Rithmic, Tradovate and NinjaTrader for Prop Accounts

Rithmic, Tradovate and NinjaTrader are not three versions of the same product. Rithmic is market data and order routing infrastructure that many trading platforms connect through, Tradovate is a cloud based trading platform, and NinjaTrader is a platform and broker group that now includes Tradovate. At a futures prop firm, the platforms on offer depend on which connections the firm supports, and at some firms the choice cannot be changed after purchase, so it pays to pick the platform before the plan.

What each one is

Rithmic

Rithmic describes itself as trading infrastructure for futures. Its site says it was founded in 2006 and is based in Orangeburg, New York. Its systems are split into parts with separate jobs: a ticker plant that receives raw exchange data, normalises it and distributes it in real time; an order plant that validates, risk checks and routes orders to exchange gateways, where its server side order types sit; and a history plant with tick data back to December 2011. Rithmic also sells server side risk controls that enforce limits at the point of execution, and it markets them to brokers and to prop firms, which it calls funding evaluators.

Traders meet Rithmic in two ways. The first is R | Trader Pro, which Rithmic calls its flagship Windows platform, with depth of market and charting, and a web and mobile version. The second is through third party platforms that connect to Rithmic, and its compatible list includes NinjaTrader, Quantower, Sierra Chart, ATAS, Bookmap, MotiveWave, Jigsaw Trader and MultiCharts, among others.

One practical point from Rithmic’s own guidance: connecting two applications to the same Rithmic data feed at once disconnects the first. To run two platforms together, Rithmic says to launch R | Trader Pro, allow plugins before logging in, connect the other platform through the Rithmic plugin and keep R | Trader Pro running all session.

Tradovate

Tradovate is a cloud based futures platform. Its site says traders do not pay extra for the platform and get all versions of it: downloads for Windows and Mac, access through web browsers, and apps for iPad, iPhone and Android. Its feature list includes a depth of market module, charts, market replay and brackets held server side with up to 10 target and stop levels. Tradovate lists direct integrations with TradingView, Jigsaw and Collective2, and its site is published by NinjaTrader Group.

NinjaTrader

NinjaTrader is both a trading platform and a futures broker. Its site describes desktop, web and mobile trading and free unlimited simulated trading. The group is organised under NinjaTrader Group, where NinjaTrader LLC owns and supports the NinjaTrader platform as a software company, and NinjaTrader Clearing, which also trades as Tradovate, provides brokerage and is registered with the CFTC as a futures commission merchant and is an NFA member. At a prop firm, NinjaTrader is used as the front end, and the data and order routing behind it depend on the firm.

How they fit together at a prop firm

It helps to separate the platform you look at from the connection that carries prices and orders. The same platform can run on different connections at different firms.

Two firms show the other end of the range. YLOS Trading and The5ers Futures both use BlackArrow only, so neither Rithmic nor Tradovate is on offer there. Costs differ too. Topstep covers platform fees for many supported platforms in its Trading Combine, but traders on its Live Funded Account pay for their own platform licence.

A worked example: where your stop lives

The trade below is made up. A trader on a $50,000 evaluation with a $2,000 trailing drawdown holds two NQ contracts, where each index point is worth $20 per contract, with a stop 20 points away. If the stop fills, the loss is 20 points times $20 times two contracts, or $800.

Now suppose the trader’s internet connection drops for several minutes and the market moves 60 points against the position. If the stop was held on the provider’s servers, it can still trigger while the trader is offline, and the loss stays close to $800 plus any slippage. If the stop existed only inside the platform on the trader’s own computer, nothing protects the position while it is disconnected. A 60 point move would cost 60 times $20 times two, or $2,400, which is more than the whole $2,000 drawdown.

This is why the connection matters as much as the charts. Tradovate states that its brackets are held server side, and Rithmic states that its server side order types sit in its order plant. Third party platforms can handle some order types differently, so check each platform’s documentation for which orders are held on the server before relying on them.

Choosing between them

• Device. Tradovate runs on Windows, Mac, the web and mobile. R | Trader Pro is a Windows platform, with a separate web and mobile version, and some Rithmic compatible platforms are marked as Mac compatible on Rithmic’s list.
• Charts. Traders who want TradingView charts should look for a Tradovate connection or a firm that lists TradingView directly.
• Order flow tools. Bookmap, ATAS and Jigsaw appear on Rithmic’s compatible list, so a Rithmic firm gives the widest choice of order flow software.
• Automation. Platform support for automation means little if the firm bans it. Lucid permits automated systems and trade copiers within its rules, while Funded Futures Family does not allow bots or algorithmic trading.
• Data. Included data can depend on the platform, and futures data fees at prop firms sets out how.

Common mistakes

• Buying the plan before checking the platform. Some firms fix the platform at purchase.
• Running two Rithmic platforms without plugin mode. The second login disconnects the first, sometimes with orders working.
• Assuming stops are always server side. Check where each order type is held.
• Using untested software on a live evaluation. Practise the platform on a demo before the first trade that counts.
• Trading the wrong account. With several accounts on one platform, confirm the account before each order.

Checklist

• List the platforms and connections the firm supports, and whether you can switch later.
• Confirm the platform works on your computer and operating system.
• Check which order types are held server side.
• Check the firm’s automation and copy trading rules against the platform features you plan to use.
• Find out who pays for the platform licence at each stage.
• Practise on a demo or simulator before the evaluation starts.

Firms by platform are listed under futures prop firms, and scalpers may also want the best futures prop firms for scalping. For contract sizing across these platforms, see micro futures at prop firms, and for passing a futures evaluation, see how to pass futures prop firm evaluations. More rule guides sit under prop firm rules.