Forex Diamond EA Review and Reputation
Forex Diamond EA is sold by FX automater.
The typical EA of FXautomater is WallStreet Forex Robot.
WallStreet Forex Robot is a popular EA with a low-risk strategy.
On the other hand, what are the characteristics of Forex Diamond EA?
Basic Information of Forex Diamond EA
In general, EA refunds often have conditions such as malfunction or when a certain percentage of drawdown occurs within a period of about 30 days. On the other hand, FX automater’s EA money back guarantee is unconditional. This is a great point.
Live Performance of Forex Diamond EA
Forex Diamond EA has published the results of multiple forward tests. But most are the result of demo accounts.
Considering that this EA is a scalping EA, you should not trust the results in the demo account.
The following is the result of the forward test on the only real account that is open to the public.
Although not an impactful result, the drawdown is small and profitable.
The only currency pair used in this real account is GPBUSD.
The following is a list of forward test results including demo accounts.
The USDJPY currency pair has a total profit of over + 500%. However, because the maximum drawdown is over 40%, this account is a little risky.
Trading Method Analysis of Forex Diamond EA
3 trading strategies
The vendor sales site states that Forex Diamond EA uses 3 trading strategies.
② Counter Trend
③ Counter trend scalping
From this description, you can see that this EA is a contrarian.
Details of these three strategies are not disclosed.
You seem to be able to use only one of the three or use all three.
Transaction history analysis
The entry is counter trend.
This EA seems to be good at making profits in the range market
Some of you may be interested in opening additional positions if the price moves in the opposite direction of the initial position.
It is a feature of Grid EA to open additional positions when the market moves in the opposite direction.
Many grid EAs have no stop loss and are high risk.
However, forex diamond EA real account forward test, fixed stop loss of about 40pips to 70pips is set.
If you check the transaction history, even if the market price moves opposite to the position, this EA will not keep the position. This EA closes the position.
At first glance, it looks like a high-risk grid EA, but there is no risk that the account will blow away in an instant.
Forex Diamond EA has a relatively high transaction frequency.
The sales site states that there are more than 1200 transactions per year, that is, an average of 5 or more transactions per day.
Actually, in the transaction history of the real account, there are 960 transactions from the beginning of April 2019 to the end of October 2019, which is about 6.4 transactions per day.
EAs with a large number of transactions are not necessarily excellent EAs.
However, if the number of transactions in the forward test is small, there are cases where profits are produced by chance, so the results are not reliable.
Forex Diamond EA can be appreciated for its profits after nearly 1000 trades.
This EA may close the position within 10pips, rather it is a scalping EA
Note that scalping EAs have different results depending on the broker.
Additional Features of EA
Automatic parameter adjustment & update
This EA is equipped with a function that automatically changes parameters according to the market conditions of the day.
It also has a function that automatically updates the trading strategy itself.
The weak point of EA is that the result will be worse if the movement of the market price changes.
Although it is unknown whether it works effectively, the fact that parameters and strategies are automatically updated may give good results.
Broker measures of Forex Diamond EA
There is a function to avoid entry when a large slippage is likely to occur or when the spread becomes wide.
Since it is an EA aimed at a relatively small pips, measures against spreads and slippage will work effectively.
Conclusion of Forex Diamond EA
High-risk methods like grid and martingale are not adopted.
The forward test has left good results. It can be said that it is an excellent EA.
However, if you use this EA, you should be aware of the following concerns: