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Review of Currensee Account & Risk Management features

Currensee Review: Account and Risk Management

Please note that Currensee ceased to operate on October 31st 2014. We left their review pages active for reference purposes.

Once you’ve decided which Trade Leader or Leaders to follow in your Currensee autotrading account you’ll have to select how much of your capital to allocate. For each Trade Leader there will be a different minimum allocation requirement, ranging from $1000 to $12,5000. How much to allocate to each will depend on your own risk profile.

To further protect your account you can also set the maximum drawdown allowed on the Trade Leader allocation. The individual allocation drawdown levels you set will define your overall account drawdown level displayed (SEE IMAGE).

Currensee Portfolio Risk Management Screen
Currensee Portfolio Risk Management Screen

You can also change your leverage relative to the Currensee Trade Leader’s leverage. E.g., to reduce your risk you can set this to 25% which means that when a Trade Leader trades at 20:1 leverage in your account this will be 5:1 leverage. You can also increase leverage and take more risk, so setting leverage at 200% would mean a trade being executed at 20:1 leverage in your account if the Trade Leader used 10:1.

An account leverage setting can also be applied at account level. You can also prohibit Trade Leaders from trading in certain currency pairs.

Viewing the performance of your account can be done at portfolio level (overall performance to date and per month). For each Trade Leader you follow (or followed), you can also see how they performed in your Currensee account. The overall P&L is displayed as well as each trade, including any slippage which occurred between your broker account and the Trade Leader’s live broker account.

Trade Leader Performance Screen:

Currensee Trade Leader Performance Screen
Currensee Trade Leader Performance Screen

The “Active Investments” tab lets you view the current overall P&L, as well as the P&L per Trade Leader. If you want to look at the detail of the actual open trades you’ll need to click on the “Investment Dashboard” tab. This will display all your current open trades grouped by currency pair (see image below). If you click on a currency pair, the information is expanded and you’ll see all the individual open positions for that pair, with additional information, including which Trade Leader currently has opened that positions in your account. From this screen you can close any individual position yourself, or all positions at once for a currency pair. This is obviously a very useful tool, since it gives you full control to manage the positions in your account. E.g. it allows you want to gradually close open losing positions of a Trade Leader you want to stop following, instead of closing them all at once.

Currensee Open Positions Screenprint
Currensee Open Positions Screen

It’s worth noting that the “Open Positions” functionality was only introduced by Currensee on May 29th 2013. Before then, the only way to view your individual open trades was directly in your Currensee linked broker account. However, as we stated in this review before, this was a very important omission, since in your broker account you couldn’t really see which positions were opened by which Trade Leader and hence it was impossible to manage open positions per Trade Leader (which based on our experiences with the trading behaviour of some of their Trade Leaders was something we felt we needed to do). At the time, we wrote that “it would be useful if the tools were available to monitor and close current open positions”, and it sounds the Currensee team put in the effort to add that feature.