As part of the MQL5 forum, Speed Magic is a Forex robot from FX Urban Group that claims to provide the quickest profit from trading. This system is a combination of time-tested methods and the use of aggressive parameters and hedging methods.
As a fully automated trading system, this expert advisor works by calculating market entries and exits based on specific parameters, uses a hedging technique for drawdowns, and identifies the quickest exit from such levels. Available for $99 is this Forex robot a suitable one for you? Know what our experts have to say about this EA and our recommendation. Our detailed review will help you arrive at an informed decision regarding use of this Forex robot.
Speed Magic Trading Strategy
Volha Loyeva is the developer of Speed Magic. This Forex robot was published in March 2020, and updated on 10, October 2020. According to the developer, this is a new system that does not involve a large number of orders.
It analyses the various possible entry points considering the expected gain and picks parameters that ensure the fastest and highest profits. Other than explaining that the system is based on the opening of orders with a proprietary security system, the exact strategy used is not explained by the developer.
Speed Magic Features
Features of this expert advisor include two trading modes namely aggressive and conservative modes, use of the H1 timeframe, and high spreads of the range of 20 pips maximum. Although it is a multiple currency system, the main focus is on the EURUSD pair.
Set files are provided by the developer, which you can customize for the different trading modes. Roboforex broker is recommended by this EA. According to the developer, the customizable options present in this system are minimal enabling traders to easily set the parameters and gain maximum profits with high trading security.
Speed Magic Backtesting Results
Backtesting results are provided by the developer on the Mql5 site. The strategy straight backtesting result is shown here. This backtest is of 99.9% quality which helps simulate market conditions effectively.
Taken over 12 months, with 306 trades, the test shows a drawdown of 17.29% and a profit factor of 3.92. Performed with leverage of 1:500 and a deposit of $1000, this historical data despite showing appreciable performance is not predictive of the future performance of this system.
Speed Magic Live Trading Results
We could not find any live trading results on trusted sites such as Myfxbook, FxBlue, etc. Although the developer claims of using time tested method for trading, the absence of live account results makes us suspicious of the effectiveness of this system. Even if the system has been in use for a short duration of 7 to 8 months, we would have liked to see the performance of the expert advisor with a verified real live trading account.
Speed Magic Reputation
Volha Loyeva has a few other systems under the FX Urban Group such as ShadoW FXUG and Fishing Network. All the systems were published in 2020 hence it is too early to assess the effectiveness of these products. Speed Magic is the oldest of the three with a few user reviews on the mql5 site.
Since the site promotes the Forex robot and all reviews have top ratings, we suspect they are manipulated. We would like user reviews on third-party sites such as Forexpeacearmy, Trustpilot, etc, which provide unbiased user feedback. Unfortunately, we could not find any such feedbacks for this EA
Speed Magic Review Summary
Summing up our Speed Magic review, we feel that this Forex robot has to improve in several aspects. Here is our score for the various aspects of this expert advisor.
Rating – 3.7/10
- Strategy – 3/10
- Functionality & Features – 4/10
- Trading Results – 3 /10
- Reliability – 3.5 /10
- Pricing – 5/10
Conclusion
In conclusion, Speed Magic is an expert advisor that has yet to prove its efficacy. At present, this Forex robot just has high claims of quick and huge profits. With no verified live trading results we are unable to know whether the claims are genuine or not.
The absence of reliable user feedback and lack of proper explanation on the strategy used are shortcomings that have to be rectified by the developer. Although the price is affordable, this system lacks in too many aspects for it to count. In short, we would not recommend this expert advisor.
