Speed Magic Review

Today’s review will be about a Speed Magic New EA.

The robot was designed in 2020 and published in March 2020. The last update was released on October 10, 2020. The EA’s version is 25.0.

A Belarus-based company – FX Urban Group has designed nine products and provides signals from two accounts. They have a middle rate – 8130 points.

They recommend Roboforex as a brokerage company to go with.

Detailed Forex Robot Review

• “This is a  mixture of one of the best time-tested trading systems with the addition of aggressive parameters and an aggressive hedging system,” the devs said about the system. It sounds like a scam. What’s the “best time-tested trading systems?” Grid+Martingale?
• The devs insist that this is not a Scalper or Grid robot.
• There’s an AI-based system behind the robot’s performance.

Let’s try to translate this Russian English to the common English

• It doesn’t open and “take” many orders. How many are “many?” Five, ten, twenty? It’s unclear.
• The system calculates Entry Point with a TP that allows making profits all the way.
• The robot works on the H1 time frame on the EUR/USD chart.

• This sounds like another nonsense.
• There are set files for aggressive and conservative trading.

Here’s another part of Russian English.

• The system should care about the risks and rewards to keep margin requirements high.
• The robot can work in a high-spread environment (up to 20 pips).

• 10-20% of what? From what number of pips? It’s unclear.
• The robot is not adapted to work on non-USD accounts and requires demo testings. It’s a huge con.

Speed Magic Strategy Tests

It’s a backtest of a no-name currency pair on a no-name time frame. An initial deposit was $1000. The robot was tested with 1:500 leverage. The total net profit became $46401. The Profit Factor was 3.92. The robot traded 612 deals with a 69%-72% win-rate. A margin level was incredibly low (61.15%).

Real Account Trading Results

We have a real USD account on the Fort Financial Services broker. The robot trades automatically with 1:500 leverage on the MetaTrader 4 platform. This account has a verified track record. It was created on August 02, 2020, and funded at $1500. Since then, the EA has provided +20.45% of the total gain. An average monthly gain is +5.18%. The maximum drawdown was -15.59%. The account is tracked by only one user.

Speed Magic closed 170 trades with 595.2 pips. An average win in pips is 7.56 that’s three times less than an average loss in pips (23.80). Win-rate is between 85% and 89%. An average trade length is over one day. The Profit Factor is high and equals 6.37.

The EA works only with four symbols. They’re traded not equally. The most frequently traded and the most profitable is EUR/USD (86 trades and $168.53). The robot has ignored a BUY direction on CHF/JPY and USD/CAD, having traded only 18 plus 5 deals.

It focuses on trading only a European trading session.

Its weekly activity rises until Friday.

The EA works with little risk to the account balance.

We don’t know any trader who would be pleased to trade with 100k pips SL. According to profits, the robot does use a scalping strategy.

With significant decreasing risks, the EA starts providing little profits. For three weeks of November 2020, the monthly profit has become +0.48%.

Pricing

The EA costs $99 for a copy of the product. The vendor doesn’t provide neither renting nor money-back guarantee.

Customer Reviews

The robot doesn’t trade quite frequently.

There are many positive reviews, but we have doubts about them because their real account is tracked only by one person. As for EA, with that number of positive reviews, it is suspiciously low.

The devs stop providing signals for no reason.

Some people have got a big period of huge drawdowns.