Currensee

According to the Motley Fool, "get a new/better job" is #4 of the top 10 new years resolutions. If that's on your list and you're in the Boston area, check out these career opportunities at Currensee towers:

Inside Sales Representatives: Entry-level gig: make calls, give demos, study for and pass your series 3 and 34, earn commissions.

Inside Sales Manager: Manage a winning team to even greater heights.

Compliance Officer: Use your legal chops and experience with NFA and CFTC to help us take the high road to success.

Manager of Trade Leader Recruitment and Oversight: Manage the Trade Leader application and due diligence process

If that's not enough, we're also looking for some paid (yes, paid) interns in the Engineering group:

Software Development Intern

Development Operations Intern

What's more, we continue to accept applications for the ultimate Forex job, Trade Leader. If you're a professional Forex trader with rock-solid risk management discipline and a winning record, you may want to consider applying. But first, read about the due diligence process.

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We're super excited to be hosting another Webinar, this time featuring Trade Leader Spencer Beezley along with Bill Schneider and Licheng Cai of Currensee.  It's this Sunday, September 22, at 7:00pm New York time (that's 4pm in California and 9am in Sydney)

Currensee's Trade Leader Spencer Beezley and Licheng Cai, Currensee Trade Leader Selection and Due Diligence Manager will discuss Spencer's common sense approach to Forex Trading and why he was selected and chose to join the Currensee Trade Leaders Investment Program. Currently Investors can follow two of Spencer's strategies, TCM and Harbor FX. Bill Schneider, Global Institutional Sales Manager will provide a quick overview of the Currensee Trade Leaders Investment Program.

What you’ll learn by joining us:

  • Insight into Forex trading from a professional money manager
  • How to manage risk
  • The four steps to building and managing a Forex Portfolio

Upon completion of the webinar, we hope we have aided you in deducing if Forex is right for you and key things you should consider before making an investment on your own or with Currensee.  We hope you can join us, please register now!

Currensee is hiring Business Development Representatives in our swanky North End office who will be responsible for selling the Currensee Trade Leaders Investment Program to new customers. The successful candidates will make calls with the goal of scheduling web-based product demonstrations that lead to new account openings. The preferred candidate will be a recent college graduate or have a 1 or 2 years of work experience with a track record of success. The candidate must have a fun and engaging personality, a competitive work ethic and be comfortable learning and adopting new technologies. The candidate must possess the desire to work and succeed in a sales operation in a startup environment.

This job is ideally suited for someone who is seeking a long-term career in sales or business development. This is a role that is well suited for someone who desires to work in a highly collaborative organization that provides growth potential and significant upside reward. At a minimum, the individual should possess a bachelor's degree.

Major Responsibilities:

  • Make phone calls every day and engage in conversations designed to discover opportunities
  • With training, research and identify prospective customer contacts, learn to inform customers of the value of our product
  • Consistently meet and exceed goals

Key Selection Criteria:

  • Bachelor’s degree
  • This position is based in downtown Boston, MA. Only local candidates need apply
  • Excellent communication skills – written and verbal - bilingual a real plus
  • Demonstrated ability to interact with people successfully, either in person or over the phone, to lead or persuade, overcome challenges, and organize activity
  • Disciplined approach to daily activity planning, setting goals and achieving success
  • Ability to take direction, be coached and mentored

Ideal Personal Profile:

  • Enthusiastic, disciplined and hard working individual
  • Excellent interpersonal skills
  • Enjoys working in a startup environment
  • Strong interpersonal, conflict resolution, persuasion and negotiating skills
  • Must be an excellent listener and be able to clearly discuss business value propositions with executive level contacts

Think you've got what it takes? Send cover letter, resume, and anything else we should know to hotjobs@currensee.com.

We’re excited to announce a new regular feature on the Currensee Blog, Spencer Beezley’s Forex Trading Chronicles. Spencer Beezley, the brains behind two Currensee Trade Leader strategies is going be blogging about his personal journey as a trader, providing insight along the way into money management, smart leverage, backtesting, and building and sticking to a trading plan. Spencer has been a Currensee Trade Leader for about two years and holds both Series 3 and Series 34 Licenses. He has been a fund manager and Forex trader since 2008 as well as a developer and programmer of trading systems. He is a self-described “strong believer in rules-based technical trading.”  Look for the first installment of his Forex Trading Chronicles soon, and feel free to check out Spencer’s strategies at Harbor FX and Trimmer Capital Management.

Did you know the members of the Currensee social network are significantly better performers than the general population of forex traders?

It’s true. I’ll run you through the numbers.

As a basis for comparison I’m using the quarterly figures the Commodity Futures Trading Commission (CFTC) requires US forex brokers to report. They show the percentage of active accounts which are profitable in each period. Active here means an account which has done at least one trade over the three months in question. Forex Magnates aggregates this information each quarter. You can see the figures for Q1 of 2013 here.

