In this post I will be reviewing the Forex Diamond EA. This is a fully automated forex trading system that runs in the popular MetaTrader 4 (MT4) platform which is free to download from most forex brokers. The Forex Diamond robot can place and manage trades on behalf of the user. You just need to attach it to your charts in the MT4 platform and the built-in algorithm will scan the forex market for trading signals and trade for you when it finds them. In order to use this forex robot, you will need a trading account with a forex broker. With so many brokers to choose from, I have conveniently compiled a list of my best forex brokers to help you quickly and easily choose a broker that meets your needs. IC Markets are one of my top choices of broker for automated trading because they have tight spreads, low commission fees and quick trade execution speeds.
Fxautomater are the developers of the Forex Diamond EA and have a large selection of forex robots that I have previously reviewed including News Scope EA Pro, Forex Trend Detector, Wall Street Forex Robot, Forex Gold Investor, Volatility Factor Pro, BF Scalper Pro, Grid Master Pro, Smart Scalper Pro, Gold Scalper Pro and the Omega Trend EA.
Whilst the Forex Diamond robot can seem like a good solution for those of you who do not have the time or knowledge to trade manually, there are some important advantages and disadvantage to consider before using any forex robot. In this Forex Diamond EA review, we will take a closer look at the trading strategy that it uses along with backtests and verified results.
Forex Diamond EA Trading Strategy
The Forex Diamond EA combines 3 trading systems into one fully automated forex trading system. The 3 trading systems coded within Forex Diamond robot each trade independently. The first system is based on the trend retracing. The second trading system used is based on a reversal of a trending market. The third and final system is a counter trend scalping strategy. I think it is good that there is a nice variety of trading systems as it shows this is a versatile forex robot. However, that does of course not guarantee good results as a lot will depend on the money management.
The trading logic is dynamic so that the forex robot tries to keep up with the ever-changing market conditions. This is good because it means that the bot is not too rigid and can trade in both trending and ranging markets. There are other bots that require the ideal market and broker conditions which means that they may not trade that frequently or will not work well without the exact set of circumstances required. The Forex Diamond EA also includes filters from high spreads and slippage by way of a maximum filter. This is pretty basic and something you will find in most EA’s but can be a good way to stay out of volatile markets.
Whilst the Forex Diamond EA is a fully automated forex trading robot, you could always set the software to semi-automated mode in which instance it would send you an alert when it finds a trading signal and you could decide from there if you would like to enter the market or wait for the next opportunity to come along. I would always like to perform my own additional market analysis where possible as extra confirmation for all trades. This could include technical analysis, fundamental analysis and price action analysis. Generally speaking, the more aspects of market analysis that you have covered, the more informed your trade decisions can be.
The developer has made all of the Forex Diamond EA settings externally available which means that you can adjust them via the inputs window when you attach this robot to the charts in your trading platform. You can always just use the default settings provided by the developer that have already been optimised but you should always check to make sure that the lot or risk size is set to a suitable level for your risk preferences as every trader is different in that respect.
For those of you who have the experience, you are free to experiment with the Forex Diamond Robot settings to develop your own bespoke set files. I would use the MT4 strategy tester to backtest the software across different currency pairs and chart timeframes to discover unique combination of settings that match my trading style and goals. There are recommend currency pairs to use but that does not mean you cannot run it on other financial instruments. However, if you do wish to experiment with the Forex Diamond software, then you may want to do so on a demo account to begin with and see how things go.
Forex Diamond EA Back Testing
The Forex Diamond EA website also has some tick data back tests with 99% modelling quality and some with 90% modelling quality. They show decent performance over multiple currency pairs for a sustained period of time. It is not clear if they used real variable spreads, swaps, slippage and commissions in testing. These factors can have a major impact on results and therefore I would only take these results with a pinch of salt. I think the developer could help potential users make a decision on if this is a forex robot for them by doing all backtests with 99% modelling quality. I would also question why they have only done some pairs with 99% backtesting and not all of them. Regardless, all backtests should account for spreads and commissions. You may conduct your own tests in the MT4 strategy tester on your favourite financial instruments and chart timeframes. This way you can develop your own bespoke set files according to your own trading style.

Forex Diamond EA Live Results
Whilst there are some limitations with the backtests, it is good to see that the developer has published and shared multiple verified Myfxbook accounts where you can see the latest Forex Diamond EA results. This can be helpful to see how it has fared in current market conditions. The results at the moment look decent to me, although I feel like the risk to reward ratio could be improved so that one losing trade does not take out a consecutive run of winners. To see the latest live verified trading account performance of all forex robots please visit my best forex robots results page.



Forex Diamond EA Summary
Overall, I think the Forex Diamond EA certainly has some potential but I would want to do some cusotmisation so that it is setup according to my own trading preferences. It is verssatile as it can be used on different currency pairs and has a combination of trading staretgies to adapt to different market scenarios. I think the backtests could be improved but you have a few verified accounts to see the latest results of the bot. Forex Diamond comes with lifetime support, free updates and a 60 day money back guarantee. There is also a member’s area for exclusive bonuses. You can set it up in just a few minutes using the easy to follow instruction manual. This can be purchased as a package deal which includes some of the developers other trading robots. If you are curious to see what the Forex Diamond expert advisor can do, you could always test it on a demo account to begin with and see how things go. Just keep in mind that results can vary significantly between demo and live accounts.
Forex Diamond EA
$227

Self-confessed Forex Geek spending my days researching and testing everything forex related. I have many years of experience in the forex industry having reviewed thousands of forex robots, brokers, strategies, courses and more. I share my knowledge with you for free to help you learn more about the crazy world of forex trading! Read more about me.