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 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.”
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Mikael Breinholst also elaborated on the risk management 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.