When using Meta Trader with binary options, one of the most severe problems trader encounter is the limitation to a certain expiration time. This article will tell you how to avoid this problem.
Currently, most traders connect Meta Trader to their account with a binary options broker by using a connection provider. Unfortunately, those providers do not work equally well with all binary brokers. Often, using a connection provider results in serious restrictions that make trading binary options difficult, sometimes even impossible.
One of the most severe restrictions many traders find it hard to deal with is the limitation to one expiration time. When some connection providers work with some brokers, they cannot choose an expiration time freely, but automatically choose the shortest expiration time available. Typically, this is either a 15 minute or a 30 minute expiration time.
Market movements on such short time frames are erratic and hard to predict. Therefore, they are ill suited for many trading strategies that require more steady conditions. As a trader of such a strategy you cannot afford to trade expiration times that do not fit your strategy, since it will almost definitely result in significant losses.
Here are three ways to fix this problem:
1) Change brokers
If you are looking for an easy and quick fix, you can simply change brokers. Be careful, though. While connection providers are generally able to connect to any broker, a new broker is not guaranteed to get you better results. For many connection providers, there are only a few brokers, sometimes only one, they can work with on all expiration times.
To know which broker your connection provider works best with, check your connection provider’s website. There, your connection provider will provide you with a list of known connection statuses with brokers. For some brokers, your connection provider will tell you that there are only a few assets and / or only a few expiration times it can work with. For some, however, it will tell you that you can choose every option you want. Register with such a broker.
2) Change connection providers
Luckily, there is a wealth of connection providers currently in the market. If you want to stay with your broker and your current connection provider does not work well with your broker, you can browse the huge selection of available brokers for a competitor that works well with your broker. Often, you will find a better solution that solves your current problems.
3) Change Meta Traders
Recently, some brokers have developed enhanced versions of Meta Trader that can connect to this broker and trade binary options directly without the need for a connection provider. Usually, these solutions offer you the full array of possibilities Meta Trader and binary options provide you with: You can freely choose your asset, your expiration time, and your binary option type.