DayTradeToWin.com just released this video, which many details regarding NinjaTrader 8’s SuperDOM. In case you’ve never used NinjaTrader, the SuperDOM shows real-time buy and sell price activity (like a price ladder in other platforms) as well as provides buttons for placing orders/trades. New traders can easily be overwhelmed with all the options on the DOM.
At first glance, it’s easy to see the Market buttons, which allow quick and easy market order placement. Market orders are the most simple order types. They tell the market to get you into a trade (either short or long, depending on which side of the column you click) at the current trading price. The current trading price is always highlighted in yellow on the SuperDOM.
The next order type discussed are limit orders. These guys say, “Get me in at this price or better.” If you are buying / going long, then your limit order must be placed below where price is currently trading. For short orders, the inverse is true. You will place the trade above.
To place a limit order, left-click the price you want. Click Yes to any message. You should see “LMT” appear in the DOM, indicating the order type.
To get filled, price must pass through. Touching is not good enough. Stop orders are discussed next. They are almost the opposite of limit orders.
Buy stop orders are placed above the desired price. Sell stop orders are placed below. Middle mouse button-click the desired price to place. In the popup, leave at 0 for no slippage, use a 1 to specifiy 1 tick of slippage, etc.
Finally, MIT (Market If Touched) orders are discussed. Although this order type has been available in other platforms for some time, they are new to NinjaTrader as of the recent 8 version.
MIT orders will help get you filled if price touches a specific price. Passing through is not a requirement. They behave like limit orders, which become market orders. Use the Ctrl key and the left moust button for MIT order placement. Be sure to watch the video completely to learn everything. It will probably take a number of re-watches and practice until everything starts to sink in.