Monsta Gold is an expert advisor that boasts a unique and well-tested trading approach. This FX EA uses price action and instant price momentum for its analysis. Multiple timeframes are used by this MT4 tool. As per the developer, this ATS has been developed mainly for high-frequency trading which is a popular algorithmic trading form used in the financial markets. To enable fast trading, this EA uses modern algorithms and equipment.
Detailed forex robot review
ThiTra Mi Duong is the developer of this FX EA. She is from Vietnam and works as a developer at TraderViet. The MQL5 site reveals the developer does not have prior experience but has developed 5 products and 3 signals. Other than an email address and messaging option via the MQL5 site, there are no other contact methods available, which makes us suspect the reliability of the product.
As per the developer, the key features of this FX robot include the following:
- It is a fully automated software with time filters
- A position trailing stop feature is present
- For capital protection, the EA uses stop loss for each open position
- A large initial deposit is not necessary for trading with this MT4 tool.
Some of the recommendations for the system include the use of a minimum balance of $200 and ECN accounts that have a very low spread. This FX EA works mainly on the XAUUSD pair and with Gold. While using the FX robot with gold, the vendor points out that the price has 2 decimal places like for instance, 1800.12.
Monsta Gold strategy tests
While the developer mentions that price action and price momentum are considered for the trades, there is no elaborate explanation of the trading approach. The lack of info on the strategy raises a red flag. However, the developer provides a couple of backtesting results on the MQL5 site. Here is a screenshot of the backtesting done on the XAUUSD pair.
From the above strategy tester report, we can see that the backtesting was done from January 2020 to September 2021 using the M5 timeframe. A total profit of $22746434.81 was generated for an initial deposit of $1000. A total of 2590 trades were executed with profitability of 71.97% and a profit factor value of 12.59. The maximum drawdown for the account was 0.30%.
While the profits are high and the drawdown is low, the low modeling quality and the fact that the test was based on historical data make the results ineffective. In general, good results in real trading cannot be predicted based on the backtesting results.
Real account trading results
We could not find real trading results for this FX EA. There are no real trading results on the MQL5 site or in reputed third-party sites like Myfxbook, FXBlue, etc. The reason we prefer results from such third-party sites is that the sites provide a detailed analysis of the performance. We can find info related to the drawdown, profit, the risk to reward ratio, lot size, and more. Without verified trading results, we suspect the developer is hiding the true nature of the EA. The absence raises a red flag for this expert advisor.
To buy this FX EA, you need to pay $299. There is also a rental option that costs $259. A free demo offer is present. We could not find info regarding the features available with the package as the developer fails to mention them. Furthermore, there is no refund offer present for this FX EA. Comparing the price of this MT4 tool to that of the competitor brands, we find the price is a bit expensive. Considering this EA does not provide adequate info related to key aspects like real trading, we find the price is not worth it.
We found a few reviews on the MQL5 site for this FX robot. While the reviews reveal good feedback, the comment section shows contrary info. Here are screenshots of the feedback from the same user.
From the review, we find the user is happy with the working of this EA. But in the comments section, he complains of the losing positions of the account, which makes us suspect this is not a reliable EA.
Monsta Gold claims to provide high profits with its automated software. Our analysis of the features, recommendation, backtesting, and other aspects reveals this is not a trustworthy EA.
The lack of a proven track record is a major downside we found in this system. Other shortcomings like the absence of strategy explanation, inadequate support, and negative user review further confirm this is an unreliable FX robot.