You can't use a diode, you'll need to have a circuit with controller and Mosfet, that's too expensive, hence most chinese hibs don't have this: they simply parallel power supply plus and pc plus.
and yes, cutting the red line would help. cutting the ground line not, that's not a good idea.
some hubs have a fuse in there, desoldering it would also help.
Diodes do work, although if you go that route you will want to use a schottky diode to minimize the voltage drop.
Just desoldering or cutting the red wire going from the host pc to the hub pcb is easier and will accomplish the same goal, it just won't let the hub work unpowered anymore.