nobsforex

Now we’ve mentioned about Galleon Managed Forex services and their ludicrous $1,000 minimum managed account.Here’s a pal’s experience with Galleon, I just logged into my FXCM account to check up on how GalleonFX is managing my account, and to my dismay all the profits gained have been given back to the market. What can I [...]

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rocky

You call that horrible.....

As of today (01/24/08), my GalleonFx account is down 40% ! ! !

SHOCKING ! SHOCKING ! SHOCKING !

allinvain

Yes..THAT is horrible..I closed my galleonfx account..see my blog for more details..you'd have to dig a few posts behind the most recent one I believe...

I'm curious to see if they come back from that 40% drawdown..

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makila

Me and Stijn have discussed GallionFX at the end of last year and were discussing why we were nuts enough to NOT join it.

The main reason I already explained at Clif's blog. Where I explain that +3% / -2% is a better return than +30% / -20%

With a huge possible profit, there comes a huge possible loss.

With gallionFX you need to be lucky that when you join, that they have a couple profitable months in a row. Then you grab your profits and you are "safe" and ready for a long *ride*

However if you are *unlucky* the market turns against GallionFX(this is what happened now) before you are in big profits, you tear your pants. Its as simple as that.

While gallionFX looked very appealing and tempting. I always considered it sever high risk. No simply give me something like IS. always weak returns, but at least they were somewhat*safe* returns and still a lot better than MY bank.

allinvain

Yes, and just as my luck would have it I jumped in right when the market tearing itself to pieces. The end result of that is a total sustained loss of 40%. At this point I am not sure what to do, to wait until things "settle down" and give it another try or to just forget about it.

Right now I am terribly curious to know if they've recovered at least a portion of their loses or if they went further down the drawdown hole. I just checked a fellow autotrader's website - FX245 - and it seems galleon has been making some big gains.

You're right about galleon being very high risk. I just saw that first hand. Now galleon says that they're gonna do something to get people's accounts out the drawdown as quickly as possible, but that remains to be seen.

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JoseLeon

Many traders trade only with the margin and although they have got a bad drawdown they can recover easily if they are proffesionals with their job, for example making hedging to recover the negative positions and closing the positions when they see a good opportunity, and finally they get a good result.

Yes, it would be better if they don´t trade like that because they lose margin and it consumes more time and effort to recover, but leaving that account with those losses when they have a good history in trading means that you are accepting these losses and don´t letting them to recover them. This is a long term trading. It doesn´t mean that you will lose all your funds.
It´s only my opinion.

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allinvain

Yes Jose. I am well aware of the fact that GalleonFX's managed account - or any forex managed account - is a long term investment. I guess my initial reaction was one of pure risk avoidance. I may get back into galleonfx a few days from now. Whatever happens happens. If anything this will at least prove to me and to everyone else that they can indeed perform. If they manage to blow my account away (only 60% left of original deposit) then they monumentally suck. We shall see.

On the flip side my FXCM Sentiment Fund is kicking ass and manged to recover from its drawdown with grace. Just a tiny bit more and I'll be back to even.

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tulasu

I'm always a little nervous when supposedly well established accounts all of a sudden offer low entries. First $1K... now it's $2500 (if it's still on). Especially right after sustaining big losses. :O



How do you feel about Sentiment Fund now, Allinvain? I've heard of others who took their money and ran after they saw the incredible volatility.

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allinvain

The minimum is now $2000 and yes it's still on. Honestly I do not recommend new investors jump into this one for now. Wait on the sidelines and see if they can pull their investors out of the massive drawdown.

Hmm, the Sentiment Fund is in a drawdown too sadly enough. It is not as bad as GalleonFX thank god but let's see, let me check my test account and tell you. Ok, it's down still -12% roughly. By the way FXCM has two new managed account offerings (I even wrote a review of them on my blog) or just visit Forex | currency trading | forex trading | forex broker

On a different note I've been working with the CEO of Income Plus Asset Management (Power-Forex) to bring a new and more sanely traded managed account to the masses. So far it is not available to the public as we are looking for a few big investors to help us get started. Check out my blog and read the first two latest postings. I was quite surprised by the performance record of the traders we contracted - reasonable performance but with VERY limited drawdown (no more than 10%). After my wild GalleonFX ride I think it's about time I put some of my money into something more stable.

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tulasu

Yes, been a pretty wild ride! I'll have a look in your blog when I get a chance again... I've lurked there periodically, too.

Would like to follow this new endeavor of yours.

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