In order to start trading a device called a Trading Platform or Trading Dom must be downloaded and activated. Platform and Dom are one in the same. Dom stands for “depth of market”, which is the current buy and sell volume.(pronounced “dome”). There are a number of options available, depending on the type of emini education program you are enrolled in, but they all allow buy and sell executions and a variety of other functions.
Ninja Trader is a familiar choice. It has a large online support library with video tutorials, and text instructions. Weekly webinars are available demonstrating the features from beginner to advanced.
Using a platform to enter buy and sell orders is another significant step in a trading career. The device makes real trading possible and does take some getting used to. Operation is through your computer mouse and nervous new traders can find themselves in trades and out of trades at the careless touch of a button. It’s the reason why everyone starts out with a simulation account.
It’s important to take the time to practice and learn the basics of the Dom. The knowledge will allow the trader to move forward to more complex strategies. Once in the market session, price action and chart movements can occupy a large portion of the focus, so operation of the platform needs to become second nature.
There are various ways to place an order along with strategies for profit targets and stop losses. Both are covered in basic training.
Advanced traders can increase the number of contracts and again, the Dom is where the perimeters are set prior to market entry. Traders typically start with one contract, called a “single”, and progress to a second where it becomes “trading a deuce.” Working with multiple contracts follows and the methodology changes accordingly.
In addition to actual entry/exit functions, trading platforms like Ninja Trader keep track of many statistics. A daily performance report recaps profit and loss, and a detailed full trade summary. Capture and filing of these reports on a scheduled basis allows an in-depth ongoing review process to take place, which is very beneficial in terms of an individuals progress. This information along with the daily trading plan become the story and the history of the trader.