The broker-reported figures started for Q4 of 2009. In order to do the comparison, I went back in the Currensee trading records to that same starting point and calculated the percentage of profitable accounts for each quarter for members of the social network using the same methodology.

Here is the comparison of results quarter-by-quarter:

You will immediately notice that the Currensee members beat the CFTC required figures not just on average, but in each quarter as well. In fact, it’s only close on a couple of occasions. And in case there is any question as to whether these differences are meaningful, I ran a test of significance. For the statistically oriented, the T-Test of the comparison of means came through with a value of 4.94, making the difference quite significant.

One interesting thing to observe in the broker-reported figures is the increase in the percentage of profitable account in the last couple of years. They are clearly higher than the ones from the first half of the period. At least part of that can be attributed to a survivorship effect whereby profitable traders keep trading and losers drop out. The general expectation would be for an influx of new accounts to offset those where trading stops, but that seemed to stop happening in Q4 of 2011. Since then the bias in the number of active accounts has been negative (though there was a big tick up in Q1 of this year) while the number of profitable accounts has held steady. And yes, there does appear to be some impact of survivorship in the Currensee figures as well, as we’d expect.

It should be noted that in looking at the Currensee figures I only used trades which were not done as part of the Trade Leaders Investment Program – in other words, non-social/copy/auto/following trades. I wanted to do that to judge the performance of members in their own right, not performance directly driven by the trading of others. The CFTC figures have so such filter, so likely do reflect the influence of social trading. If we judge social trading as likely having a generally positive impact on performance, then the CFTC figures could be expected to overstate the performance of individual traders in the general populace, making the performance of Currensee social network members even more impressive.

The Pips here at Currensee have once again been hard at work making the Trade Leaders Investment Program even better for our Investors. We've now taken a big step toward giving you more insight and control into your trades. When you log into your Currensee account, you can now view all of your open Trade Leader positions, and can use our interface to close positions either individually or by currency pair.

To see this exciting new feature, log in to Currensee and choose the Investment Dashboard tab. Next click on Investment Dashboard, where you'll see a new section called "Open Positions". There, you'll see all open positions grouped by currency pair. When you click on the pair, you can expand it to see each position, the Trade Leader ticker, the direction, open price, current price, P/L in pips, and P/L in the base currency of your account. To close a position from this page, simply choose the "Close" link next to the position you’d like to close. You can also close all trades in a currency pair by choosing "Close All" next to the aggregated pair information.

Sample screenshot. Your results may vary. Click to enlarge.
Sample screenshot. Your results may vary. Click to enlarge.

Now, if you see that a trade has reached a point where you want to book a win, or possibly book a loss, you'll be able to do so straight from your Currensee account. Please keep in mind that when you close a position on your own, your performance will differ from that of the Trade Leader.

We're excited to bring this new functionality to you and will continue to find ways to make the Trade Leaders Investment Program an even better program and platform for you.

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Be sure to read the full risk disclosure before trading Forex. Please note that Forex trading involves significant risk of loss. It is not suitable for all investors and you should make sure you understand the risks involved before trading. Performance, strategies and charts shown are not necessarily predictive of any particular result. And, as always, past performance is no indication of future results. Investor returns may vary from Trade Leader returns based on slippage, fees, broker spreads, volatility or other market conditions.

The Pips at Currensee World Headquarters have been hard at work building an exciting new feature for our clients. From now on, when you allocate to a Trade Leader, we will look to see if the Trade Leader has any open positions and whether or not we can get you a price that is favorable to that of the Trade Leader. This means that if the Trade Leader is in a drawdown, you'll automatically get the trade, but in a better position than everyone else in that trade.

No Wait.

I bet you're asking, "What does this mean to me? How can I use this to my advantage?" Well, that's easy. If you're following a Trade Leader who has historically been a strong trader, but they're currently in a bad position, you could create a second allocation to that Trade Leader and, as the trade gains market position, you'll not only gain on the original trade, but also on the new trade associated with the second allocation. Of course, if the original position loses market position you would see losses on both positions. We recently had an Investor report a $1,000 gain while following Joiny Jiang's C account because he used this simple strategy.

The Trade Leader program provides many opportunities for you to customize the experience to you. If you'd like to know how to create an additional allocation, or if you want to know about how to use some of our Advanced Controls, please feel free to reach out to me, or a member of my team, and we'd be happy to assist you.

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Be sure to read the full risk disclosure before trading Forex. Please note that Forex trading involves significant risk of loss. It is not suitable for all investors and you should make sure you understand the risks involved before trading. Performance, strategies and charts shown are not necessarily predictive of any particular result. And, as always, past performance is no indication of future results. Investor returns may vary from Trade Leader returns based on slippage, fees, broker spreads, volatility or other market conditions.

