The momentum strategy is a very common strategy in stock investments. This strategy represents the opposite of the contrarian strategy (holding a long position of past winners and a short position of loser stocks). n this strategy, it is asserted that the stock that has earned in the past 12 months will earn in the next 12 months, and the stock that has lost in the past 12 months will also lose in the next 12 months. In herding behavior, it is possible that investors act according to the decisions of the majority. n addition, investors can imitate financial professionals or successful traders. The purpose of this study is to analyze whether there is a relationship between herding behavior and momentum or counter-strategy. For this purpose, the data of the stocks included in the BIST100 metal index between 2014 and 2017 are used. According to the results, the countrarian strategy is more profitable than the momentum strategy between the relevant dates, and investors do not show herding behavior using these strategies.