When testing a lot of automatic EA’s to trade on accounts with low amounts 100 USD or where i did some tests and personal experiments I came across Forex Diamond EA which immediately caught my eye.
Forex Diamond EA was released in late 2013 and therefore is one of the new EA’s. It was programed with latest available MT4 programing language options. Looks like the Developers really used all the latest tricks, indicators and strategies available in Forex community unlike some robots that were built back in 2010-2011 where everyone was just starting. At the end this means that EA Robot is more aligned to the today Forex Market.
How i use Forex Diamond EA:
When I started to test it, it survived a lot longer then rest of the automatic robots and it had a really good return. Forex Diamond EA is run on 15M timeframe. Do not use it on any other timeframe or it just wont work. Additional to this you should run it ONLY on the following pairs: GBP/USD, EUR/USD, USD/CHF and USD/JPY. Do not use it on any other pairs or it wont work.
Now that we have the TimeFrame and currency pairs. So the EA Robot should be run 24/7 even during weekends and holidays. So that it remembers past events. So I would recommend using an Forex hosting provider so that you are able to run it 24/7.
Strategies and Functions used by Forex Diamond EA:
This EA is using multiple Strategies to produce buy / sell orders.
- Trade and detect Trends
- Trade and detect reversals
- countertrend detection
- countertrend scalping
- Protect against big slippage and spread
- automatic dynamic profit taking
- dynamic stop loss support
- Trailing stop supported
- automatic adoption of multiple algorithms
- Money Management
- automatic self adjusting parameters
Included you will get an really good written manual and installation wizard. In case you still have issues they support live support via help-desk. I’ve used it once and response was within 24 hours in my case.
Performance and results of Forex Diamond EA:
So far so good… my account is still well and good after running it for more then 4 months now. I stared it at 100 USD and its still making money. My suggestion is that you first try the EA of-course on an DEMO account. When creating DEMO account MAKE sure you use SAME amount as you would when trading on LIVE account. Why?
Well this is important because having an account with 100 USD or 1000 USD is a big difference with drawdowns. So always use same amount for testing as well then for LIVE. Maybe even try multiple demo accounts 100, 500 and 1000 USD accounts and then see which one works best for you before going to LIVE market.
Please note that developers of Forex Diamond EA recommend using capitol between 1000 and 5000 USD. But this was too high for my taste and i stared with 100 USD.
Parameters in Forex Diamond EA:
Please note that this are parameters available but ill keep it simple no explanation as everything is covered in the documentation:
- RecoveryMode_1,2,3 (true/false)
- ExecuteOnEveryTick (true/false)
- Use_Trend_Filter (true/false)
- FridayExit (true/false)
When running Forex Diamond EA for MT4 with backtests they look promising:
And here are the links for the Forex Diamond myfxbook.com official accounts by Developers:
Thats it… nothing more to say except that i would recommend it so far. If you want to download it please follow the link below.
In order for the EA to work as expected we recommend you open an account on HotForex Broker which has really low spreads as this is really important for success with this EA.