A Porter Cluster is not just a bunch of beers, it's when in industry or a kind of business gains traction in a particular place and seemingly competitive businesses thrive side-by-side due to the concentration of talent, investment capital, customers, and just the sheer entrepreneurial buzz of all that innovation in one place.  It's pretty exciting, and even more exciting, the Boston Business Journal just declared a cluster for alternative investing right here in Boston, and Currensee is right in the middle of it.

In the February 22-28 edition of the Boston Business Journal, Kyle Alspach writes,

A number of Boston-based tech startups are working to provide easier access to two niche areas of investing — foreign-exchange trading and quantitative stock trading — that have gained a higher profile in recent years.

The startups say they are capitalizing on interest from investors who’d like to reap more benefits from those alternative investments, but may not want to devote their lives to becoming experts themselves.

Alspach interviewed our own CEO Dave Lemont, and also checked in with Quantopian, a quantitative trading startup, and BuysideFX, a currency management system.  As the article says, investors are looking for viable alternatives and ways to invest smarter and more efficiently. Here's to more investing innovation in Boston!

UPDATE: Just as I finished writing this, we're in another BBJ article that includes nine financial startups in Boston!

 

It’s that time of year again.

No, I’m not talking about time to get your holiday shopping done (though that’s likely to apply to most readers). Rather, I’m talking about the time of year when the strongest seasonal patterns tend to take place in the markets. They are driven by a combination of things like year-end tax-related portfolio adjustments (think tax-loss selling in the stock market ) and accounting year-end corporate cash movements (think repatriation of foreign profits), among other things.

The result of all this is patterns like the so-called Santa Clause rally which can take place in the stock market, and the January effect in previously beaten down stocks (ones which were subject to tax-loss selling in December, though this effect has waned a bit). We also see some very interesting patterns in foreign exchange rates in December and January. These are well documented in the report Opportunities in Forex Calendar Trading Patterns, but the one which is likely to get the most attention among traders and market observers is the tendency for the euro to be strong and the dollar weak in December, but then to reverse course come the new year.

That begs the question, though, whether it makes sense to trade the markets during the holiday period. This question comes up so often that it was featured as one of those common inquiries answered in Trading FAQs by the experienced traders and market pros who contributed to that book. If you are involved in social trading you will no doubt notice that some traders are active during the holidays and some just decide to pack it in and wait until the markets are back to full participation in January.

Volumes definitely drop off in December as the month progresses. There’s no doubt about that. This is particularly so in years when there’s been a lot of action and significant developments heading up to that period – think elections, major fiscal or monetary policy decisions, etc. That tends to lead mentally exhausted market players to just want a break when they can get it, often resulting in very dull days.

That said, the light volumes can also produce very sharp market moves. If something does happen, because there are so few traders looking to play against a rally or sell-off, the market can go a long way before finally running out of steam. This creates a kind of barbell type distribution to market volatility where you tend to have a lot of very narrow days with a few high movement ones mixed in.

It must be noted that some traders and trading systems can deal with this well. Some can’t. Whether you trade for yourself or through an auto-trading or trade matching system like Trade Leaders, it is worth understanding how your account performs in different types of market conditions. Knowing what the year-end and year-beginning markets are like, you can then make adjustments to either reduce your risk of loss or take better advantage of the opportunities presented.

In academic terms, the Disposition Effect is a psychological bias in traders and investors to take profits quickly and let losses run. This is something which has been talked about in the markets for many years. It comes from a combination of risk aversion effects and a bias toward certainty over uncertainty. In other words, we humans generally prefer a sure gain, even when there is the prospect for a bigger one, while at the same time we prefer having the prospect for a smaller (or no) loss, rather than a sure one.

It’s pretty easy to see how these biases can turn into being quick to book a gain, but giving the market a chance to turn around rather than taking a sure loss.

It is to avoid the potential negative outcomes from this bias – not making as much as we should on winning trades, and taking losses which are much bigger than they should be on the bad trades – that we introduce systems and processes in our trading. For some it goes as far as strictly mechanical trading. For others it includes rules about where to place stops and how to move them up with the market. They attempt to enforce a discipline on us to avoid allowing psychological biases like the Disposition Effect to negatively impact our performance.

Keep in mind, however, that this needs to apply to social trading as well.

In most cases, when using an auto-trading or mirror trading system like Trade Leaders you have the ability to make changes to trades that are done in your account. As a result, there may be the temptation to close out or cut-back a winning trade before it is done by the trader you are following. This is not something that is good idea.

Consider the math of trading performance. Expected returns follow this formula:

R = (win% x avg. winner) – (loss% x avg. loser)

If you close out winning trades early you are impacting the size of the avg. winner. That lowers R - the expected return. This could go so far as to produce a negative expectancy in the most sensitive systems.

In other words, as a social investor you need to ensure you abide by very similar discipline as you would if you are trading in your own right. Don’t let the Disposition Effect drag down your performance.