Speed Magic New is a robot that we can find on the MQL5 forum.
The robot was designed by Volha Loyeva and released on March 1, 2020. It’s got many updates, so the last one is the 25th from October 10, 2020.
Is Speed Magic Good to Invest?
There are many comments, and the overall rate is 5. Let’s take a look at the strategies behind the system before talking about something for sure.
The developer is from Belarus and has a high rate (7942) among the MQL5 community. She has designed nine products and provides two signal services.
After every update, she posts a patch log with explanations of what exactly was changed.
The robot strategy relies on the calculation of market conditions, opening Hedging trades, getting small profits, and closing the deals.
The robot has two modes of trading: conservative and aggressive.
The EUR/USD currency pair is the only symbol to work with.
The EA works on the H1 time frame.
The developer provides .set files to customize the EA for different modes of trading.
Many parameters are inbuilt in the system, so people can’t interact with them, forcing the robot to fails.
The EA can work with high spreads (up to 20 pips).
For non-US accounts, we have to test it before running on the real account.
The vendor offers us to use Roboforex as the broker to work with this EA.
The EA costs not big money compared with the number of updates it’s received. There’s no rent option, only Free Demo for those who want to check settings or perform a backtest.
It’s a backtests of a no one knows symbol, time frame, period, and modeling quality. The initial deposit was $1000. The total net profit became $46401. The EA performed it with 1:500 leverage. A maximum drawdown was quite high (17.29%). The Profit Factor was high and equaled to 3.92. It closed 306 trades with 69% of the win-rate for Shorts and 72% for Longs.
We have a real USD account with a Verified Track Record. The EA trades on the Fort Financial Services broker with 1:500 leverage through the MetaTrader 4 platform. The account was created not so far ago, on August 02, 2020. It was deposited at $1500. For over four months, the absolute gain has grown to +20.42%. An average monthly gain is +5.52%. The maximum drawdown is 15.59%.
The robot closed 162 deals with 592 pips. An average win (7.87 pips) is three times fewer than an average loss (-24.66 pips). The EA trades with a quite high win-rate of 85%-89%. An average trade length is over one day. The Profit Factor is (6.40).
It trades four symbols. The most frequently traded are EUR/USD and CHF/JPY.
Most of the deals were opened during a European trading session. The rest of the day, the EA trades little.
The pick of the activity occurs on Wednesday and Thursday.
The EA runs the account with little risks, probably 3%-5%, not higher.
The last page of trading results shows that the last 20 trades were profitable. The SL levels look like a good joke.
After switching to low-risk trading, the EA provides up to 1% of the monthly gain.
There are many people’s testimonials about their experience of using the EA. The developer is quick to answer if there are questions.
Speed Magic Review Summary
We have seen trading results, and this is great. We don’t see the most important part. Explanations of Straight and Reversal strategies. It would be great to see more details and explanations. Trading results, as we can see, had two periods. The first one was high-risks growing. The second one was low-risks trading with impossibly low profits. The EA places insanely high Stop Loss levels. It seemed that the devs were just joking. -100000 pips, seriously? If the market goes the wrong way, when you see this happened, it can simply be -200 pips. It’ll take 150-200 deals to recover just a single trade.