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The accessibility of algorithmic trading systems to retail FX traders has become easier with the launch of web based trading tool Magick which allows FX traders to initiate algorithmic trading strategies in just a few simple steps. This facilitates the deployment of complex computer assisted trading strategies without any need for programming or assistance from third-party software developers.
Algorithmic trading has historically been the domain of large financial institutions due to its inherent complexity and the considerable resources required for developing the necessary proprietary software.
As Mikael Breinholst, CEO of Magick, explains, this is no longer the case: “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.”
Mr. Breinholst has substantial experience in the FX industry, having previously worked at Saxo Bank alongside Magick co-founder Anton Hughes. The firm recently sourced $300,000 in funding from German venture capital fund EJ Ventures in conjunction with a series of Danish and global investors as the drive toward innovative technological developments which continues to advance the FX industry attracts the cooperation of the astute.
The cloud-based trading tool developed by Magick enables users to benefit from computer-assisted market monitoring and strategy execution. Contrary to existing alternatives in the marketplace, Magick does not require programming skills and users can set up trading strategies through a simple, step-by-step process.
Mr. Breinholst elaborates that risk management is an integral part of the Magick offering: “Not only, did we want to develop a tool that enables everyone to perform algo-trading. We also 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.”
Complimenting most online FX accounts Taking note of the current FX technologies, Magick is built as an add-on to a wide selection of existing FX trading accounts, which means traders use the trading tool while remaining with their current online broker.
The Magick trading tool runs on a proprietary, complex event processing engine tailored for the financial markets. Magick has been available in a closed beta version since November 2013 and is now available to the public.