Hi everyone. In a previous post I mentioned that GalleonFX (a popular provider of Managed Forex Accounts) had a special going on where they would let you open up an account with them for just $1000 instead of the usual $10,000 or $25,000. Well, I have good news for those of you who wanted to get in on this opportunity but for whatever reason missed the previous deadline which was Oct 31’st.
GalleonFX has decided to extend this special offer for one more month; yes, that means until the end of November. It appears a lot of people requested the extension of this special offer.
Now let me update you on how my personal account has been performing. I opened my account about a week before the end of Oct, and from that time until now my account is in profit roughly 15-20% ! Overall the “USD Account was up about 75% in September. Then 18% in October for a total of 93% gross in just 2 months” Impressive results no doubt, but to me astronomical gains aren’t as important as consistent results, and from that perspective a bit more time is needed to sort of flush out how consistent GalleonFX’s automated trading strategies really are. The reason I’m saying this is that back in July and August they’ve made some adjustments to their trading strategies so naturally it will take some time to see how the adjustments affect performance in real market conditions over an extended period. If the adjustments prove to be profitable with real money then naturally they’ve proven their success, but until then don’t get all worked up about the high returns just yet.
Still I think GalleonFX presents a good opportunity, especially to small investors who wish to get a piece of the “managed forex accounts” pie. Typically this arena is NOT for the small investor. If you do intend to open an account I would mildly suggest that you not open it with just the minimum; maybe $2000+ would be a bit “safer”, but so far the drawdowns haven’t been too exaggerated.
Oh and before I forget, here are the official performance results for October:
That’s all for now.