Summary
The team at Fxautomater developed an automated trading robot known as the Forex Diamond EA. This robot is compatible with both the MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms. This particular forex expert adviser has been around for a good number of years, and its makers regularly provide updated versions of the software along with outcomes that have been confirmed. The software is able to automatically examine the charts contained within the MetaTrader platforms in search of valid trade signals in accordance with its own specialized trading algorithm. Following that, it is able to execute and manage deals on the user’s behalf. Alternatively, it may be programmed to send an alert to the trader, requesting that the trader manually confirm each trading signal. Continue reading this Forex Diamond EA Review to learn more about the approach, features, and results of this expert advisor.
Pros
• Trades on numerous currency pairs simultaneously
• Configurable parameters
• Compatible with MetaTrader 4 and MetaTrader 5
• Supports a variety of trading platforms
• Methods of dynamic financial management
• An algorithm that automatically makes updates
• A more sophisticated news filter
Cons
• There are no backtests with a modeling quality of 99%
• Some of the accounts have seen large drawdowns
Strategy
The Forex Diamond EA trading technique incorporates a dynamic trading logic and a 40+ Recovery Factor technology into its trading operations. It integrates an astonishing total of three separate trading systems into a single platform. You have the option of utilizing all three signal systems at the same time or selecting turning ON or OFF a particular signal depending on the approach you take.
Because there are three distinct strategies contained within the same algorithm, it is able to adapt to different market conditions without necessarily requiring continuous tweaking and optimization. This is true regardless of whether the market is trending or whether the price action is range bound. A diversified trading approach offers the potential to capitalize on chances to trade in any market, with any currency pair, at any time.
Scalping, trend trading, and countertrend trading are some of the trading tactics that are included in the Forex Diamond EA, along with intelligent money management, dynamic trading parameter setups, and an optional recovery system.
The trading frequency is reasonable, and dynamic calculations are used to determine the amounts of stop loss and take profit. More than 1,200 deals are capable of being executed annually by the proprietary trading algorithms.
You have the option of using the default settings that have been provided by the developers, or you are free to experiment with different settings in accordance with the manner in which you trade and the level of risk that you are comfortable with. It is optimized for the 15-minute chart timeframe and the GBP/USD, EUR/USD, USD/CHF, and USD/JPY currency pairs especially.
The following is a list of the Forex Diamond EA strategies:
Strategy to Send a Signal
The Forex Diamond Expert Advisor uses a one-of-a-kind trend approach that has parameters that have been optimized and specified in order to methodically execute trades in accordance with the trend retrace signal it generates.
Strategy Contrary to the Trend
In addition to this, Forex Diamond is equipped with an in-built countertrend approach that monitors the markets in search of potential trend reversals. As soon as the program recognizes a potential trade opportunity in accordance with the reversal approach, it is able to make real-time adjustments to the adaptive trading parameters it employs in an effort to optimize the potential of each trade.
Techniques of Scalping
The Forex Diamond EA countertrend scalping method seeks to take a tiny quantity of pips from trades by entering trades against the trend with a dynamic trading system that adapts the trading parameters in an attempt to deal with even the most volatile markets.
Features
The Forex Diamond EA, much like the majority of the trading software built by Fxautomater, comes with a number of cutting-edge features, including the following:
Several Different Trading Systems
As was just mentioned, the program integrates numerous distinct trading strategies into a single forex robot in an effort to respond appropriately to a wide variety of shifts in market conditions.
40 or Higher, the Recovery Factor
The creators of Forex Diamond assert that it has a 40+ Recovery Factor, which, in a nutshell, indicates that the value of a winning trade is, on average, forty times that of a losing deal. It is very important to keep in mind that these results are derived entirely from past data collected in a testing environment; as a result, there is not the slightest bit of assurance that they will accurately reflect future performance.
Adaptive Methods of Financial Management
The vast majority of forex robots operate according to inflexible money management concepts, which involve predetermined levels of stop loss and take profit that are unaffected by changes in market behavior. However, the Forex Diamond EA calculates and manages critical trading parameters such as the stop loss, take profit, and threshold values in a dynamic manner. It is able to methodically monitor open trading positions and close each one at what it determines to be the ideal profit level according to the algorithm that is built-in.
Algorithm that can update itself
You may be assured that you will always be using the most recent version of Forex Diamond thanks to the software’s built-in system for automatic updates. This is significant taking into consideration that the foreign exchange market is in a state of perpetual flux and that Fxautomater often updates their software to account for the most recent developments in the market.
Rapid Market Impulse Trading Levels
Your transactions in Forex Diamond will attempt to profit from choppy market conditions by being set up in this way. Each deal can be customized in accordance with the trading technique you choose.
Superior Filtering of the News
When important news is about to be released, the foreign exchange market can be extremely volatile, which frequently results in trading conditions that are not optimal, such as huge spreads and slippage. The good news is that the trading software has a sophisticated news filter, which allows users to avoid trading during specific economic events.
Protection against Spreading and Slippage
Trading foreign exchange online with a forex broker will need you to pay a spread, and there is a possibility that the price you receive will be different from what you anticipated due to slippage that can occur while the order is being executed. The use of a trustworthy ECN broker is one way to reduce the impact of this, but this particular forex robot comes equipped with a beneficial maximum spread and slippage filter.
The Expert Advisor (EA) will not place a trade if the spread on a currency pair offered by the broker is higher than the value specified for the maximum spread setting. Also, if the price difference between when the order is delivered by the program and the available market price is larger than the maximum slippage, it will refrain from taking a position in the market. These configurations may make it possible to steer clear of unfavorable market conditions.
