Million Dollar Zone’s EA Monster is a new trading robot promising “hundreds of Forex automated trading strategies” in one product. The vendor even allows traders to download their 44 page PDF manual which goes through each parameter in detail. It’s a daunting manual though, and a system that requires a fair amount of knowledge to get the most out of it. Today we will be providing a complete review and letting the community understand if this is a viable robot or not.
The Million Dollar Zone development team is brand new. Their website just launched on 07-16-2020, which as we write this is just a month ago. They do not provide any details about who they are or where they are located, which is a bit concerning. Generally, we want to know who the creators of the software are, so that we can verify their identity and reputation in the market. In this case, we are unable to do that, which makes it more difficult to have confidence in their approach. Hopefully, they add this information after reading our review.
Update: Our additional research shows the software is developed by Scott Fredeman. He is a sole proprietor with no other team members and is located in the United States.
Million Dollar Zone’s EA Monster Review
The Million Dollar Zone’s EA Monster is being sold on the MQL5 marketplace. So, they have a website with a few different features highlighted, and then a MQL5 sales page with more information.
The main features highlighted by the vendor include their 10 year backtest, numerous trend strategies, money management, breakout strategies and optional grid trading options.
Scott feels that all of the different strategies is what makes his system the best Forex robot on the market. We feel that this can go both ways, because while customization is important, it also leads to a much more difficult software to use. We tend to lean towards more customization, but our readers often want something a bit more seamless with less of a learning curve.
There are many different ways to use the Monster EA by Million Dollar Zone. As we mentioned in the last section, the robot can be customized to use many different trading strategies. You can use it for trend trading, hedging, grid trading, breakout trading and more. All of these strategies make the system seem more like an outline, than something that is market ready.
It’s our belief that if you purchase this EA, that you will have to do a fair amount of testing in order to make it profitable. On the other hand, Scott does claim that he will create settings for his clients, which would make the learning curve much more adaptable.
- Type: Forex Robot
- Price: $197
- Strategy: Multiple
- Timeframe: Any
- Pairs: Any
For traders interested in the EA Monster, the Million Dollar Zone’s team is currently charging $197 per license. It can also be rented for 3 months for $49, or tested for free on a demo account.
The robot first launched on April 12th, 2017, and was last updated to version 12.0 on July 31st, 2020. So, it’s good to see that Scott is actively updating the software regularly, and has been for over three years now.
Despite being active for so long, there are only 13 reviews for the EA Monster on the MQL5 sales page. The good thing, is that all of these reviews are giving the system a 5 star rating at this time. We welcome reviews on our page as well, to see if there are any dissenting opinions, or more of the same.
There are a bunch of backtests and different set files available, but we are unable to find any verified trading results hosted on Myfxbook.
Even a trading statement or FX Blue account would be much help at this point, because the vendor is yet to prove that his Monster EA is viable.
We hope that Scott decided to add trading results very shortly, because we won’t be able to recommend the product without it.
There are many positives when it comes to the Million Dollar Zone’s Monster EA software. The developer is very active in providing new set files, and updates which we really appreciate. The client feedback is also very positive, which is another plus. The only real issue we have is with the fact that there are no verified trading results. This is a big issue though, and something we will want to see resolved before we sign up.
If you have anything you want to add to the review, please comment now.