“BRILLIANT AND PROFITABLE AS A DIAMOND” – that is how the developers describe their Forex Diamond EA. On the Forex Diamond website, we see how its devs aggressively advertise their product, trying to convince traders that it is the best investment solution.
We are told that Forex Diamond can work either on the MT4 or MT5 trading platforms. It’s price is $297, but now the vendor offers a $60 discount allowing traders to pay only $237. This software is available only in one package, which comes with 1 Real account, several demo accounts, an advanced news filter, and 60 days money-back guarantee. There is neither a trial version nor free Demo account to test the software before you decide to make a purchase.
Forex Diamond Trading Strategy
The software uses 3 different trading strategies:
Unfortunately, there is not a detailed trading strategy explanation, only a short description of their features.
Forex Diamond Features
The main features of this EA are as followings:
- Dynamic trading logic
- MT4 and MT5 compatible
- Ability to execute over 1000 trades/day
- High slippage protection
- Self-updating algorithm
- Real-time calculation
- Low optimization required
- Automated updates
- 24/7 customer support
Forex Diamond Backtesting Results
The backtesting results of this automated trading have a long-term history of over 19 years (from 1999 – 2018), reflecting positive trading performance on the M15 timeframe. Meta trader Strategy Tester results in 90% modelling quality. An initial deposit of $2500 became over $113K of the total net profit. The Profit Factor was 1.58. A peak drawdown was small and equaled 2.54%. For over 19 years of trading, the robot has traded 29144 trades with a 79.74% win rate.
Forex Diamond Live Trading Results
The devs provide us with 1 trading account verified by myfxbook on their sales page.
This trading account has been running since March 07, 2019. It shows an overall gain of over 115.48% with a monthly gain of over 4.16%. It is working on the MT4 platform with IC Markets brokerage and is trading with a 1:500 leverage. The peak drawdown was 24, 72% on March 24, 2020. It is not a high drawdown as drawdowns below 30% are acceptable or trading.
For over 1 and a half years of trading, the EA has placed 2912 trades with 4842.4 pips. We have to note that the robot is quite active despite only trading 2 currency pairs: GBPUSD and USDJPY.
It has won 2093 out of 2912 trades, which represents 72%. Its average win result is 11.13 pips, while the average loss is twice higher and equals -22.53 pips. The average trade length is 5 hours and 8 minutes. The profit factor is small and equals 1, 17.
Its gain in 2019 was 43, 83%, while in 2020 the EA is showing a 37, 85% gain with 2 months left in the year. It means that the robot is still trading and its overall trading performance is relatively stable. However, we have noticed that the developers use a custom start date, which means that they may have had some significant losses when the software first started trading.
Forex Diamond Reputation
This EA has been on the market for over 10 years. It was created by the FX Automater team, a group of creators that stand for the Wall Street Forex robot, a trading system, which was active on the Forex market for over 2 years. FX Automater is also known for having developed the other EAs: Grid Master Pro, BF Scalper Pro, Omega Trend EA, Forex Diamond EA, and many others. There is no information about their headquarter location. However, we have conducted additional research at whois.domain.tools and found that the website IP location is Michigan – Lansing. Their website was created on May 11, 2010, and is still active today.
To get in touch with support, traders need to visit their contact page and fill out a simple contact form online.
Forex Diamond Review Summary
- Strategy – score (5/10)
- Functionality & Features – score (5/10)
- Trading Results – score (7/10)
- Reliability – score (7/10)
- Pricing – score (5/10)
Conclusion
The FXAutomater team continues to offer Forex Diamond EA to the public. We cannot say that it is not an EA to invest, at least for the reason that this robot has been on the market for over 10 years. It is not a bad solution for those who want to pick up some pips from time to time, but it is not a good choice for those traders who desire to pick up big chunks and significant profits.
