Monsta Gold is a Forex expert advisor that is sold on the MQL5 marketplace. It was launched on 19th September 2021. Since it is a relatively new robot, we need to take extra care while analyzing its various performance factors.
Currently, you can buy this robot for the price of $299, which is pretty close to the market average. There is a single rental option for this system, where you can use it for a year in exchange for $259. The vendor offers a free demo version and you can download it to test the performance using virtual money. No refund policy exists for this robot and this means you’ll be taking a huge risk by investing in it.
Monsta Gold trading strategy
Monsta Gold uses signals based on price action, multi-timeframe, and instantaneous price momentum analysis. It is an expert advisor that follows a high-frequency trading strategy. For executing trades at a high pace, it uses algorithms and modern equipment. According to the vendor, it can execute buy and sell orders within fractions of a second.
The strategy explanation provided by the vendor is inadequate. It does not give us a clear picture of the trading approach. Seasoned Forex traders always look for technical details pertaining to the strategy. The lack of information may deter many of them from investing in this system.
Monsta Gold features
This is a fully automated Forex EA that trades 24 hours a day, 5 days a week with a time filter. For risk management purposes, it uses position trailing stops and stop losses. You can use Monsta Gold to trade in XAU/USD or gold. The vendor recommends using an ECN account with low spreads. To get started, you need to make a minimum deposit of $200.
Monsta Gold backtesting results
Here we have the results for a backtest conducted between January 2020 and September 2021. Normally, the testing periods for backtests are much longer. This means Monsta Gold has not been tested using a wide variety of market data. It raises some questions on the ability of the system to deal with different market conditions.
For this backtest, the robot placed trades on the M5 timeframe. It used an every tick model with 90.00% modeling quality. Using an initial deposit of $1000, it conducted 2590 trades, managing to attain a win rate of 71.97%.
There were 20 maximum consecutive wins and 4 maximum consecutive losses during the testing period. The absolute, maximal, and relative drawdowns were 5.55, 0.30%, and 3.17% respectively. Monsta Gold had a profit factor of 12.59 at the end of this backtest.
Monsta Gold live trading results
Unfortunately, we don’t have the live trading results for Monsta Gold. The vendor has not shared the trading statistics for this expert advisor, which means they don’t have enough confidence in the performance of the system. Without trading statistics, we have no way to analyze the live performance of this expert advisor. Forex traders expect vendors to publish the live results on websites like Myfxbook, FXStat, and FXBlue. Without them, there is no way they will consider investing in this robot.
Monsta Gold reputation
Monsta Gold is a robot developed by Thi Tra Mi Duong, a Vietnamese trader. On their MQL5 profile, we have the developer’s email address. However, there is no other information available on this person. According to their profile, they have virtually no experience, which means they have only recently started selling Forex automated systems. The lack of vendor transparency makes it quite alarming because it is a tell-tale sign of a scam. Other expert advisors developed by this person include Master EURUSD, Small Fire, Gold Flower, and Predator GBP/USD.
At this moment, there are no customer reviews for this expert advisor on trusted third-party review websites. This indicates a lack of reputation, which is yet another reason not to trust this robot. On MQL5, we have a couple of user reviews, but we cannot consider them authentic, since the vendor could easily have manufactured them.
Monsta Gold review summary
- Strategy – 2/10
- Functionality & Features – 3/10
- Trading Results – 2/10
- Reliability – 2/10
- Pricing – 2/10
There is no good reason to invest in Monsta Gold. It is a system sold by a vendor with zero reputation. They have not shared the live trading results for the robot, which is the biggest reason why you should avoid it. Furthermore, there is no money-back guarantee for this product. This essentially means you can lose a lot of money if the system does not work out for you.
