I just had a realisation that there are probably a few readers of the blog that are interested in DOM trading and are still new to it.
I just had a silly story that I wanted to share, highlighting the importance of what platform you use. I know many new traders like ninja trader.
When I was just beginning I got into a training program.
I knew that it was all about using the DOM so I thought I’d get a jump on things, so I wanted to start learning it asap.
So I loaded up the ninja dom and sat there looking for setups using only the DOM.
Here’s the stupid part…
I sat there for 1 month. That’s 20 trading sessions. And I saw one “possible” setup.
Now what I didn’t realise is that you can’t really see buying and selling on the ninja DOM.
The DOM is too basic. It doesn’t show the volume accumulating, which is what you need.
While it’s pretty funny now, back then it wasn’t. Funny in hindsight.
My only consolation is that at least it shows I was committed.
So if you’re starting out you need a good platform. Xtrader is a good one but it is expensive.
If you’re using ninja checkout Jigsaw Trading. It’s probably what I would consider the next generation DOM and is pretty impressive. Ideal for ES traders and it’s proving to be very useful in thinner markets.
I hope that by sharing my stupid story, that I just saved a few people a month of their lives 🙂