You want to use Meta Trader to trade binary options, but you do not know how? Here is your solution: A complete guide on how to set up Meta Trader so that you can trade binary options.
1. Register with a binary broker
To enter the exiting world of binary options, you first have to register with a broker for binary options. If you plan on using Meta Trader with binary options, you can already make life a lot easier with this step: Since Meta Trader does not offer a build-in support for binary options, most providers require you to use a connection provider to connect your Meta Trader to your binary broker.
To make sure, this connection works as smoothly as possible, make sure to check the website of your future connection provider for a list of supported brokers and choose a broker your connection provider works well with. If you want to belong to the best binary options traders with Meta Trader, though, the limitations of connection providers can make live unnecessarily hard for you.
2. Download and install Meta Trader
After you chose the broker you want to work with, you have to download and install Meta Trader to your computer, mobile phone, or tablet. You can use one of the many internet platforms to download Meta Trader.
3. Register with a connection provider
If you chose to register with a broker that offers no enhanced version of Meta Trader and no direct connection to Meta Trader, you now have to register with a connection provider that translates the trading signals of your Meta Trader into orders your binary options broker can understand.
When choosing a provider, make sure to check for possible limitations when working with your binary options broker. Most commonly, connection providers will limit you to a few expiration times and / or a few assets. Also, many providers lose a percentage of your signals. Which percentage exactly depends on the asset you are trading and the strategy you are using.
4. Set up your Meta Trader
After you registered with a connection provider, you have to let your Meta Trader know where to sent signals. Sometimes, you need to install a special program for that reason, sometimes you only have to copy a few files into your Meta Trader’s directory. If you are using an Expert Advisor to auto trade binary options, you likely have to change the code line to execute a trade, and put the key your connection provider gave you in there somehow.
5. Set up your connection provider
Setting up your connection provider is easy. You simply have to put the details of your account with your broker into a form, so that your connection provider knows where to execute the trades. Most connection providers either use an extension for the chrome browser or a menu in the member’s area on their website for set up.
6. Implement your strategy
Before you can start trading, you now only need to implement your strategy into Meta Trader. You either do so manually, by setting up indicators in your price chart, and checking for and reacting to signals yourself, or let an expert advisor do part of the work for you. Expert advisors are automated programs that can do part of the trading process for you. They can generate signals and alert you to them, or they can automate the entire trading process and even invest themselves.
7. Start trading
After you finished these steps, you can start trading. At first glance, this might seem like a lot of work. Be assured, though, that you can easily complete all steps in less than 30 minutes, even if you do them for the first time.