Forex Diamond is an FX robot that claims to be a proven and profitable trading software that can provide you passive income for many years. The FX EA works by continuously analyzing the market and identifying profitable trades multiple times a day.
The vendor claims that this software has been designed by a team of professionals with 40 years of combined experience and is backed by proven performance. This software is promoted by FXAutomater which has more than 15 years of experience and over 10000 happy clients. The company has more than 30 products in the market, which include Forex Trend Detector and Forex Gold Investor. .
This FX robot assures accurate operation and a recovery factor of more than 40. To find out whether these claims are true or not, we have decided to analyze the system, its features, performance, support, and other factors. As per the vendor, this ATS has consistently outperformed and uses three proven trading approaches to ensure accurate and reliable profits. The vendor claims that this EA has produced 19 years of consistent backtesting results.
What is behind the Forex Diamond Robot?
According to the vendor, this FX robot is a dynamic system that uses calculation in real-time and adapts to present market conditions. Important parameters like TP, SL, and threshold levels are calculated and managed effectively by this EA. It adjusts the trade positions by capitalizing on each opportunity and thus boosts profits. Using the system is easy. You need to download the software, install it, and use it during your trading session.
The important features this FX EA claims to have are quick market impulse trading levels, optimal money management, a high frequency of trades that require minimal optimization, and protection from high slippage. Protection from the high spread and profit protection are other features this FX robot has. The system is capable of self-updating itself to changing market situations, which helps in maximizing profits.
In the FAQ section, the vendor provides recommendations on the deposit, timeframe, and other info. This EA uses the M15 timeframe and works mainly on the EURUSD, GBPUSD, USDJPY, and the USDCHF pairs. The vendor recommends a capital of $1000 up to $5000 for better profits but the minimum recommended amount can be from $100 to $500. We could not find a mention of the leverage used.
As per the info on the official site, this EA uses after-retracement, countertrend, and aggressive scalping approaches to ensure profitable trades. With the after-retracement method, the system identifies strong market impulses and fixes the appropriate parameters for executing the trades. In the second approach, the system looks for a reversal trend and adjusts the trading to benefit from the reversal. With the aggressive scalping method, the EA uses spread protection and frequent trades for benefiting from the scalping trades.
Backtesting results are present for the EA. Here is a screenshot of the strategy tester report for the GBPUSD pair done for 19 years using the M15 timeframe.
From the above report, we can see a net profit of 113626.53 for an initial deposit of 2500. Modeling quality of 90.00% is used which is not sufficient to find info about the slippage, commission, etc. The report indicates the profitability of 78% and a maximum drawdown of 2.54%. The profit factor was 1.58.
To purchase this FX robot, you need to pay $227. The price includes a single real account, multiple demo accounts, an advanced news filter, and MT4 and MT5 compatible versions. This ATS supports four currency pairs and comes with a 60-day money-back guarantee. When compared to the prevailing price of competitor FX robots, the price is not expensive.
Trading Performance of Forex Diamond
A real AUD account verified by the myfxbook site using the IC Markets broker and the leverage of 1:500 on the MT4 platform is shown here.
From the trading stats, we could see a profit of 123.37% for a deposit of AUD 419. A drawdown of 21.14% is present for this account and the daily and monthly profits are 0.10% and 2.93% respectively. For the account that started trading in April 2019, a total of 3922 trades have been executed with a profitability of 71% and a profit factor of 1.14. From the trading history, we can see the lot size of 0.01 is used for all the trades. Comparing the backtests with the real trading we find the profit is low and not as claimed by the vendor.
An online contact form is the only support available. Other than the FAQ section, the support options present are insufficient.
We could not find user reviews for this EA on trusted third-party sites such as Forexpeacearmy, Trustpilot, etc. The absence of feedback indicates this is not a popular system in the market.