Currensee launches the Trade Leaders program

Currensee, the forex social network, announced last week that it is finally launching its Trade Leaders program and opens it

Currensee, the forex social network, announced last week that it is finally launching its Trade Leaders program and opens it to the wide audience. The Trade Leaders program is an automated service that allows traders to follow other, hopefully more successful traders, and execute same trades as the Leaders execute. This should allow the following traders to achieve almost the same results as the Leaders. Almost is because it is almost never possible to completely mimic the trades due to latency and difference in pricing and execution between various brokers.

I suppose that the best way to achieve nearly identical results would be to have same account type with the same broker as the Leader.

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Currensee is attacking the growing autotrading market nieche from a different angle than others. Currensee focuses on the social aspect of things banking on the immense success of social networks such as Facebook. I believe that it is easier to follow and become interested in a real person and not in a faceless strategy and therefore people are more likely to follow other real traders than buy robots from anonymous, and sometimes shady, providers.

Other methods which traders can apply to their portfolio management by using autotrading strategies is by buying robots such as Fap Turbo, follow other traders (sans social aspect) at PAMM accounts with brokers like FXOpen and Alpari or use professional platforms such as Tradency.

Autotrading robots is the riskiest form of investment because it’s rare that the creators of such robots actually care about results after selling the robots as most of their business model is based on a one-time sale. Others do care because they also profit from IB fees but it’s not the same when your face is attached to your strategy and your reputation is on the line. You might say that this program brings social conscience into the forex autorading market for the first time.

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Currensee allows traders to pick several Trade Leaders whom they can follow and diversify their portfolio this way. Trade Leaders are measured by various algorithms and risk profiles and can be compared to other Leaders as well as to the S&P and community risk/return indices.

This is what Currensee had to say about the program:

Trade Leaders are ranked by their Currensee Trader Authority Index™ (TAI) score, a proprietary algorithm that combines performance, risk and experience into a single index. TAI is displayed on the Currensee Trader Leaderboard and on every Trade Leader’s profile. Currensee assesses each Trade Leader’s risk management strategy, background and ability to perform for investors prior to accepting a Trade Leader into the program. Once in the program, every Trade Leader’s performance and trading is reviewed on a daily basis to ensure the leader continues to achieve performance and risk targets. Trade Leaders are compensated only on successful trading for investors and are able to create a revenue stream from trading without changing their existing businesses.

“The program has helped me broaden my overall investing strategy,” said Alex Neihaus, an early investor in the program. “In today’s markets, individual investors like me have to expand our investment strategies to have any hope of increasing gains. Before Trade Leaders, foreign exchange was out of my reach due to my lack of knowledge, experience and time. But with Trade Leaders, I don’t have to be a Forex expert and can still benefit by investing in top traders from the Currensee social network.”

For more information about the Trade Leaders Investment Program and to start investing, please visit www.currensee.com.

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