Forex Diamond EA Review – Read This Before You Think ”Settings”, ”Download” or Myfxbook
After reading this Forex Diamond EA review, you will be able to make up your mind as to whether or not this Forex robot is worth the investment.
According to the sales page of the Forex Diamond EA, this Forex robot has 40+ recovery factor (a measurement of how many times it can win compared to how many times it losses).
While a recovery factor of 20+ is good, 40+ is considered perfect. Forex Diamond EA website claims that it will take your trading to the next level.
The developer of this expert advisor is known as FX Automator group who is quite popular in the Forex Expert advisor development industry.
Up to now, this developer has not revealed where they are based at. However, they are behind some of the most popular Expert advisors (Forex Trend Detector and many others), which have been retailing in the market for the past 5 years.
The sales page which is found here forex-diamond.com looks flashy and professional at the same time. The purpose of this review is to summarize the long sales page to help you make an informed decision on whether or not you will buy this robot.
If you are a fun of Forex signals, consult me here and we can work together.
Another thing: make sure that you are trading with a regulated and reliable Forex broker. Even if you are trading with the best expert advisor in the market, a bad scam broker can ruin your investments.
Forex Diamond EA review
One of the most marketed features of this robot is the dynamic trading logic which is supposed to adopt to changing market conditions, a self updating algorithm, profit protection, high slippage protection and high trading frequency.
The developer of Forex Diamond EA says that this robot is special because it combines 3 trading strategies into one product, thus it will always give traders the most efficient results.
Forex Diamond EA Settings and Strategies
This Forex robot is touted on the basis that it comes with a lot of settings which you don’t need to tamper with because the robot is dynamic and needs minimal intervention. The strategies include:
(a) Trend retracement signal strategy where the algorithm notices potential retracements and optimizes entries based on several parameters.
(b) Countertrend strategy to watch for potential turning points in the market.
(c) Scalping strategy which leverages small spread trades executed with ”speed and precision”.
So far, there is nothing detailed about these strategies … Just a loose explanation of the key elements of those strategies.
FX Automator group believes that Forex Diamond EA is the most powerful Forex robot available today.
Summary of what you should expect with this Forex robot
Enthusiastic traders have been searching for a Forex Diamond EA forum where they can get insights about this robot.
There is no such forum. The only thing you get access to is the members’ area.
The cost of one license and unlimited demo is $237 (there is no Forex Diamond EA free download), although FX Automator Group offers discounts from time to time.
The robot is compatible with both MetaTrader 4 and MetaTader 5 and is able to trade under all market conditions.
A 60-day money back guarantee is also offered as well.
Forex Diamond EA Myfxbook performance
This is where I’d love to do a more in-depth performance analysis. Those of you who know me understand that I am big on Myfxbook performance. It’s the reason why Forex robots such as the MFM7 EA, Forex Warrior EA, Forex Robotron, Euro Pro Scalper EA and many others have fallen out of favor with my reviews.
My investigations revealed that this developer once had a Myfxbook account which tracked results from October 29th, 2013. This myfxbook account seems to be dormant and now we have a new one and a supposed 19-year old back-test.
In the deleted account, gains were 650% and draw down was 43.88%. This is such a huge draw down. Anything above the 20% mark is just too dangerous to trade with.
And now we have the current Forex Diamond EA myfxbook tracking the performance of this robot for the currency pair USDJPY.
This myfxbook account has been active since November 2017 and was up to date as at the time of writing this review.
Overall gains are +35.73% and draw down is 9.80%. This is not bad considering that draw down is minimal.
On the other hand, I think that this gain is just too small considering that the robot trades every day and its price is $237.
Since November till now, we are counting 7 months. So if this robot has been trading for 7 months only to yield +35.73%, that isn’t the most profitable EA on the internet right now – in my opinion.
Also, I’d love to know why the developer did away with the first myfxbook account. FX Automator Group should drop their comment here and I’ll gladly reconsider this review.
FX Automator Group has created an EA that doesn’t appear to be very risky. However, it isn’t my number one choice because I don’t see why a Forex robot that has all the modern features can only yield 35% in 7 months.
My verdict is that the Forex Diamond EA would be something to use when looking to pick a few pips from the market from time to time. However, you can’t rely on it fully to scoop big chunks of profits from the market.
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