Forex Diamond is an expert advisor that is compatible with MT4 and MT5 trading platforms. The vendor claims this is a world-class system with an excellent recovery factor. Since many sellers tend to make false claims, we need to analyze the performance of this robot before reaching a final verdict.
You can purchase Forex Diamond for the price of $237. Thereby you can access 1 real and multiple virtual-money accounts. This is not much higher than the market average price for EAs. The vendor offers a 60-day money-back guarantee for this product. We don’t exactly know when the robot was launched, but it’s live trading account has been active since 2014.
Is Forex Diamond good?
We don’t think Forex Diamond is worth its price. The robot follows a risky trading scheme that leads to a high drawdown. There is not enough information on the parent company and it seems not many users are currently using this system for live trading.
Features of Forex Diamond
Forex Diamond follows a high-frequency trading approach executing over 1200 trades on a yearly basis. It combines three distinct trading systems in a single system and dynamically calculates threshold values, take profit, and stop loss. As per the opportunities available on the market, it modifies the trading positions in real-time.
This EA has high slippage protection, profit protection, and spread protection functionalities. It is a self-updating system that is updated according to the shifting market conditions. The vendor mentions that the support team is always ready to solve any issues the users face. However, there is no official contact information or a live chat feature on the website.
| Trading Terminals | MT4, MT5 |
| Strategy | Trend Retrace, Countertrend, Scalping |
| Timeframe | N/A |
| Price | $237 |
| Money Refund | 60 days |
| Recommended Deposit | $1000-$5000 |
| Recommended Leverage | 1:500 |
| Money Management | Yes |
| Customer Reviews | N/A |
What strategy does Forex Diamond use?
Forex Diamond uses three distinct strategies, namely Trend Retrace, Countertrend, and Scalping. For the first one, it looks for strong market impulses. Countertrend is a strategy where the robot monitors the market for trend reversals, adjusting the positions to take advantage of them. For the third strategy, the EA executes short-term scalping trades with spread protection.
Backtesting vs live trading results
For this backtest, the EA placed a total of 29144 trades. It had a win rate of 78.10% and generated a total profit of $113626.53. The profit factor was 1.58 while the relative drawdown was 15.79%. There were 74 maximum consecutive wins and 11 maximum consecutive losses during the testing period.
This live trading account on Myfxbook was launched on November 20, 2014. To date, Forex Diamond has placed 3976 trades through this account winning 70% of them. The total profit generated through this account currently stands at $5526.68.
At this moment, the daily and monthly gains are 0.07% and 2.24% respectively. The account has a very high drawdown of 43.27%. This indicates a high risk of ruin.
As you can see from the trading history, the robot suffers consecutive losses from time to time. This confirms our suspicion that it trades with a high level of risk. Therefore, we don’t think this is a safe EA to invest in.
The core team
There is very little data on the parent company behind Forex Diamond, which is a major red flag. FXautomater is a company based in Seychelles. We don’t have any information on the team members and their trading experience in the Forex market. This makes it even more difficult for us to trust this system. The vendor has not shared an official address and there is no contact information present on the webpage.