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Forex Diamond EA Review

Past performance is not an indication of future results.

The Forex Diamond EA is a forex robot for the MetaTrader platforms which combines three trading systems and dynamic money management so that it can adjust to different market conditions.

Forex Diamond EA Review

Summary

The Forex Diamond EA is an automated trading robot developed by the Fxautomater team that is compatible with the MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms. This particular forex expert advisor has been around for many years, with frequent updates and verified results being shared by the developers. The software can automatically scan charts in the MetaTrader platforms for valid trading signals according to its unique trading algorithm. It can then place and manage trades on behalf of the user. Alternatively, it can be set to send an alert for the trader to manually confirm each trading signal. Read on to find out more in this Forex Diamond EA Review about the strategy, features and results.

Pros
  • Fully automated forex robot
  • Can trade on multiple currency pairs
  • Customisable settings
  • Compatible with MetaTrader 4 and MetaTrader 5
  • Multiple trading systems
  • Dynamic money management
  • Self-updating algorithm
  • Advanced news filter
Cons
  • No 99% modelling quality backtests
  • Large drawdowns on some of the accounts

Forex Diamond EA Review

Strategy

The Forex Diamond EA strategy implements a dynamic trading logic with a 40+ Recovery Factor system. It combines an impressive three independent trading systems in one. You can use all three-signal strategies at once or selectively turning ON or OFF a specific signal based on your strategy.

The fact there are 3 different strategies within the one algorithm means that it is able to adjust to various market scenarios without necessarily requiring constant tweaking and optimization, whether that be trending markets or range bound price action. A diverse trading strategy can enable opportunities to trade in any market, with any currency pair, at any time.

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The Forex Diamond EA includes trend, countertrend and scalping strategies, along with smart money management, dynamic trading parameter configurations and an optional recover system.

The trade frequency is reasonably with dynamically calculated stop loss and take profit levels. The proprietary trading algorithms can execute more than 1,200 trades per year.

You can use the default settings provided by the developers or you are free to experiment with settings according to your own trading style and risk preferences. It has been designed specifically for the 15-minute chart timeframe and GBP/USD, EUR/USD, USD/CHF, USD/JPY currency pairs.

The Forex Diamond EA strategies are as follows:

Signal Strategy

The Forex Diamond EA implements a unique trend strategy with optimised and predefined parameters to systematically execute trades in line with its trend retrace signal.

Countertrend Strategy

Forex Diamond also has a built-in countertrend strategy to scan the markets for possible trend reversals. Once the software detects a trade opportunity according to the reversal strategy, it can dynamically adjust its adaptive trading parameters in an attempt to maximize the potential of each trade.

Scalping Strategy

The Forex Diamond EA countertrend scalping strategy looks to take a small amount of pips from trades by entering against the trend with dynamic trading system which adjusts the trading parameters in an attempt to tackle even the most volatile markets.

Forex Diamond EA Review

Features

Forex Diamond EA Features
Forex Diamond EA Features

As with most trading software developed by Fxautomater, the Forex Diamond EA has some innovative features including the following:

Multiple Trading Systems

As we discussed above, the software combines various different trading systems into one forex robot in order to try and adapt to different market conditions.

40+ Recovery Factor

The developers claim that Forex Diamond has a 40+ Recovery Factor which basically means that a winning trade is on average 40x that of a losing trade. It is very important to note that these figures are based solely on historical data in a testing environment and therefore absolutely no guarantee of future performance.

Dynamic Money Management

The majority of forex robots use rigid money management principles with fixed stop loss and take profit levels that do not change according to market behaviour. However, vital trading parameters such as the stop loss, take profit, and threshold values are dynamically calculated and managed by the Forex Diamond EA. It can systematically track open trading positions and close each at what it considers to be the optimal profit levels according to the built-in algorithm.

Self-updating Algorithm

The software has a self-updating algorithm to ensure that you always have the latest version of Forex Diamond running. This is important considering the forex market is constantly changing and Fxautomater are frequently updating the software according to the latest market conditions.

Rapid Market Impulse Trading Levels

Forex Diamond sets your trades to try and take advantage of volatile market movements. Each trade can be configured based on your trading strategy.

Advanced News Filter

The forex market can be extremely volatile around major news releases which can often lead to unsuitable trading conditions such as high spreads and slippage. Thankfully, the trading software implements an advanced news filter to avoid trading around certain economic events.

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Spread & Slippage Protection

When trading online with a forex broker, you will need to pay a spread and can get a price different than what you expected when there is slippage during the order execution process. Whilst this can be minimised by using a reliable ECN broker, this particular forex robot has a useful maximum spread and slippage filter.

When the brokers spread on a currency pair is greater than that set within the maximum spread setting, the EA will not place a trade. Likewise, if the difference in price from when the order is sent by the software and the available market price is greater than the maximum slippage, it will avoid taking a position. These settings can help to avoid unsuitable trading conditions.

Optimised Settings

Fxautomater insist that the software can work with minimal configuration as they have already spent countless hours optimising the Forex Diamond EA settings. The robot is the result of thousands of hours of design, testing, and refinement. It actually calculates trading parameters based on the current market. That being said, you can change the settings according to your own needs.