Optimised Settings
Because Fxautomater has previously spent many hours perfecting the settings of the Forex Diamond EA, they are adamant that the software can function with very little configuration on the user’s part. The robot is the product of tens of thousands of hours of planning, putting it through its paces, and making adjustments. In practice, it determines trading parameters by basing its calculations on the current market. Having said that, you are free to adjust the parameters so that they better suit your requirements.
Results
When selecting a forex robot, it is essential to look at the most recent results as well as the way the robot has performed in the past. This is not a guarantee that the past success will be repeated in the future, but it can serve to give you an understanding of the trading strategy that is being used.
Forex Diamond Expert Advisor Myfxbook
You are now able to track the most recent verified performance of this forex robot thanks to the publication of some real and demo Forex Diamond EA Myfxbook accounts by Fxautomater. This will allow you to determine whether or not this forex robot is an automated trading solution that you would like to implement within your trading portfolio.
Backtesting with the Forex Diamond EA
Fxautomater has supplied Forex Diamond EA backtests that cover more than a decade’s worth of historical data in order to demonstrate how the automated forex system has fared in a variety of financial and economic environments.
It is unfortunate that the modeling quality is just 90%, and they haven’t used genuine changeable spreads or incorporated commissions in their tests, despite the fact that having backtests for any forex robot, especially over an extended period of time, may be really helpful. These are all aspects of a situation that have the potential to significantly affect performance. Perhaps the developer of Forex Diamond EA will think about changing the historical results to use real tick data, variable spreads, commissions, and slippage at some point.
Conclusion
The Forex Diamond Expert Advisor is a one-of-a-kind forex robot designed exclusively for use on MetaTrader platforms. It integrates three automated trading techniques into a single platform and features advanced money management capabilities. It comes preconfigured with both instructions for setting it up and default values, so there is no need to make any changes before using it. The only available backtests and Myfxbook accounts that have been validated can provide just an approximate estimate of historical performance. The program comes with unlimited support and updates at no additional cost, as well as a 30-day money-back guarantee.
This is an automated forex trading system created by the Fxautomater team, which is comprised of experienced forex traders as well as developers. They have a combined experience of almost 50 years in the fields of trading, studying, and software development.
What is the current price of the Forex Diamond?
The price of Forex Diamond is $247. You are able to utilize it in conjunction with one actual live trading account as well as numerous demo accounts simultaneously.
Where can I get the Forex Diamond to download it?
The Forex Diamond EA is available for download from the official website, which can be accessed here. You, as a Forex Diamond customer, will have unrestricted, cost-free access to any and all upgrades that are released.
What type of assistance are customers given when they contact Forex Diamond?
The knowledgeable members of the Fxautomater team are here and ready to respond to any general query or problem of a technical kind that you might have regarding the Forex Diamond program. Even though the program is relatively simple to use and the instructions for setting it up are straightforward, the customer service team is always willing to lend a hand and strives to get back to people in under an hour.
When trading with the Forex Diamond, which are the most reputable brokers to work with?
Forex Diamond can be used with any forex broker that provides access to the MT4 and MT5 trading platforms.
What is the lowest amount that must be deposited in order to start trading with the Forex Diamond?
To begin utilizing this trading software, you are not obliged to deposit any certain minimum amount. You should only risk what you are confident with and can easily afford to lose at any one time.
What is the procedure for receiving a refund from Forex Diamond?
If for some reason you are not happy with the software, you may return it to Fxautomater and get all of your money back with no questions asked throughout the 60-day trial period.
Is the Forex Diamond a fraudulent opportunity?
We do not believe that Forex Diamond is a fraud; nonetheless, this does not guarantee any particular outcome. There is no system, either manual or automated, that can accurately predict the currency market 100% of the time.
Is it possible for me to obtain the Forex Diamond at no cost?
You could probably spend hours searching the internet for a free copy of Forex Diamond, but purchasing the original product from the official website is the only way to ensure that it functions correctly, enjoy the benefit of complete service, and ensure that you will receive future updates for the rest of your life.
Which currency pairings are available for trading on the Forex Diamond?
GBP/USD, EUR/USD, USD/CHF, and USD/JPY are the four currency pairs that are supported on the 15-minute charts that are offered by Forex Diamond.
Where can I get the optimal settings for Forex Diamond?
The default configurations that come packaged with Forex Diamond are almost certainly going to be the most optimal ones for this trading platform. Nobody will know more about the program than people who have worked on it and tested it for thousands of hours in order to optimize the settings so that users don’t have to.
Is it possible for me to alter the parameters of Forex Diamond?
You are free to experiment with your own settings, including the lot size, stop loss, take profit, and a variety of other parameters, provided that you have the necessary knowledge and experience. To begin, you might find it helpful to test out your configurations on a demo account. Backtesting the robot in the MetaTrader strategy tester using your own unique configuration of settings is another option for getting an approximation of the robot’s performance in the past.
What components do I need to get the Forex Diamond up and running?
The Forex Diamond EA is compatible with the two most common MetaTrader systems, which are referred to as MT4 and MT5 (MT5). You will need a trading account with a forex broker in addition to whichever platform you want to use. The vast majority of forex brokers will allow you to open either a free demo account or a genuine account with a minor deposit, and you will also be able to download the MetaTrader platforms at no additional cost.
How much cash may I potentially gain by using the Forex Diamond?
Because of the volatile and unpredictable character of the currency market, it is impossible for anyone to forecast what will occur in the future. When using an automated trading system like the Forex Diamond, you should make sure that you have a complete understanding of all of the hazards that are associated with doing so.
