Monsta Gold EA Review

Oct 21, 2021 08:59 AM ET
Monsta Gold EA Review

Monsta Gold robot works only on gold and does not require large capital, according to the developer. The algorithm works best with brokers that have two digits at the end of the currency pair XAUUSD. The developer showed promising backtesting records that caught our attention, and we decided to review the system.

Monsta Gold EA Strategy

Type

Fully-automated EA

Price

$299

Strategy

HFT

Compatible Platforms

MetaTrader 4

Currency Pairs

1

Timeframe

M5

Recommended Min. Deposit

$200

Recommended Deposit

N/A

Leverage

N/A

Trading strategy explanation

The developer states that the algorithm uses a price action trading strategy that worked for many years. It uses price momentum and multiple time frame analysis to predict the future of the markets. The robot uses a high-frequency trading model to capitalize on the markets with speed. The algorithm can only work on gold and requires a minimum balance of $200. Unfortunately, there are no live records available on MQL 5 or Myfxbook that we can use to analyze the history of the robot. 

How does the EA work?

Traders can install the robot in the following steps:

  • Purchase the system from the provider through the MQL 5 platform

  • Login at the MQL 5 community on the MT 4 platform and download the robot

  • Attach the EA onto XAUUSD only, and it will start trading when it finds the opportunities.

Features

The robot has the following features:

  • It does not require a large deposit.

  • The system is fully automated with a time filter.

  • The robot works on XAUUSD.

  • There is a stop loss and a trailing stop to protect from losses and secure profits.

Customer reviews are only available at the MQL 5 marketplace. There are two pieces of feedback. A trader says that he is trying out the system and that it is currently opening a few trades.

Customer review on MQL 5.

Backtest data analysis

The developer only provides an image of the backtesting results. We don't have a detailed statement which is a concern. We can not speculate the reason as to why the provider would not want to share these records with us.  The relative drawdown was around 3.17%. The winning rate was 71.97%, with a profit factor of about 12.59. The test was performed on a 5 minutes chart with a starting balance of $1000. The robot tanked an average profit of $22746434.81 during this period. 

There were 2590 trades in total where the best trade was $218196.40, while the worst one was -$12108.22. The duration of the records is for a single year only. Backtesting for such a short duration is not satisfactory as the market conditions can change rapidly from one year to another. It might be the case that the system might have failed during the early years.

Backtesting results. 

Live trading data analysis

There are no live records available that we can use to analyze the system's performance on a live portfolio. The system might not have worked on a real portfolio which might be why the developer does not provide us with the information we need. This raises concerns on whether we should purchase the product or not.

Review summary

Pros

  • It does not require a large balance

Cons

  • There is not enough transparency on the strategy

  • No detailed statement for backtests

  • There are no live records

Monsta Gold algorithm is not the right choice for traders. Firstly, there are no live records available on third-party websites. The developer is not fully transparent on the backtesting records, which raises further concerns about the profitability.

Rating: 5/10


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