Forex Diamond Review
Are you searching for the Forex Diamond reviews in order to find out what is Forex Diamond EA automated trading solution and how ti works. The Forex Diamond EA 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, so is it scam or legit? You are absolutely in the right place because here, within our Forex Diamond review, you are going to find out the complete truth about Forex Diamond.
Actually, we don’t recommend anyone to use Forex Diamond expert advisor. If you want to know why, then you can find the details within our Forex Diamond review as below. If you don’t want to find out more details on it, but instead want to find out the legit Forex trading software, then you can click this link:- Best Forex Robots.
OK, let’s begin with our Forex Diamond review in order to find out what is Forex Diamond in real.
How Forex Diamond Works
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.
I added the category developer for this breakdown, because they have recently been behind a couple launches. They created the Forex Gold Investor, Volatility Factor 2.0 and Wall Street Forex Robot.
There has been a remarkable change in the result. 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.
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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.