Guys! It's possible to create EA that makes the trades automatically and Currensee will act as the source of those trades. Copying the trades of specified user of Currensee web-site?!
I guess once you sign up, you are accepting this as currensee does offer full transparency.
Is this going to be free of charge or a creditable signal service with a price tag?
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They are edge hunters. One of their early press releases' verifies this. The company was found by greedy morons(ie. they have book smarts)/unsuccessful traders who decided to create a website "ie. trading community," so they can aggregate trade data and run their own set of filters to analyze the trades of a profitable trader. (and also intend to SELL this data for a premia to interested parties)
The trade leaders program is a bigger joke. To be "considered" you have to deposit $5,000 minimum and make Currensee your IB. It's mandatory that they take rebates from you for 3-4 months while your trading to "build up your performance to impress them" and if your performance is on par with what they are looking for, you get a ZuluTrade Signal Provider type deal.
I was contacted by them back in November 2009; I found that the "opportunity" they were presenting me was not beneficial to any successful trader--as I was single-handily making more trades a week than their entire community as an aggregate had made since inception.
I guess once you sign up, you are accepting this as currensee does offer full transparency.
Is this going to be free of charge or a creditable signal service with a price tag?
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The good traders are being compensated by success only - they get 20% of the gains that they make for the people that follow them.
There is also a 2% annual management fees that Currensee collect but that's all the fees.
So if you deposit $100k you pay $166 a month for management fees and 20% of every dollar you make in the account goes to the person that made that money for you.
One very important thing - this is not a signal service - these people actually trade on their own money and you replicate the market analysis as well as the risk management that they use.
The good traders are being compensated by success only - they get 20% of the gains that they make for the people that follow them.
There is also a 2% annual management fees that Currensee collect but that's all the fees.
So if you deposit $100k you pay $166 a month for management fees and 20% of every dollar you make in the account goes to the person that made that money for you.
-- Asaf.
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From my knowledge (I may be wrong about these figures below)
1. Your firm take 1/3 of the 20% performance fee from the trader.
2. Rebates from the trader making trades under your IB.
3. Rebates from the investor mirroring trades under your IB.
How can you charge a 2% management fee after all this?
A good trader can easily do $150MM in monthly volume. Add the 1 pip commission you charge for being under your IB.. that's $180k a year in rebates. (a direct cost to the trader...). If you also add 1 pip to the commission for the investor; we'll that's another easy $180k a year in rebates.
No added benefit for the trader or investor.
Profitable traders are better off seeking legal counsel and setting up their own shop, incubator fund/and or hedge fund. A LOT of reputable law firms out there who can do this for <$5,000 (chump change if you actually are a good trader) & also push you in the right direction when it comes to soliciting accredited investors.
I understand this does not apply to Currensee as they are looking for morons/unaccredited investorsto use their service to find a more retarded and trigger happy money manager.
From my knowledge (I may be wrong about these figures below)
1. Your firm take 1/3 of the 20% performance fee from the trader.
2. Rebates from the trader making trades under your IB.
3. Rebates from the investor mirroring trades under your IB.
How can you charge a 2% management fee after all this?
A good trader can easily do $150MM in monthly volume. Add the 1 pip commission you charge for being under your IB.. that's $180k a year in rebates. (a direct cost to the trader...). If you also add 1 pip to the commission for the investor; we'll that's...
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1) We don't touch the success fee - it all goes to the trade leader
2) Rebates are already charged by the broker - we don't increase the spread like Zulu or others so you already pay the price and the broker gives us money for introducing business to him
3) We don't mandate the leader to be under our IB if he has more than 6 months of successful and consistent performance in his real account
We don't charge the IB fees - we are not like Zulutrade - we give you the broker price and the broker rebates to us sometime it's 1 pip and sometime it's less - we work with brokers like MBT that give us less than 0.2 pips and still we don't increase the spread like others do.
We are building a product for all investors while giving them the transparency that performance has been validated by us and is presented according to the way it should be presented according to the CFTC - it's not difficult getting money especially from accredited investors but most money manager working today are misrepresenting their results - read my blog post about how to calculate performance right - http://blog.currensee.com/2010/07/me...-way-to-do-it/
b. Proof? Was there some sort of new study I missed? Got something not on wikipedia? or your own website?
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Why do you say we cost the trader ~90k? The only thing the trader pays is 2% annual fees which on $10k is $200 a year and he pays 20% of whatever gains he make to the trade leader based on high watermark since inception - we don't touch that money.
1)
We are building a product for all investors while giving them the transparency that performance has been validated by us and is presented according to the way it should be presented according to the CFTC - it's not difficult getting money especially from accredited investors but most money manager working today are misrepresenting their results - read my blog post about how to calculate performance right - http://blog.currensee.com/2010/07/me...-way-to-do-it/
-- Asaf.
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I'd like to know where you're getting this "information," about money managers misrepresenting results, and the other claim that you make about 80% of institutional traders are losing.
Also, if money managers are indeed misrepresenting their results, has the general investment community accepted that a "trading community," such as your firm which specifically targets retail traders, is the authority in "CORRECT" performance measurement? It's like making a claim and the only source you have to back it up is a link to your own website or wikipedia.
$90k figure comes under the assumption that a "good" trader does 150M volume a month and you collect a 1 pip rebate. Even with the 0.2/pip rebate that you mentioned thats $18,000/bi-yearly (a direct cost to the trader).
I'd like to know where you're getting this "information," about money managers misrepresenting results, and the other claim that you make about 80% of institutional traders are losing.
Also, if money managers are indeed misrepresenting their results, has...
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Well - I've been working with more than 200 money managers over the past year on this program and the majority of them (not all) are showing performance with the tools brokers give them be it broker statements, MT4 reports etc. which is a misrepresentation of the data according to the rules of the CFTC - I've had several complaints from money managers that linked their accounts to Currensee saying that we show them as losing even though when you look at what the broker is reporting you would see them as winning. When I explained to them how we calculate performance and how it should be calculated they complained again and said that it's unfair because open positions should not be part of the performance calculations.
I didn't say that we are the authority just said that we calculate it right - and us being a free social network doesn't mean that we can't calculate it right.
If you have any substantiating evidence that institutional traders have higher success I'd be more than happy to see it.
And one more time about the fact that we take money from the traders for the Trade Leader program - we don't charge the spread the brokers do and there is no way for the trader to recover this cost if he trades with a broker - we just get a rebate from the broker and it works as any affiliate program in any market works.
