Monsta Gold trading robot is available at the MQL5 marketplace. The robot trades on gold and works with a minimum balance of $200. Our article will discuss all the pros and cons of the algorithm and see if it can trade the metal with good profits.
Features
The robot has the following features:
- It has a time filter and works 24/5.
- The EA trades on gold only.
- Traders can put it on ECN accounts for proper working.
- The robot is available to purchase from the MQL 5 marketplace.
Strategy
As mentioned before, the EA works on XAUUSD and requires a minimum capital of $200. Traders will have to find an ECN account for proper functioning. The robot uses a proper stop loss and has trailing stop functions as well. It will hunt for price action and employ multi-timeframe analysis to take trade entries and exits. The EA is HFT meaning that it requires low latency and fast connection to be profitable. Failure to provide such conditions can result in a loss.
There are no records that we can use to judge the history of the robot.
How to start trading with Monsta Gold
The robot can be downloaded directly into your MT 4 from the MQL 5 community after the purchase. Traders will then have to attach it to the XAUUSD chart and enable the auto-trading button.
There is no statement on the amount of leverage traders should employ while using the algorithm.
The asking price is $299, and there is no money-back guarantee. Traders can also rent it for one year at $259.
Backtests
Backtesting results are available for XAUUSD at the five-minute chart. The duration of the test is 2020-2021. The robot had a maximum drawdown of 3.17% for the pair and turned an initial deposit of $1000 into $22746434.81. It had a winning rate of 71.97%, with a profit factor of 12.59. The average amount of profitable trades was $13256.32, while the average amount of losing deals was -$2704.34. There were a total of 2590 trades executed during this period. The developer employs money management and uses a risk of 15.
There is no detailed statement available with backtesting records. Lack of transparency is alarming for the reputation of the EA. We could have analyzed the history from the records and used that to determine the strategy of the robot.
Verified trading results of Monsta Gold
There are no live records available for the algorithm. The robot might have failed on a live account. Therefore, the developer decided not to share the performance with us.
Vendor transparency
Thi Tra Mi Duong is the author of the EA who resided in Vietnam. He has a total rating of 4.2 for 4 reviews. The developer has five products published on the MQL 5 marketplace and has a total of 29 subscribers for his services. He has no trading experience in the market as he has been on the MQL 5 website for a short duration.
Is Monsta Gold a viable option?
Monsta Gold trading robot does not come with live records that makes it a risky investment. We don’t know if the backtesting records can match with the ones on a live account. Investing in such an EA is not a good option.
Advantages
- It comes at an average price
Disadvantage
- Not much transparency on strategy
- No backtesting statement
- No live records are available
Conclusion
Monsta Gold trading robot is an HFT and therefore requires certain conditions such as low latency, slippage, and spreads for proper functioning. Traders will have to find the right broker to make it work properly. Such algorithms usually work on backtesting and fail when put on a live. This might be the reason why there are no real records available.
