TradeProfits

Review of Forex Diamonds

Posted on 26. Dec, 2008 by admin in forex signals

Since I often have been using Forex Peace Army to look for forex signal providers, I have often thought about trying out the Forex Diamond service which is run by the same people who run forex peace army. However, I never signed up for the trial before two weeks ago. I was under the impression that the forex diamond room was a place where they would focus only on news and spike trading. As spike trading is not favorite method for trading the forex market, I didn’t really think of this room as an option for me. However, after reading several different reviews of the room I decided to sign up for the 14 days trial for 10$. So I went to the page and paid the fee to join. You can cancel your subscription anytime you want, but you need to do this before you trial ends, if you don’t want to be charged $300 for another month!

A few hours after I signed up, I received an email with my login details. When you first log into the room, you will be presented with a few videos which will give a short introduction to the room, as well as to some aspects of forex trading (money management, psychology, etc.) You will also find a short calendar for the events which will happen during the week. Recently they also started to do scalping lessons, which also is posted on the calendar. Basically, the events are upcoming news, which will affect the forex market. When these news are released there is activity in the room. They mainly focus on post spike trading and scalping. If you want to take advantage of spike trading you will probably need to sign up for their other service, called SNW. But there are still lots of possible trades to take without this. Although I live in Europe, there were no problems with the difference in time, since most news come out in London and New York sessions. But this is an aspect which you should consider before signing up.

At first the chat room can appear a little confusing. There is a lot of people and a lot of chatting. However, when the trading happens, there will be one person talking, and members can write questions or comment in the chat room. It won’t take you more than a few minutes to get used to the room and it will be easy to follow, when the news are coming out.

And now for the most exciting part. Is it profitable? Well, that depends. First of all, they recommend that you spend no more than 1% of your account on each trade. So if have just started trading forex, and have a new account with a small balance, then the answer is probably no. They do make pips, but you do need at a minimum a balance of something close to $3000 – $5000, just to make enough money to pay for the monthly membership. Of course you have the option to use high leverage and risk more than 1% on each trade, but I would not recommend you to. They do make mistakes in the room, and some of the trades are going the wrong way. So you can easily blow you account, by using high leverage. Anyway, in the 14 days I did make money, and also more than the cost of the trial. For $10 I see no reason not to try this. At the end of my trial, I wrote them an email telling them I would like to cancel my subscription. A few hours later, I got a reply telling me that I had been removed from the list, and that I would still be able to log in, until the 14th day had ended.

My overall experience with this service has been very positive and I will probably sign up with them for a full membership sometime in the future. If any of you guys have had any experience with the forex diamonds service, let me know what you think of it.

Related posts:

1. Profit Mongers – The New Forex Diamonds?
2. Review of Forex Signal Club
3. Profit Mongers – Review
4. ForexPeaceArmy Update – Sive Morten – Languages – Forex Diamonds
5. January 2010 in Review

Tags: forex, forex diamonds, forex peace army