On October 31st 2014 Currensee closed for business. We’re leaving these tips pages active as they may apply to other social trading networks as well, and hence may still be useful.
Here’re some generic tips based on our personal experiences of using Currensee. These tips relate specifically to our experience investing with their Trade Leaders program, i.e. following the trades of other Currensee traders. There’re also some more specific tip pages:
Tips on Selecting Currensee Trade Leaders:
These explain what we look at and evaluate when choosing the traders (Trade Leader) who we follow and copy on Currensee.
Currensee Money and Risk Management Tips:
These tips specifically relate to the money management practices and your Currensee account risk settings (such as drawdown and leverage).
General Currensee Tips:
- Find a broker which matches your trading requirements (e.g. one which is based in your country and offers local support).
- Closely monitor the slippage in your account. Compare your actual results with those reported by Currensee for the Trade Leaders you follow. E.g. write down the allocation for each Trade Leader on the 1st and last day of each month and compare the % gains and losses.
- If the slippage or performance is significantly worse, consider trying a different broker.
- When choosing a broker, consider the fact that Currensee got bought by OANDA in 2013 and hence in the longer term this may become the sole broker (?).
- Spend some time and effort in selecting the Trade Leaders you’re going to follow (click here for tips on choosing Trade Leaders).
- Understand the ‘risk level’ of each Trade Leader and apply this to your overall account risk management (click here for Currensee money and risk management tips).
- Be patient. Don’t judge your Currensee results over a 1 or 2 week period, but evaluate your performance over a number of months. There’re no traders who’re successful all the time and you will have losing months as well (this is basically unavoidable).
- Aim to avoid closing trades from Trade Leaders yourself in your account. Closing trades manually would mean you effectively start trading yourself (and it’s very difficult to close any individual trades with Currensee anyway). However …
- Monitor your performance regularly and if a Trade Leader’s behaviour and performances changes drastically be prepared to intercept (i.e. close all or some positions) and cut your losses if necessarily before things get worse.
- Always be realistic in your expectations. If you start increasing leverage to try and double your account in a few months, be aware that this means taking a massive risk and you’re very likely to lose all of your funds.
- Never invest more than you can lose. There are no guarantees that your results will be the same as those displayed in the Trade Leaders Leaderboard and when you invest with Currensee you can lose some or all of your initial investment.
Feel free to let us know if you have any tips yourself for investing and trading with Currensee.