Forex Diamond is an expert advisor that is compatible with both Metatrader 4 and 5. According to the vendor, this robot can take your trading to the next level. This is a bold claim that demands a thorough analysis of the system’s performance.
On the official website, the vendor has shared multiple live trading accounts and highlighted the main features of the EA. We also have some information related to the trading strategy, pricing details, and backtesting results.
Forex Diamond is a product launched by the FXautomater team that is based in Seychelles. This company has been manufacturing Forex robots for around 15 years, but we don’t have any information on the team members. Other systems manufactured by this company include Omega Trend EA, News Scope EA Pro, BF Scalper EA, BF Smart Scalper EA, and Grid Master EA. To get in touch with the service team, you can use the contact form on the website.
Key features
Forex Diamond is available for the price of $227, which is extremely expensive for a scalping bot. You can use this EA to trade in four currency pairs, namely USD/CHF, EUR/USD, USD/JPY, and GBP/USD. The vendor recommends using it with the M15 time frame. The minimum amount for getting started with this EA is $100-$500, but according to the vendor, you should start with at least $1000-$5000 if you wish to trade the market in large sizes. For its live trading account, Forex Diamond uses a leverage of 1:500.
This EA follows a high-frequency trading approach, executing more than 1200 trades every year. It is able to adjust its trading parameters according to the market conditions and it has high slippage and spread protection as well.
Forex Diamond trading approach
Forex Diamond follows a scalping strategy where it executes trades at a high speed. It also monitors the market for trend reversals and adjusts its parameters accordingly. Now scalping is a strategy that can be extremely tiresome for traders because it involves placing a large number of trades on a daily basis. Also, since you can win only small profits from each trade, you need to spend a lot of time managing your trades.
Backtesting results
Here we have the results for a backtest conducted on the GBP/USD pair from 1999 to 2018. The EA used an initial deposit of $2500 to generate a total net profit of $113626.53. It placed 29144 trades during this test, winning 78.10% of them. The profit factor for this backtest was 1.58, while the relative drawdown was 15.79%.
Forex Diamond live trading results
This is a live trading account on Forex Diamond that was launched on February 07, 2018. The EA has placed 1330 trades through this account, generating a small profit of $320.02. We think the profit is very low considering the fact that the account has been active for more than 3 years. Currently, the daily and monthly profits are 0.02% and 0.66%, respectively.
Looking at the recent trading results, we can see that the EA makes very small profits from each trade. This is not suitable for traders who wish to make long-term profits.
What are the risks with Forex Diamond?
Forex Diamond is definitely not a safe and reliable trading system. Despite being in the live market for more than 3 years, it has generated a very small profit, so the vendor’s claims of high profitability can be considered false. Also, this EA does not have much of a reputation among traders, since there are no authentic reviews on third-party websites.
Worth noting!
We were unable to find any customer reviews for Forex Diamond on websites like Forexpeacearmy, Trustpilot, Quora, and Myfxbook. It is abundantly clear that this EA does not have a stellar reputation in the Forex trading community.
What are the pros & cons of investing in Forex Diamond?
| Pros | Cons |
| Verified trading results available | Overpriced robot |
| Low-profit trading approach | |
| Lack of customer reviews |
As we can see, Forex Diamond has too many shortcomings. It doesn’t make sense to pay so much money for a system that is not that profitable.
Forex Diamond Conclusion
After analyzing the various performance aspects of Forex Diamond, we have reached the verdict that it is an unreliable EA. It is overpriced for a scalping bot and its live trading performance is not too impressive.
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