EA Diamond Forex Trading Robot Review
EA Diamond is an advanced automated forex trading robot designed to execute profitable trades in the foreign exchange market. This expert advisor (EA) combines multiple trading strategies and advanced technology to offer traders a comprehensive trading solution. In this detailed review, we will analyze the key features, performance, pros and cons of EA Diamond.
Overview of EA Diamond
EA Diamond was developed by the team at FxAutomator in 2015. It runs on the popular MetaTrader 4 trading platform and is compatible with all brokers that support MT4.
The robot utilizes a combination of three proven trading strategies – trend trading, volatile market scalping, and countertrend trading. It uses proprietary algorithms to continuously scan the markets, identify trading opportunities across multiple currency pairs, and automatically execute trades.
Some of the key features of EA Diamond include:
- Dynamic Trading Logic – The EA uses an adaptive algorithm that automatically adjusts trading parameters to suit different market conditions. This ensures optimal performance regardless of volatility or trend changes.
- Multiple Timeframe Analysis – Analyzes price action across multiple timeframes (M1 to D1) to identify high-probability setups. This enhances accuracy of trade signals.
- Advanced Money Management – Implements intelligent risk management to minimize losses and protect capital. Options to use fixed, automated, or compounding lot sizes.
- High Trading Frequency – Opens an average of 2-5 trades per day, combining scalping strategies and swing trading. Higher trading frequency results in more profit-making opportunities.
- Works on Multiple Currency Pairs – Can trade on EURUSD, GBPUSD, USDJPY, AUDUSD, USDCAD, NZDUSD, and USDCHF. Diversification across currency pairs reduces risk.
Performance and Backtests
Extensive backtesting is one of the key features of a reliable forex EA. EA Diamond comes with several backtest reports to validate its performance.
The developer provides backtest results conducted over 12 years of historical data with 99% modeling quality. These tests show an average annual return of over 60% per year with a sharp ratio of 1.5 to 2.0. The max drawdown ranges from 15% to 25% across different currency pairs.
In addition, there are also forward tests and myfxbook verification from live accounts traded by the EA. The live results align closely with the backtests, proving that the EA can replicate its performance in live market conditions.
The combination of multiple trading strategies makes EA Diamond adaptable to different market scenarios. This is evident from its long-term backtest results as well as its ability to sustain profits during periods of high volatility.
Check my advanced Forex Scouts Gold V9 Robot
Pros of EA Diamond
- Profitability – EA Diamond has produced consistent profits in backtests as well as live trading. The annual returns are impressive compared to the drawdown.
- Reliability – With over 10 years of backtest data, EA Diamond proves to be reliable across extensive market conditions. Its live trading results match the backtests.
- Flexibility – The EA can trade on EURUSD, GBPUSD, USDJPY, AUDUSD, USDCAD, NZDUSD, and USDCHF. It can easily be switched between currency pairs.
- Customization – Traders can customize trading parameters like trade direction, lot size, max spread, and time. This allows configuring the EA based on individual trading preferences.
- Scalping and Swing Trades – Combines scalping and swing trading strategies. This diversification results in more trading opportunities.
- No Optimization Required – The EA comes pre-optimized and ready to trade. No curve-fitting or optimization needed for live trading.
Cons of EA Diamond
- Limited Information – There is limited information revealed about the logic and strategies used in the EA. The developer does not disclose details of the algorithms.
- Price – EA Diamond is priced higher than many other EAs. The one-time cost is $227. Compared to free EAs, this is considerably expensive for new traders.
- MT4 Only – The EA only works on the MetaTrader 4 platform. Traders using other platforms cannot use this software.
- No Free Trial – The developer does not offer a free trial version. Users have to purchase the software without testing it first.
- Potential Overoptimization – Even though the vendor claims no optimization is required, there is no way to verify if the default settings are overoptimized.
EA Diamond is a high-quality forex trading robot with proven performance history. The combination of trading strategies makes it adaptable to varying market conditions. Real account results demonstrate the EA’s ability to sustain profits consistently. The only downside is the lack of transparency about its internal logic. The high price point may also deter new traders. Overall, EA Diamond is a worthwhile investment for experienced traders looking for a reliable automated trading solution. It has tremendous profit potential if used properly.