Meta Trader is the most powerful trading tool in the world. Binary options are a new trading tool that has more potential than most other asset types. Naturally, many traders have wondered how to combine the two. This article will explain how you can do that.
Setting up Meta Trader to connect with binary options
Before you can start trading, you have to make sure your Meta Trader is able to communicate with your binary options broker. Unfortunately, Meta Trader has no build-in support for binary options. To connect Meta Trader to binary options anyway, you have two options:
a) Use a connection provider
To enable your Meta Trader to send trades to your binary broker, you can use a connection provider. Services such as [MT4 to Binary] or [Meta Trader to Binary] take the signals created by your Meta Trader and convert them into signals your binary broker can understand.
b) Use a specialized version of Meta Trader
Some brokers offer specialized versions of Meta Trader that can communicate directly with the binary options broker. This is the ideal solution of trading Meta Trader with binary options, since it does not require a connection provider, thereby reducing cost and the chance for errors when executing a trade.
Generating trading signals with Meta Trader
After you have set up Meta Trader to be able to connect to your binary options broker, you can start trading. This means, you have to implement your strategy to Meta Trader. Fortunately, Meta Trader offers almost endless possibilities to do that.
First, you have to generate trading signals. Depending on how you chose to generate signals, your Meta Trader can always help you. If you are using technical indicators, you can import almost any indicator conceivable into Meta Trader and display them either directly in your price chart or below it (mostly oscillators).
You can also write a program that uses any combination of technical indicators you want to monitor the market and alert you once a trading signal according to your definition is created.
Traders of candlesticks and other market formations can program Meta Trader to alert them to a signal, too. While this kind of solution requires a little more thought and programming savvy, even beginners in binary options trading can learn how to write such programs within weeks. Whether you choose to generate trading signals automatically or manually – Meta Trader offers more possibilities than any other trading program.
Auto trading with Meta Trader
Once you know how to generate a trading signal with Meta Trader, you might as well go the entire way and let Meta Trader automatically trade this signal for you. You can do so by simply adding a line to your code that places an order with your broker once a signal is generated.
One of the great advantages with Meta Trader is that it can take over your entire process and is completely customizable. That means, as long as your connection provider or your advanced Meta Trader allow you to choose the invested amount per trade, you can even implement a [money management system] into your automated trading system. In theory, there are no limits to how complicated this money management can be. Compared to most auto traders that only allow you to invest a fixed amount per trade, the possibility to implement your personal money management system is a huge advantage that adds another dimension to your trading.
In conclusion, Meta Trader and binary option offer a powerful combination with almost endless possibilities. Making good use of these possibilities is sure to help you make more money with binary options than any signal provider or conventional auto trader ever could.