Using an expert advisor on Meta Trader is your best option to auto trade binary options. Still, especially new binary traders find it hard to find a trustworthy expert advisor. This article will help you find your ideal solution.
If you are looking for expert advisors to use with your Meta Trader, you have three basic options: You can buy an expert advisor from a paid provider, you can download an expert advisor from one of the many web communities for free, or you can develop your one expert advisor.
All options have their advantages. The obvious advantage of free expert advisors is that they are free. This means, even traders with a very low starting capital can download an expert advisor from one of the many websites surrounding Meta Trader and start trading immediately.
At least that is the ideal most new traders hope for. In reality, though, things are more complicated. Problems start with the selection of an expert advisor. Most communities that share expert advisors allow everybody to publish their own expert advisors in the community. While this is an admirable concept, a trader is confronted with hundreds, if not thousands of different expert advisors. Usually, all of them promise to generate great returns, and usually none of these promises are verifiable. There is no way of knowing whether the expert advisor’s developer is a trustworthy expert or a complete idiot.
Even worse, many hobby developers of expert advisors fall victim to the temptation of optimizing their expert advisor for a back test. That means, they take past market data and adjust their expert advisor so that it would have generated the best outcome possible if it would have been used over this time span with a certain asset.
Unfortunately, future market conditions are different from past market conditions. An expert advisor that is optimized for a past market environment will certainly fail in a future market environment. Promises such as “This expert advisor generated a profit of 6,000 percent when used with the EURUSD over the last two months”, which accompany most expert advisors, are worthless. This leaves a trader stranded and confused.
Even more so, most expert advisors have been developed for conventional assets. Whether they work with binary options is anybody’s guess. Usually, all expert advisors on such sites do not disclose which assets they work well with and with which they assets do not. Your only option is to take a good look at the source code and evaluate yourself whether this expert advisor will work for you. If you do not understand the source code, you have to learn it.
For all these reasons, finding a free expert advisor that will make you money with binary options is a hard, time consuming tasks. It is definitely not impossible, but you should have a good knowledge of reading and interpreting the source code of expert advisors.
If you have that knowledge, however, you are almost certainly better off writing you own expert advisor. Personally, I consider this the best solution for a trader. You can implement your own strategy, and make sure that every part of the expert advisor does what it is supposed to do.
Since most traders lack the necessary programming skills to develop their own expert advisors, they are only left with the third option: Buying an expert advisor. Of course, this solution involves paying money for something, which scares most traders. Nonetheless, the money you save by using a questionable expert advisor from the internet that you do not have the knowledge to evaluate could cause you to lose your entire capital. Unless you have the necessary programming skills, it is cheaper to buy an expert advisor from a trusted provider.
Luckily, there are plenty of trusted providers such as Binaryoptions-mt4.com.
When buying an expert advisor, make sure you also receive the source code. Otherwise, you can neither check nor improve the expert advisor, and are left with a solution equally dissatisfying as regular signal providers. Most providers charge you extra for receiving the source file. This, however, should not stop you from getting it. You are far better off paying a little extra now and making a bigger profit later.