Six positions. One bet. Most books look more diversified than they are.
Long EURUSD, short USDCHF and long GBPUSD is one short-dollar position in three costumes. A broker platform will show you three tickets, because showing tickets is its job. WatchTower reads the book as currencies: what it is net long of, how much of it is one idea, and whether the positions move together. Open a position in My portfolio and Explain the move shows what moved it over a day, a week or a month, signed to your side.
Four questions
What a broker platform will not answer.
What am I actually long of?
Long EURUSD, short USDCHF and long GBPUSD is not three trades. It is one short-dollar bet wearing three costumes, and it will win together or lose together. Net exposure collapses the book down to the currencies underneath it.
How much of this is one idea?
Concentration measures how much of the notional sits on a single bet. A book that looks diversified across six tickets and is 70% one call is the commonest way a careful trader gets hurt.
Do these positions move as one?
Correlation across the daily returns of what you actually hold. Two positions that have moved together for the last three months are one position for risk purposes, whatever the tickets say.
Am I on the same side as everyone else?
Your positions set against retail sentiment and against CFTC speculators. Being with the crowd is not automatically wrong, but it is worth knowing rather than discovering.
Depth
A list of positions, or a read on the book.
Being straight about it
What this does not do.
It does not connect to a broker. Positions are entered in the terminal, so no account is linked and no credentials are involved. It does not size a position, set a stop or tell anyone what to hold: it measures what is there and shows it plainly. What to do about a concentrated book is the trader decision, and nothing on this page is financial advice.
The panels
Two panels, one free.
- My portfolio. Free. The book in one panel: add positions and set each long or short, with live price and day move, the composite score and the engine's lean, and whether it agrees with your side. Open a position for the drivers behind its score, or switch to the book as a live price list.
- Portfolio risk. Pro. The book read seven ways: net currency exposure once the pairs are broken into legs; how concentrated that is and how many independent bets it really holds; a conviction check of each position against its own score; what has moved under it since a chosen run; you against the crowd, retail and the CFTC speculators; the correlation between your positions on daily returns; and what is coming up on the calendar for the currencies you hold.
- Briefings. The house's written briefings, free, with a My book read on Pro: a written AI read on the whole book, what it is betting on and where it is concentrated, with the positions, exposure and events it was built from shown beside it.
Portfolio risk, answered.
What is net currency exposure?
Every FX position is two currencies, one bought and one sold. Net exposure adds those legs across the whole book and shows what is left. Long EURUSD, short USDCHF and long GBPUSD net out to a large short dollar position and small longs elsewhere, which is a different picture from three separate trades, and a much more accurate one.
Why does concentration matter more than the number of positions?
Because six tickets expressing one idea carry the risk of one large position, not six small ones. Concentration measures how much of the notional depends on a single bet being right, which is the number that decides how bad a bad week is.
Does it connect to my broker?
No. Positions are entered in the terminal rather than synced from an account, so nothing is connected to a live trading account and no credentials are involved.
Does it tell me what to trade?
No. It shows what the book is exposed to, how concentrated it is, how the positions correlate and how they sit against the score and the crowd. What to do about that is the trader decision. Nothing here is financial advice.
What does the conviction check compare?
The Conviction check read in Portfolio risk sets your direction on each position against the direction implied by the composite score for that market. A position held against the read is not necessarily wrong, but it should be a decision rather than an oversight.
Is it free?
My portfolio is free and stays yours on any plan: positions, live prices, the score on each holding and whether it agrees with your side. The exposure, concentration, correlation, conviction and crowd reads are in Portfolio risk, which is Pro, as is Explain the move on a position. Pro is $49 a month or $490 a year, and every new account opens with 14 days of Pro, no card. The free plan carries 15 of the 49 panels across 2 boards.