Forex Diamond Review: Does it Win or Lose?

Promoted as a system with maximum reliability and high profit, Forex Diamond is a trading tool that uses a multiple strategy technique. As an FXAutomater product, this ATS uses dynamic calculation and adapts to the prevailing market situation to boost profits. While the vendor provides verified trading results and backtests, the performance and transparency are not as operative as claimed. Despite the vendor stating that this EA is reliable, we find that the evidence reveals that this is not a trusted FX EA.  

What is Forex Diamond?

A self-updating algorithm is used by this FX EA to keep up with the changing market situation. Other features that the vendor claims make this system profitable include its dynamic trading logic, high-frequency trading, a recovery factor above 40, and use of multiple trading approaches. Some of the money management features include dynamic calculation of SL and TP levels, protection from high slippage and spread, and profit protection. 

Four main currency pairs can be traded with this ATS and they include the EURUSD, GBPUSD, USDJPY, and USDCHF pairs on a 15-minute chart. The minimum deposit required ranges from $100 up to $500 but the vendor recommends a balance of $1000 for better profits. A 1:500 leverage is recommended and this EA is compatible with all regulated brokers.

Official Forex Diamond Website

The website is well-made with separate sections for FAQ, Contact Us, Affiliates, and Blog. Most of the home page is taken up by the verified demo/real accounts and backtests. We could see that the main focus is on the features provided and how they differ from other similar systems. But there is very little info related to the vendor and the location address. 

Customer support is also not up to par as queries are answered via the online contact form only. With no instant response, we find the support is not effective. Further, the lack of transparency relating to the vendor info and customer support raises our suspicion of this EA.

How Can We Use Forex Diamond? 

A dynamic calculation of trading parameters is carried out by this FX robot which includes TP, SL, and threshold levels. The EA makes adjustments to the trading positions to ensure you get maximum returns. Optimal money management measures, the configuration of all trades based on the trading approach used, and the high trading frequency features of this FX EA ensure accurate trade executions and profits are made.

Pricing & Refund

A discounted rate of $187 is offered for this EA from the earlier price of $297. With the purchase, you get a single real money account and multiple demo accounts, the ability to trade four different currency pairs, MT4, and MT5 compatibility, and an advanced news filter. The vendor offers a money-back guarantee of 60 days. Compared to the competitor EA price range, the cost of this EA appears to be affordable.

Trading Strategy

As per the vendor, multiple strategies used here are the secret behind effective results. The approaches used include secure after-retracement, countertrend, and scalping methods. These ensure that the best parameters are set for trading with high trading frequency and spread protection. Backtesting done for 19 years is revealed by the vendor. Here is a screenshot of the backtesting done on the GBPUSD pair using the M15 timeframe from January 1999 up to February 2018.

For an initial deposit of 2500, the net profit is 113626 with a profit factor of 1.58. The maximal drawdown for the account is 2.54% and the profitability is 78%. But the modeling quality is 90% only, which is not sufficient to know about the slippage, spread, and commission.

Current Performance 

Several live trading results verified by the Myfxbook site are displayed on the site. Here is a real live AUD account using IC Markets broker and MT4 platform with the leverage of 1:500. 

From the trading stats, we can see the profit percentage is 106.22% and a similar value is found for the absolute gain. The lot size is 0.01 and the drawdown for this account is 21.14%. With a profit factor of 1.12 and a winning probability of 71% this account reveals a small gain percent which is not on par with the claims of the vendor.

What Customers Say

We could not find user reviews for this EA on trusted third-party sites like Forex Peace Army and Trustpilot. The absence of feedback from users reveals that the system is not a popular product among traders.