Entering the competitive but growing auto trading sector is newcomer Magick. The financial software development company is led by founders Mikael Breinholst and Anton Hughes. The two come from Saxo Bank, where Breinholst held the position of Global Product Manager and Hughes that of Expert Advisor Manager.
Providing products for the retail FX automated trading customers, Breinholst explained to Forex Magnates that Magick is “Aiming to take the coding away for creating automated trading strategies for MT4 traders.” The company is doing this through the creation of a visual editor which lets users create strategies by choosing different indicators and customizing values. Once the strategy has been configured, users ‘turn it on’ and the Magick platform initiates trading on the connected MT4 account.
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Breinholst explained that unlike EA creators in the market that use visual editors and generate MQL code which traders upload to their platforms, Magick wanted to simplify and enhance the process for traders. As such, the company elected to combine both the strategy creation and VPS-style execution system within Magick’s cloud-based platform. According to Breinholst, they view Magick as a platform that operates alongside MT4 as he mentioned it’s an “add on to clients already using MT4 as there are no charts or account reporting on the Magick platform.” What does exist in addition to the strategy generator and order execution is trade notification and risk management features such as account exposure controls. Breinholst added that, “Magick will be the first company to offer complex event processing technology wrapped in an intuitive user interface with multi-device support to the retail FX traders.”
Currently, Magick is in private beta testing with a public round expected to be initiated shortly. While initially only providing connection for MetaTrader 4 accounts, Magick is capable of cross-platform integration and will be offered to traders using a subscription- based SaaS model.