We report on a discrete-time quantum walk that uses the momentum of ultra-cold rubidium-87 atoms as the walk space and two internal atomic states as the coin degree of freedom. Each step of the walk consists of a coin toss (a microwave pulse) followed by a unitary shift operator (a resonant ratchet pulse). We carry out a comprehensive experimental study on the effects of various parameters, including the strength of the shift operation, coin parameters, noise, and initialization of the system on the behavior of the walk. The walk dynamics can be well controlled in our experiment; potential applications include atom interferometry and engineering asymmetric walks.