Currensee have just released some new functionality on their platform to allow customers to manage open positions through their interface. When customers click on the ‘Investment Dashboard’ tab they’ll see a new section called ‘Open Positions’ (see image below). In that section you’ll see all your current open trades grouped by currency pair. You click on the currency pair to expand the selection and display every single positions. You’ll also see which of your chosen Trade Leaders has each position open. And more importantly, you can now close every individual position from this page as well, or close all positions for a given currency pair. I.e. you can close trades early to book wins, or avoid further losses. Obviously in an ideal world you wouldn’t need this functionality if the Trade Leaders would apply appropriate money management principles, though in our experience with Currensee (and other networks) it can be a pretty necessarily piece of functionality to have, as there’s no guarantee traders will keep to their principles when the markets turn against them.
We mentioned in our Currensee review before that this functionality was a major omission from the Currensee platform and Trade Leader Investment Program interface. In fact, the only way you could view or close individual open positions before was directly via the interface from your broker account. However, if you followed more than one Trade Leader it would be impossible to know which positions belonged to which trader. I.e. you could only stop following a Trade Leader completely, which would close all their positions, but you could not close individual ones. We actually wrote in our review that “… in our experience because the trading behaviour of some of their Trade Leaders … it would be useful if the tools were available to monitor and close current open positions”, and it clearly demonstrates Currensee have improved their platform.