Forex Diamond EA Review

Results

When choosing a forex robot, it is important to check the latest results and see how it has performed historically. This is of course no guarantee of future performance but can help to give you an idea of the trading strategy being used.

Forex Diamond EA Myfxbook

Fxautomater have published some real and demo Forex Diamond EA Myfxbook accounts so you can track the latest verified performance of this forex robot to see if it is an automated trading solution that you would like to implement within your trading portfolio. Past performance is not an indication of future results.

Forex Diamond EA Backtesting

Fxautomater have provided Forex Diamond EA backtests over more than a decade of historical data to show how the automated forex system has performed through various economic climates and financial situations.

Whilst it is useful to have backtests for any forex robot especially over a sustained period of time, it is disappointing that the modelling quality is only 90% and they haven’t used real variable spreads or included commissions. These are all factors that can have a significant impact on performance. Perhaps the developer will consider updating the historical Forex Diamond EA results to use real tick data, variable spreads, commissions and slippage.

Forex Diamond EA Review

Conclusion

The Forex Diamond EA is a unique forex robot for the MetaTrader platforms that combines three automated trading strategies into one along with dynamic money management. It comes with setup instructions and default settings so can be used without any modifications required. There are limited backtests and verified Myfxbook accounts to get a rough idea of historical performance. The software includes free updates, full support and a money back guarantee.

This is an automated forex system from the Fxautomater team of professional forex traders and developers. They have more than 50 years of combined experience in trading, researching and software development. We have reviewed other Fxautomater robots including BF Scalper Pro, Grid Master PRO, Smart Scalper PRO, GOLD Scalper PRO, Omega Trend EA, Volatility Factor 2.0 Pro, Forex GOLD Investor EA, Forex Trend Detector and Forex Combo System.

7.5Expert Score
Forex Diamond EA Rating

The Forex Diamond EA is a forex robot for the MetaTrader 4/5 platforms which combines three trading systems and dynamic money management so that it can adjust to different market conditions.

Features
7.5
Strategy
8
Results
7

Forex Diamond EA Review

FAQ

What is the Forex Diamond price?

Forex Diamond costs $247. You can use it with one real live trading account and several demo accounts at the same time.

Where can I download the Forex Diamond?

You can download the Forex Diamond EA from the official website here. As a customer, you will have access to all Forex Diamond updates free of charge.

What kind of customer support does Forex Diamond offer?

The Fxautomater team of experts are on hand and ready to answer any general question or technical issue that you may have with the Forex Diamond software. Whilst the software is actually quite user friendly and the provided setup instructions are easy to follow, support is happy to help and aim to respond in less than an hour.

What are the best brokers to use with the Forex Diamond?

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You can use any forex broker that has the MT4/MT5 platforms to run Forex Diamond.

What’s the minimum amount required to trade with the Forex Diamond?

There is no specified minimum amount required to start using this trading software. You should only use what you feel comfortable with and can afford to lose.

What is the Forex Diamond refund policy?

Fxautomater offer you a 60-day no questions asked money back guarantee if you are not satisfied with the software for any reason.

Is the Forex Diamond a scam?

No, we don’t think Forex Diamond is a scam but that does not guarantee results. No manual or automated system can predict the forex market with 100% accuracy.

Can I get the Forex Diamond for free?

You could probably spend hours scouring the internet for a free copy of Forex Diamond but you will only have assurance of it working correctly, the benefit of complete service and lifetime future updates when buying the original product from the official website.

What currency pairs does the Forex Diamond trade?

Forex Diamond supports 4 currency pairs on the 15-minute charts as follows: GBP/USD, EUR/USD, USD/CHF and USD/JPY.

What are the best Forex Diamond settings?

The best settings for the Forex Diamond are more than likely going to be those that are provided by the developers. Nobody will know the software more than those who have spent thousands of hours developing and testing it in order to optimise the settings so that users don’t have to.

Can I change the Forex Diamond settings?

If you have the knowledge and experience, you are free to experiment with your own settings, this includes the lot size, stop loss, take profit, and more. You may wish to test your settings on a demo account to begin with. You could also backtest the robot in the MetaTrader strategy tester with your own combination of settings to get a rough idea of historical performance.

What do I need to run the Forex Diamond?

The Forex Diamond EA is compatible with the popular MetaTrader platforms – MetaTrader 4 (MT4) and MetaTrader 5 (MT5). You will need either platform and a trading account with a forex broker. The majority of forex brokers will let you open a free demo account or a real account with a small deposit and download the MetaTrader platforms free of charge.

How much money can I make with the Forex Diamond?

Due to the unpredictable nature of the forex market, nobody can predict what will happen in the future. You should make sure that you understand all of the risks involved using any automated trading system such as the Forex Diamond.

Results are based on historical data. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown. There is no guarantee of future performance. You should understand the risks involved with trading. Your capital is at risk.

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Forex Diamond EA Review
Forex Diamond EA Review
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