Monsta Gold is said to have a unique trading approach that has been developed and tested over the years. This implies that its strategy has been proven to be workable. Let’s take a closer look at the different characteristics of the robot to ascertain if the developer is telling us the truth.
How Monsta Gold EA works
Once purchased, the EA can be easily downloaded and installed on the MT4 chart. The robot will then begin entering trade orders based on a series of algorithms set by the programmer.
Monsta Gold was created by Thi Tra Mi Duong. She is a Vietnamese developer with no trading experience. However, this has not stopped her from developing several other trading tools for Forex. So far, her portfolio also includes 4 other systems: Small Fire, Gold Flower, Master EURUSD, and Predator GBPUSD.
The system has a few features. We have listed them below:
- It is fully automated and has a 24/5 time filter
- Uses position trailing stop
- There is no need to utilize a large initial deposit; the minimum balance is $200
- Only trades the XAUUSD currency pair
- Uses ECN account types with low spreads.
Monsta Gold’s strategies are based on price action, instantaneous price momentum, and multi-timeframe analysis. This means that the EA tracks price movements that relate to the XAUUSD pair under various timeframes to identify trading opportunities. It then buys orders that are rising and sells them when they look like they have peaked.
The developer further notes that the software applies high frequency trading. It executes a large number of orders within seconds. So, it basically needs a fast connection. Otherwise, it may suffer considerable losses.
From the backtest report, it is clear that the system traded with the XAUUSD pair on the M5 timeframe between January 2020 and September 2021. During this short period, it generated a drawdown of 0.30% and made millions of profit ($22,746,434.81) from a deposit of $1000. The profit figure is beyond belief.
Thousands of trades (2590) were conducted. The resulting win rates for short and long positions were 69.67% and 74.04%, respectively. The average profit trade of $13,256.32 and the average loss trade of -$2704.34 tell us that the EA made more wins than losses.
Monsta Gold trading results
The vendor has not presented any live trading data. This is fishy. As we have seen in the previous section, the EA’s backtesting results were very impressive. Therefore, Thi needs to open an account with a trusted site like Myfxbook for us to track the live performance of the system and gauge if it can perform similarly under real market conditions. Her reluctance to do so only indicates that she is not confident about her product.
Pricing & refund
Monsta Gold is available at a one-time price of $299. But if you want to rent it instead, you can do so at $259. This subscription will only last for a year before you renew it. But is the robot worth this money? We don’t think so. This package does not come with a money-back guarantee. Furthermore, its performance in the live market is unknown. Therefore, you may end up losing your money when it fails to give you back significant returns.
There are only 2 customer reviews for Monsta Gold on the mql5 product page, and both of them are positive. However, as we scoured through the comment section, we noticed that the 2 clients changed tune after putting the EA into use. For instance, although one of them had said that the system was working, he later complained that it was not opening trades. The other one had indicated that Monsta Gold was very profitable, but a few weeks later, he came back lamenting that the robot just made looser positions.