Today I’m reviewing a Forex trading system, that uses a collection of indicators to provide traders with a signal-based trading method, Currensys. Built to work with the NinjaTrader, eSignal, and MCFX/MultiCharts platforms, this is different than most products that I review, as the community prefers MetaTrader. The creators of the software want to help traders learn, and grow by providing ongoing support, and access to other traders.
The company is run owned and operated by MVP Holdings, located at 30 Broad Street, Suite 1450 New York, NY 10004. The creator of the trading system, is John Correnti, a man who came from a background in home renovation. The software has been available to traders since 2009, And support can be contacted via email email@example.com.
The developers of the Currensys system believe that with discipline, and a plan for trading, “virtually anyone can become a successful trader.” They claim that their software contains multiple independent signal systems that work simultaneously to adapt to active market conditions. So, we are essentially looking at indicators that are monitoring the market for specific conditions that need to be met in order for signals to be generated. This is much like other Forex indicators I recently reviewed, such as APA Zones, or PipBreaker. With the main difference being that these systems are utilizing a separate platform.
One of the aspects that I like about the website, is the collection of videos that are made readily available to the public. Traders can get a sense of how the system works using MACD Dots, Bollinger Reversal and Bollinger Breakout, in contributing to the overall strategy.
Each of these videos are few minutes long, and shows that the developers of this system, do have a good understanding of the Forex market.
- Type: Forex Indicator
- Price: $1095
- Strategy: Reversal/Breakout
- Timeframe: All Timeframes
- Pairs: All Pairs
When it comes to Forex indicators, they are generally priced below $100, so I’m surprised to see that the Currensys system is going for $1095. The vendor promises a very high level of support, which is meant to be the main justification for the exorbitant price tag.
My interest level for the system was low originally because it’s one of the very few that are utilizing the MetaTrader platform, and the price certainly doesn’t increase that level of interest.
Based on how old the Currensys website looks, I’m not really surprised that they don’t have any trading results available. In the frequently asked questions page, the vendor claims that traders can email firstname.lastname@example.org for “recent weekly PDF reports,” but this doesn’t really sound like it’s the type of trading results I’d like to see.
The website does come across as a bit stale, and out of date. My recommendations to the development team are simple. They should do a full update of the website, and start providing trading results hosted on statement sharing websites like Myfxbook and FX Blue.
This is the best way to present verified trading results over a long period of time. This would prove to us that the system is a winner, and that it has been able to perform consistently over the past 9 years.
It certainly seems that the best days of the Currensys system, are well in the past. There are over 67 client reviews on FPA, for a 4.3/5 star rating. Yet, if you look closer at this data, you will see that the positive reviews between 2012 and 2013. In fact, the past 6 reviews overall quite negative with many traders advising potential buyers to “avoid it completely.”
There are complaints about support being nonexistent, and a forum that is also dead.
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It’s my belief that the Currensys vendors have very little interest in this trading product in 2018. The last client review came in 2016, and the whole website is severely antiquated. Maybe this is a system that we can check up on that a few months, but if the developers don’t revitalize it re-energize their trading program, then I see no reason why we should consider signing up. Especially, when we are going to be charged through the nose for something that hasn’t had a positive review in years.
If you’ve anything you would like to add to the review, please comment now.