Features to look for in Automated Binary Options System
There is plethora of automated binary options trading systems available for you to choose from. Most of the brokers realize that they need to meet the requirements of traders to attract them in to their folds of business. Without adequately satisfying their requirements, the brokers cannot expect to make reasonable returns from commissions. If traders do not get the right tools to trade with, they are highly likely to leave broker and try another one in his place.
However, it is easy to do for any trader in this market where dozens of brokers are fighting to be the best broker. The thing that is hard to do is to identify what features one should look for in an automated binary options trading system. Below are some of the features you should anticipate from your automated trading system:
Formula Based Trading Mechanism:
Your automated trading system must explicitly follow a certain formula based algorithmic approach to trading positions, which explicitly mentioned and described in the terms of reference or any other document. Additionally, the software should allow you to follow approaches to trading based on a variety of different formulas. This obviously enables you to best utilize the current market conditions. At the same time, you should also be able to configure these formulas to a certain extent as well.
Your automated trading system should also provide you with means to test your approach to trading. It should allow you to see the impact of your changes to formula in a live trade through simulation mode.
Some assets are less volatile like the pair of JPY and Swedish Krona. Some of these assets represent great trading opportunities on certain times of the year or around certain events. Therefore, your automated trading system should also have the capability to allow you to schedule your trades around a date/time with choice to exercise required amount, direction or platform.
Recommend Best Setting:
Your binary options automated trader should identify the best settings for trading under various circumstances of market or your preferences.
Maintenance of Records:
Your automated trading system should maintain a log of trades and events. These should be adequately detailed concerning time, description, and importance for your review.
Provision of Alerts:
The automated trading system should provide you with alerts that require your immediate attention. You should also be able to create alerts based on your choices and preferences. For example, you may want an alert to generate whenever a trade is in profit. Some automated trading systems generate combined audio and visual alert effects.
Multiple Asset Trading:
Some of the more advanced versions of automated trading systems give traders the capability to not only trade multiple assets, but also with multiple brokers. This paves way for you to optimize your capital between different opportunities.
A best mix for day-trader would be to have access to copy trading on automated trading software. Your automated trading system should enable you to copy trades from other traders or allow other traders to copy your trades.