Forex Diamond is an expert advisor that uses a rare combination of countertrend, trend-retrace signal, and scalping strategies combined with dynamic trading logic, high slippage and profit protection systems, smart money-management, and rapid trade execution. The robot boasts a +40 recovery factor that can easily take your trading to the next level.
Today we are going to provide you with an in-depth Forex Diamond EA review, to find out whether it is really ‘BRILLIANT AND PROFITABLE AS A DIAMOND’ trading solution.
Detailed Forex Robot Review
Forex Diamond EA has been available since 2013. Its developers are the same team that stands for Wall Street robot – FX Automater Group. It is a big pro, as the system has a higher reputation than the other products available in the Forex market. The reason is its creators have already established levels of reliability and customer trust.
To get in touch with support traders need to visit their contact page and fill out an online contact form. Neither email address nor phone number is provided.
Their website presentation includes product details, trading strategy information, key features of the robot, backtesting report, contact and pricing details.
Some of the features of this EA include:
- It is compatible with MT4 and MT5 trading platforms
- It runs on M15 timeframe
- The robot has a dynamic trading logic
- It is based on a self-updating trading algorithm
- It has high slippage and spread protection
- The EA supports 4 currency pairs: GBP/USD, EUR/USD, USD/CHF, and USD/JPY
- It has dynamically calculated SL and TP levels
- It has a +40 recover factor
- The recommended capital to trade is $1,000-$1,500
- The robot opens new deals frequently, using margin all the way
- The robot can execute over 1,200 trades per year
- It has over 19 years of ‘steady, rock-solid back-test results’
- The robot is equipped with a profit protection system
- It monitors open trading positions to be sure that they get optimal profits
- It requires less optimization than other competitive EAs
- It is self-updating system
- The system is compatible with MAC OS and Windows OS
- Traders are provided with 24/7 customer support
- The robot is easy to install
- Each digital copy of the robot comes with a 60-day money-back guarantee
Forex Diamond Strategy Tests
The software itself uses 3 trading strategies combined. There are Trend and Counter-trend strategies to generate profits from the market. The scalping strategy is executed during trading the counter-trend strategy. It helps to generate profits even during the periods of the highest market volatility.
The dev shares 7 backtest reposts with different pairs, risk levels, and Lot Sizes.
The average drawdown the robot traded was 1,85%-14%. The profit factor ranged between 1,51- 1,70. The most profitable currency pair was GBP/USD (5% risk) – $14M of profit. The win rate for this currency pair was 82, 71%. The robot traded with 99% of modeling quality, on the M15 timeframe. It traded 6732 trades and won 5568 out of them.
Demo Account Trading Results
There are 4 myfxbook accounts provided on the website of the developer. Let’s analyze the trading account that has been trading since 2014.
It is a Demo USD account trading on the MT4 platform. Its track record is not verified. It means that the dev could remove some parts of trading activity in the past. The account was created on November 20, 2014, and was deposited at $1000. Since that time its overall gain reached 532.6%. This makes out to a 0.08% gain daily and 2.42% monthly. Its drawdown is 13.80%, however, as you may see on the screenshot below there were considerable vicissitudes of the drawdown in the past. In January 2016 the drawdown was over 40%, in February 27, 2019, it was as low as 1, 96%, in March 2020 it reached 28, 56%. This year, from the beginning to March 2021, the drawdown did not exceed the 15, 25% score.
The robot traded 3903 trades and won 2756 out of them, which brought $5325.91 of profit. Its average loss is twice higher than the average win (25.09 pips/-$44.36 and 12.47 pips/$20.39). The profit factor is not high – 1.10. The robot trades both short and long directions equally – 70%. An average trade length is over 7 hours.
It works with high risks to the account balance. There is a 41,11% chance of losing 10% of the account. This will require 14 consecutive losing trades in a row.
This year the robot had only profitable months:
However, the trading results of 2014-2020 looked unstable and unpredictable.
The Forex Diamond package costs $237 (its regular price is $297). By buying it you will get one real account license, several demo accounts (?), an advanced news filter, and a 60-day money-back guarantee. This software is sold via ClickBank, so there would not be issues with a money-back guarantee.
There is a Forex Diamond page on the FPA website. However, there is no review from their customers. Oddly as for the EA that is on the market so long.
Although 2021 had just started and there was no losing month since the beginning of the year, the robot’s past trading performance was unpredictable. It traded with high drawdowns with a Grid on the board that did not help the EA to recover after losses.
Today’s trading results show that the robot trades with high risk to the account balance. We do not like that the vendor’s Track record has not a green badge that could prove that there were no manipulations in the past.
The dev says that traders have to invest over $1000-$1500 to gain good profits, but, as we see it does not guarantee consistency or safety in trading.