
When it comes to trading futures, having the right trading platform can make all the difference. Two popular options are Thinkorswim (TOS) and NinjaTrader. But how do they stack up? Here are some frequently asked questions to help you decide:
Q: What are the main differences between TOS and NinjaTrader?
TOS is a comprehensive trading platform owned by TD Ameritrade, offering a wide range of features, tools, and resources. NinjaTrader, on the other hand, is a specialized platform designed specifically for active traders, with a focus on advanced analytics and customization. TOS is more geared towards retail traders, while NinjaTrader is popular among professional and institutional traders.
Q: Which platform offers better charting and technical analysis capabilities?
NinjaTrader is generally considered to have more advanced charting and technical analysis capabilities, with a wider range of indicators and customization options. TOS also offers robust charting capabilities, but may not be as extensive as NinjaTrader’s.
Q: What about futures trading fees and commissions?
TOS offers competitive futures trading fees, with a commission structure that ranges from $2.25 to $5.50 per contract, depending on your account type and trading activity. NinjaTrader, on the other hand, charges a one-time licensing fee, and then you can connect to your own broker or FCM (Futures Commission Merchant) for trading. This means your fees will depend on your broker or FCM’s commission structure.
Q: Which platform has better backtesting and strategy development capabilities?
NinjaTrader is renowned for its advanced backtesting and strategy development capabilities, allowing you to test and refine your trading strategies with ease. TOS also offers backtesting capabilities, but they may not be as comprehensive as NinjaTrader’s.
Q: Can I use automated trading strategies with both platforms?
Yes, both TOS and NinjaTrader allow for automated trading strategies. However, NinjaTrader is more geared towards automated trading, with a built-in strategy development environment and support for popular languages like C# and .NET. TOS also supports automated trading, but you may need to use third-party software or develop your own strategies using their proprietary API.
Q: Which platform has better customer support and resources?
TOS has a more comprehensive customer support system, with 24/7 phone and email support, as well as extensive online resources and educational content. NinjaTrader’s support is more focused on technical issues, with online documentation and community forums available.
Q: What about the learning curve for each platform?
TOS has a more user-friendly interface and is generally easier to learn, making it a good choice for newer traders. NinjaTrader, on the other hand, has a steeper learning curve due to its advanced features and customization options, making it more suitable for experienced traders.
Ultimately, the choice between TOS and NinjaTrader for futures trading depends on your individual needs and trading style. If you’re a retail trader looking for a comprehensive platform with a wide range of features and resources, TOS may be the better choice. If you’re a more advanced trader looking for advanced analytics and customization capabilities, NinjaTrader could be the way to go.
