What happens in a losing month?

Fee and trading result are different things

A losing month is still a real account result. The high-water mark only controls whether a Currents performance fee is due.

If the account has not made new profit above its previous high point, there is no new profit for the fee to apply to in that period.

A simple example

1. Your previous high point is $1,000 profit.
2. This month your copied result falls to $850.
3. There is no new profit above the old high point.
4. The Currents fee is 0 for that period, even though the account still had a loss.

Does 0 fee mean no loss happened?

No. It only means there was no new profit above the high-water mark for Currents to charge on.