Forex diamond is a Forex robot that boasts an amazing 40+ recovery factor that can take your trading to the next level. This product is from the creators of the Wall Street Forex robot, a system that was active in the market for over two years. Today I will be providing an in-depth review of this software and updating this post as more information comes available. This post was originally created in 2013, but I have since updated to meet current expectations.
The EA is created by the FX Automater group. It is unknown where they are located, but they have been behind some popular robot releases over the past 4-5 years. In order to get in touch with support, traders can email via a contact form at the bottom of the sales page.
Forex Diamond Review
Some of the features for the Forex Diamond EA include a dynamic trading logic, self updating algorithm, high trading frequency, high slippage protection and profit protection system. The software itself uses three trading strategies combined. Let me go over these algorithms.
- Market domination algorithm 1: This strategy uses trend retrace signals to hunt for profitable trades.
- Market domination algorithm 2: This Forex diamond strategy is counter trend which watches for potential market reversals to look for trading opportunities.
- Market domination algorithm 3: Lastly, is the diamond dynamic trading system which adjusts the trading parameters to suit the type of trade or market that is active.
There is nothing in more depth about the strategy. Just a loose explanation of some of their features.
- Type: Forex Robot
- Developer: FX Automater
- Price: $297/license
- Strategy: 3 Strategies
- Timeframe: M15
- Pairs: EURUSD, GBPUSD, USDCHF, USDJPY
As it’s Christmas time, the FX Automater group are providing a 40% discount, and offering the product at $187 per license.
Trading Results (2021)
The results have changed quite a bit since I last updated this Forex Diamond review. There are now multiple Myfxbook accounts, to go along with the backtest that you see below. I’ll be doing a more in depth analysis of these results today, as it’s quite apparent that in my old reviews I was hardly verbose. It’s actually quite nostalgic to come back and see my old reviews, to see how far I’ve come in terms of analysis and recommendations.
The main Myfxbook account has been running since October 29th, 2013, and shows an overall gain of over 650%. This makes out to a 0.13% gain daily, and a 4.11% monthly, with a drawdown of 43.88%. In terms of drawdowns, this is quite large, and I generally prefer to keep my drawdown around 30% or below. Anything around the 50% mark does scare me.
When doing long-term analysis of the EA, it’s quite apparent that it was most profitable in it’s early days, and it’s tailed off since then. There was a resurgence in 2016, with a handful of strong months, but in 2017 the EA is showing a 9.57% gain for the entire year of 2017, with just a couple weeks left in the year.
I don’t see any signs that show that the robot is going to get back to large percentage gains, but if you are interested in 5-10% per year, then this is a viable solution. Yet, when dealing with a system that is providing 5-10% per year, I don’t want to be worried about a large drawdown, so there’s a lot to keep in mind when making your final decision.
The Forex Diamond team has continued to promote their services, and have recently added a live account.
The live account launched April 9th, 2019 and is showing a gain of 38.82%. The robot has taken over 800 trades already, so it’s quite active despite only trading two pairs. The robot wins 66% of long trades and 74% of shorts, with an average trade length of 6 hours 42 minutes.
The account is stable, and certainly adds some credence to their services but they do use a custom start date. A custom start date means that they may have had had some significant losses when the software first started trading.
In terms of current performance, the bot took a major loss near the end of 2020, and has yet to recover. This means the software has not shown a profit in the last 10 months on their live account.
Forex Diamond Conclusion
I hope that my updated review helps you make the right decision when it comes to Forex Diamond. This isn’t my first choice, as it does seem to have slowed down drastically, but it doesn’t come across as a very risky software anymore. This is a safe solution to pick up some pips from time to time, but not something you can rely on to pick up big chunks, and major wins.
If you have something you would like to add to the Forex diamond review please leave your comments below, I appreciate anything you have to share.
Forex Diamond $297
- Client Feedback
- Customer Support
Forex Diamond is a robot that’s been on the market for many years. There are some that feel it’s the best robot available, but we have it ranked in a tier below.
High trade frequency Retrace signals Counter trend
Custom start date on live account Average client feedback