Trading on forex and other markets has become one of the main ways for people to generate some passive and in some cases primary income. In the past trading in the forex market was considered inaccessible to many. But over the years with the introduction of online trading software and brokerages, it has grown in use and popularity. Now, the next chapter in forex trading has begun with the widespread implementation of trading bots and automated trading. But which one of these bots is the best? And what are the best practices? In this article, I will cover these topics.

1- Automated Trading Best Practice

Following these general best practices will help you get better results in automated trading. Trading on forex using automated methods is beyond simply getting a bot and putting it to work to make money. It needs its own precautions and best practices, and you need to actively look for pitfalls to avoid.

Implement Correct Configuration

Trading bots need the correct configuration to be profitable. These configurations can be complicated to implement, so it is advised to properly research them, otherwise, you run the risk of causing losses when trading using the trading bots.

Use a VPS

Using your own computer as the host for the trading bot can be resource inefficient as the bot needs to run as much as possible and it will hinder your computer’s performance in other tasks. So it is advised that you go for a virtual private server. It is cheap, it will run 24/7, and it is potentially safer as well.

Cloudzy offers tailored VPS for forex trading bot packages, featuring locations close to the main markets of Sydney, New York, London, and Tokyo. The packages come with pre-installed forex trading bots and tools and ironclad security, as well as diverse payment and billing options.

2- Top 5 Forex Bots

Now let’s quickly review the top five forex trading bots for automated trading.

Forex Fury

Forex Fury is by far the best forex trading bot for automated trading and passive income. Its performance is verified by my book and it claims a 93% conversion rate in profits and orders. It has no minimum deposit entry either. It’s easy to use and has over 8 years of successful operational history. The only downside is its $229 pricing, which if you can pay will surely pay for you in the long run.

Forex Gump

Forex Gump, with its innovative name, is one of the few automated trading bots that includes fundamental analysis and world news in its strategy. This feature makes it ideal for beginners who want to reduce their margin for error. It is compatible with MT4 and MT5 and has an easy setup process. The bot also offers simple configurations, with several pre-configured trading strategies already available.

EA Builder

EA Builder, also known as Expert Advisor Builder, is an advanced tool for creating custom trading bots. It allows users to design their own indicators, patterns, configurations, and preferences. This system offers a personalized approach, but it can be complex to configure. However, professionals can use it to create unique automated EAs and trade efficiently on the forex market. Like Forex Gump, EA Builder is compatible with MT4 and MT5. It also supports unlimited indicators and offers tutorial videos to ease the learning process.

Centobot

CentoBot is another option that caters to beginners and people with minimal trading experience looking to make some passive income on the side using an automated trading bot on the forex market. It has a really low minimum deposit cap of $250 which is great for small starters. It is also really easy to use and offers quite a lot of diversity as you can also use it to trade on cryptocurrency markets. Despite these, CentoBot may suffer from sudden world events and cannot properly respond to technical analysis blackholes caused by fundamental news. Therefore, you need to be somewhat more attentive to it than usual.

1000pip Climber System

You can already tell by its combustive name that this bot is not messing around. This bot offers some of the best long-term statistics when it comes to profits. There is no minimum deposit required, making it accessible to everyone. The installation and configuration process is straightforward. Additionally, beginners can rely on a 24/7 support team to guide them through their trading journey. With compatibility for VPS, it is a top choice for those who prefer hosting on a VPS server.

Summary

All in all, trading bots are becoming more and more reliable and you definitely can make passive income from them. Just make sure to go for the right options!