Professional traders enter their trades early. Why? Because the Professional knows that by entering a trade early he is able to stack the odds in his favor. Entering early puts him ahead of the throngs of other traders who are also planning to enter the market, but are waiting for the bar to finish forming on their charts. Meanwhile the Professional has his order in well ahead of everyone else, allowing him to get a better fill with less slippage. Not only does he get a better price when he enters a trade, but early entry also allows him to get an earlier profit and minimize his losses, if the trade should go badly.
But the “secret” is not merely entering a trade early; rather it is knowing when to enter the trade early. The Professional trader knows there is too much risk involved in entering too early. If there is too much time left before the bar completes there is too much uncertainty as to how the bar will finish forming and more uncertainty means more risk. The Professional trader knows the right time to enter early is when the bar is nearly completed and still confirming your signal. Professional traders know that the optimal time to enter early is when there are only about 20 – 30 seconds left on the bar. This way they are able to take advantage of having an early entry while minimizing the odds that the bar will finish contrary to what they are expecting.
Introducing a nifty little NinjaTrader indicator called the Omni Timer. The Omni Timer is a trading tool for your Ninja charts that will count down the current bar for you. Not only will the Omni Timer count down the amount of time left on the bar which is forming, but it can also be set to monitor the progress of Tick charts, Volume charts and Range charts.
With the Omni Timer you have one indicator that can monitor ANY chart style or price bar you choose!
Not only can the Omni Timer be used on any standard style of Ninja Trader chart but it is also fully customizable. You are able to set the count-down parameters to your own preferences, alerting you to when the bar is nearly complete. Likewise the Omni Timer has both audio and visual alerts giving you ample warning when the bar is about to finish. And the Omni Timer is tucked away in the bottom corner of your chart, so as not to distract you from your trading, but obvious enough that you won’t let another early trade opportunity pass you by.
So if you want to take capitalize on one of the “Secrets of the Pro’s”, check out the Omni Timer and stack the trading odds in your favor.