Welcome to the Forex Diamond EA review. Forex Diamond EA is among the many expert advisors manufactured by the FX Automater team.
This team is behind some 16+ Forex robots and 2 indicators. Some of their products are even offered for free.
With the Forex Diamond EA, they feel that traders can make consistent gains because it utilizes 3 strategies.
These include trend-retrace, countertrend and countertrend scalping.
FXautomater claims the 3 algorithms were subjected to 19 years of brutal testing and rigorous live account trading and the EA still produced convincing gains.
They even remind us that the last 17 years have been a financial nightmare but Forex Diamond EA kept on winning.
They are probably talking about backtesting which is not our preference because a statement sharing platform like myfxbook is more efficient in proving the alleged gains.
The Forex robot is compatible with MT4 and MT5 trading platforms and features a 40+ recovery factor.
According to FXautomater, this product makes more money than it losses.
They also feel that one strategy cannot stand all market situations. So they included a dynamic strategy with self updating algorithm to outperform the market.
They claim that all the 3 strategies have been tested.
The cost of a license is $237. With this payment, traders will receive an EA that is already optimized and with high slippage/spread protection.
The EA is able to protect gains using its profit protection system. It is able to self-update. It is suitable for “high-frequency trading”.
It is “smart, fast and easy to setup”. These are the words that FXautomater is using on the sales page to communicate what they feel about their Forex robot.
Note: The community should consider a cheaper and more efficient Forex robot as recommended on this page.
Is Forex Diamond EA legit?
To answer this question, our review will tackle multiple areas of this expert advisor.
The developer has put up a long sales page that is beautiful but at the same time tiresome to go through.
Most of the communication comprises of sales language which obviously means heavy promotion with little in the way of providing the viability of the product.
Seeing that FXautomater is a well-known Forex robot developer, we took interest in this specific EA just to find out what it could do.
With respect to this, we looked at the robot’s myfxbook performance for the real money account.
The developer has provided a couple of links to their myfxbook results which are associated with this Forex robot.
What we observed is that this robot is being used in both demo and real money accounts.
In the real account, we see that the developer is using custom dates in their myfxbook page.
This suggests that they just want to show us results from a specific period of time as opposed to the entire period of this robot’s trading.
Obviously we prefer seeing the entire picture since cherry-picked performance results don’t give a good idea of how it will perform in the future.
As far as results are concerned, we see that gains are +108.79% with monthly returns standing at 4.28%. On the other hand, drawdown is at 8.36%.
These accounts are hosted at IC markets broker.
These results are okay since drawdown should never exceed 20%.
Furthermore, this is a sample of trading performance between the start of April 2019 until September 2020.…. quite long enough.
The account is actively being traded by this robot which is a good thing.
While the Forex Diamond EA has profitable and losing months, overall we think these results are stable.
On the other hand, their demo account suggests that Forex Diamond EA can be used with high-risk settings as drawdown is 25%.
We do not like these results and these settings should be avoided.
Since FXautomater says this algorithm is self-updating, we wonder how traders will avoid such high drawdowns.
In conclusion, we can say the results appear to be stable. However, we would like an explanation as to why FXautomater decided to use custom dates in their results.
We appreciate the fact that they provided strategy insights and also told us about the kind of technology that was used to build this Forex robot.
In as much as we’d like to recommend Forex Diamond EA, we still feel that the developer should shade more light on this issue.