Visual Algorithmic Trading Service, Magick, Goes Live Today

Denmark-based Magick, a new provider of visual strategy editing and cloud hosting services for algorithmic traders, announced today that the tool has been launched. The new web-based service aims to enable FX traders to create algorithmic trading strategies in a simplified manner thus facilitating the deployment of complex computer assisted trading strategies without any need for programming skills.

Founded by former Saxo Bank employees, Mikael Breinholst and Anton Hughes, the new company closed a seed round investment of $300,000 last month, as reported by Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term Magnates. Leading the seed investment was Hamburg, Germany-based EJ Ventures, who was joined by Danish and international angel investors.

Mikael Breinholst, CEO of Magick, explained at the announcement the purpose of the new service: "Our goal with Magick is to dramatically reduce the barriers of entry to algorithmic trading. Our software empowers all FX traders to set up and execute complex algorithmic trading strategies through a user-friendly interface, which abolishes the need for software programming once and for all. We are making powerful trading technology, which was previously only available for institutional players, accessible to a much broader audience."

Mikael Breinholst also elaborated on the Risk Management Risk Management One of the most common terms utilized by brokers, risk management refers to the practice of identifying potential risks in advance. Most commonly, this also involves the analysis of risk and the undertaking of precautionary steps to both mitigate and prevent for such risk.Such efforts are essential for brokers and venues in the finance industry, given the potential for fallout in the face of unforeseen events or crises. Given a more tightly regulated environment across nearly every asset class, One of the most common terms utilized by brokers, risk management refers to the practice of identifying potential risks in advance. Most commonly, this also involves the analysis of risk and the undertaking of precautionary steps to both mitigate and prevent for such risk.Such efforts are essential for brokers and venues in the finance industry, given the potential for fallout in the face of unforeseen events or crises. Given a more tightly regulated environment across nearly every asset class, Read this Term features Magick is offering: "We believe that risk-management should be an integrated part in all trading. Among numerous innovative features, we offer traders a tool to avoid taking on disproportionately large market exposure, regardless of the complexity of their trading strategy."

Speaking with Forex Magnates last month, the CEO added that on launch, Magick will be available as a monthly subscription to private traders for creation and production of their automated trading. Breinholst also mentioned that Magick is holding discussions with several Forex brokers for distribution partnerships.