Successful trading results are possible only when you use the proper analytic tools. An EA helps to simplify the trading process and removes much of the hassle surrounding it.
Forex Diamond EA is one such tool that claims to provide the best analysis with its optimized algorithms, verified and proven results, and crucial backtesting record.
Launched over a decade back, this EA is a Platinum level affiliate of Click Bank based in Idaho, USA. The purchase of the software is via Clickbank, which makes the process more efficient than when doing a direct purchase. This is because of the money-back guarantee provided by Clickbank for a period of 60 days.
For information on selecting the best robot or signal provider, make sure to read our best Forex robots/signals list that comes with effective recommendations and reviews.
Forex Diamond Overview
As an automated EA designed by the developers of the popular Forex robot, WallStreet, Forex Diamond offers a hassle-free trading analysis. Compatible with MT5 and MT4 platforms the software uses indicators and math for its signal calculations.
The winning percentage offered is 75%. The EA uses the Trend Retrace signal strategy for ensuring profitable trades.
Some important features of this EA include:
- Application of proven trading parameters that help in profit protection
- Works with four main currency pairs namely USDJPY, USDCHF, GBPUSD, and EURUSD
- A time frame of 15 minutes is used by the EA
- All calculations of take profit and stop loss are dynamically done ensuring protection from the high spread and high slippage.
- The algorithms used are auto-updated and the frequency of trading is high.
- The three trading strategies used can be applied separately or together.
- The unique nature of the EA ensures traders need not optimize much as the existing optimization of the software is sufficient.
Forex Diamond EA vendor provides a 60% discount on every purchase made, which brings the initial rate of $297 down to $237. The package includes a single real money account and multiple demo accounts, along with a strategy guide, free lifetime updates, and 60 days refund policy. The price is a bit more affordable than the other EA products available now as you can see from the table below.
|Forex Flex EA||$330|
|Forex Real Profit EA||$199|
|Happy Forex EA||$299|
How It Works
To install Forex Diamond EA, you need to have MT4 or MT5 installed on your computer. Make sure you set up the EA on the same folder as the MT4. The demo account and live account activation can be done after logging in to the EA member page.
The EA includes general or standard and expert settings. The standard settings include features such as optimization of slippage, spreads open trades, recovery mode activation, and trade volume according to drawdown changes.
The EA uses three unique strategies for profitable trading and recommends a minimum balance of $1000 up to $5000 for trading. This offers fewer limitations for the trading process. However, you can also use smaller amounts starting from $100 if the broker you use permits it.
The strategies used include signal, countertrend, and scalping strategies. In the signal method, signals are included in the EA’s algorithm to enable making a profit from the strong trends in the market.
The counter trend as the name suggests uses trend reversals to identify profitable trades. The last strategy is focused on high-frequency trades to enable smaller profits using volatile as well as range bound trades.
The EA provides verified trading results for its demo and real accounts on Myfxbook. However, the results do not clarify the use of real spreads, slippage, and other parameters. The results nevertheless show good gains and low drawdown percentage.
The backtesting shown below shows a period of 19 years. However, the modeling is 90% accurate and not 99%. The prices are not based on tick data analysis. These two affect the performance assessment.
Although the EA has been in the market for nearly a decade, there are very few customer reviews available. And, the very few present, like the one below, indicate the low profits gained and high drawdown.
The recovery factor of +40 advertised predominantly on the site indicates that the EA has the ability to even out the losses or missed opportunities with this factor. The developer claims that with this recovery rate, a trader will always lose less and profit more despite high volatility.
Automatic Money Management
An automatic money management feature is available that moves the trade size from 0.5% to 1.5% of the capital investment to a maximum of 5% for a transaction when needed.
Forex Diamond does not provide many returns for traders as claimed by the developer with the accounts that are shown on the official website. The refund policy, multiple strategies, flexible time frame, and auto-updating algorithm are good features. But, the trading results are not promising enough with just around 10% or fewer returns shown below for 2020.
I have been using Forex Diamond since 2018 and it helps me to make some profit, I use low risk, I am a bit afraid to increase the risk.