Review of Currensee Trade Leader selection features
Currensee Review: Trade Leader Selection
The Currensee Leaderboard displays all active Trade Leaders with a selection of performance indicators next to them. You can order them by each indicator. These include:
- TAI or Trader Authority Index (TAI) – a proprietary Currensee trader skill metric based on a 0 – 100 scale, taking into account the performance and risk scores
- Short Strategy Description
- Number of Followers
- Minimum Capital Required to Follow this Leader (expressed in your base currency)
- Correlation -(High/Medium/Low) – indicator of how close the performance of the Trade Leader account matches the performance of the investor’s accounts who follow the trader based on past 2 months data. As mentioned before, performance will differ based on slippage, broker spreads, fees, volatility or other market conditions.
- Performance Index – Currensee rating on scale of 0 – 100 based on a proprietary internal algorithm weighting the trader’s annualized return and history on the social trading network
- Risk Index – Currensee rating on scale of 0 – 100 a proprietary algorithm weighting the trader’s daily volatility, percent days losing and maximum drawdown percentage.
- Cumulative Return since trading on the Currensee social trading network
- Annual Return – average annual return
- Past 6 Months Return
- Consistency – Currensee indicator on scale of 1 – 100 on how well a trader’s trades match their strategy.
- History – trading duration of this trader’s live account, verified by Currensee
- Maximum DD% – the maximum percent drawdown (peak to valley) over the life of the account
- Volatility – measure of standard deviation of daily returns/losses over time. E.g. 2% on a $10000 account means that on average the account value fluctuates 2% of its value or $200 in this example each day.
- % Days Losing
- Number of Closed Trades to date
- Overall Win %
Clicking through a Trade Leader will bring up the detailed Trade Leader performance screen. There you’ll find a detailed description of the Trade Leaders strategy and main Forex currency pairs they trade. The performance over time of the Trade Leader is mapped on a graph (compared to the S&P performance during the same period) and the past returns for each month displayed as well. There’s however no information provided on the slippage experienced in follower accounts during those periods and when analysing the data you’d need to take this in consideration yourself. The Currensee interface also doesn’t provide a way to model the performance data using some hypothetical slippage numbers, so if you want to make the performance data look more realistic you’d need to use Excel or some other tool.
At the bottom you can browse through and view any trade they made on the Currensee social trading network in the past. This historical information can be imported into Excel for your own analysis. Please note though that the open and close information for each historical trade are provided as dates and not timestamps. The information also doesn’t include the leverage the trader took on each trade. In our opinion these are some significant omissions since it makes the data pretty useless if you want to do your own analysis of the Trade Leader’s strategy and historical trading behaviour.
Please note that another limitation is that you cannot view the trade positions a Trade Leader has currently open. In our experience some may have trades open for 3 months or more and hence their current trading behaviour and leverage will be based on these already open trades. However because you can only view the closed trades your decision on whether and when to start copying them will be based on incomplete information.