It is with great regret to inform those of you who have been following my adventures with GalleonFX’s manged account offering that as of today January 23′rd, 2008 I have decided to revoke the LPOA (limited power of attorney) and stop all trading of my account by GalleonFX. I really hoped it would not have ended up this way, but the drawdown was just too big for me to stomach. Starting from December trading results started to dive south, and now in January something has hit the fan as they say. Today nearly 10% of my account went down the drain in one hour! Such is the “living on the edge” world of Forex trading you may say, but I believe that if GalleonFX’s managed account offering was traded by a human instead of by a robot most likely that person would have noticed the breakneck volatility and stayed out until thing calmed down a bit, or maybe would’ve went into “scalping” mode.
So here is my account recap, both the high and lows. I started with a tiny test account of $1100 (taking advantage of the $1k minimum to see what the fuss is all about) and now my account sits at $704. It soared as high as $1540 and dipped as low as $680. Basically I’ve lost 40% of my account.
So, what lesson have I learned. Well, don’t get me wrong I still recommend GalleonFX, but it is not for the faint of heart, and especially not for $1000 accounts. I know a member who had a much bigger account and even he was not able to stomach the wild swings in equity. It all depends on your risk profile. So, you make your own decision as I won’t try to influence you to close your account too or whatever. I am glad that at least I did not lose the entire account.
For now I’ll stay on the sidelines, maybe I’ll find something better, maybe not, and if I do decide to have GalleonFX trade my account again it will be a much bigger one and I will be implementing a “take profits before they give it to the market ” type of strategy. Had I known what I know now about the way GalleonFX’s system trades I would’ve taken out say $400 when my account was soaring on eagle’s wings as they say, and would’ve kept on doing this with every new profit beyond my original account deposit size. But, I guess that’s what test accounts are for.
So I wish those of you who are still “holding down the fort” the best of luck and I hope that GalleonFX fattens your accounts. For now I will move the money that’s left into a self-traded FXCM account and try to trade my account back to my original deposit and see how I fare out.
I have a thread started on my blog’s forum about GalleonFX and I’d really appreciate it if those of you who are still with them would share their experiences. At the very least if the account turns around and performs in a stellar fashion you can taunt me and tell me how much of a chicken I was :) lol. Here is the link to the forum:
http://alansmoneyblog.com/forum/index.php?topic=1549.0
Take care everyone, and best of luck to you all!
January 24th, 2008 at 5:37 am
[…] Forex Trading Tips | Free Forex Signals | Forex Broker Reviews | Expert Advisors wrote an interesting post today onHere’s a quick excerpt It is with great regret to inform those of you who have been following my adventures with GalleonFX’s manged account offering that as of today January 23′rd, 2008 I have decided to revoke the LPOA (limited power of attorney) and stop all trading of my account by GalleonFX. I really hoped it would not have ended up this way, but the drawdown was just too big for me to stomach. Starting from December trading results started to dive south, and now in January something has hit the fan as they say. […]
January 24th, 2008 at 11:30 pm
I’m sorry to hear about draw down in your account. I have some funds in FXCM Aggressive Fund. My account was about 25% in minus yesterday. Still didn’t check it today. Seems it’s a bad month for trading. Good luck!
January 25th, 2008 at 2:36 am
Yeah I’m sorry too as I believed this one would be a “long term keeper”, but it seems their robot traded systems get killed in times of market volatility.
I’m also in the FXCM Sentiment Aggressive Fund and that one is doing by far better. My test account stands at $923 from original deposit of $1000. A very tiny drawdown and a fairly quick turnaround. Since I’m no longer with GalleonFX I don’t know if they too got out of the huge drawdown, so if anyone still with them would care to let me know I would very much appreciate it.
January 25th, 2008 at 7:32 pm
Dear alan,i am quite sad that you have leave galleon.If you truly understand galleon you will not do that.I myself is a referrer of galleonfx.I understand their system well.The problem with you is that you dont have trust.Trust is something that we all needed.If you cant trust a company with 13 years positive record yearly.There is no one you can trust.I think you from singapore as i know that singaporean have this kind of attitude.Good luck with your forex venture.May you find something that you like.
Galleon 1000 usd account is something not that offen that they have.You have loss a chance.
Galleon is NOT A HYIP.HYIP IS A scam.I myself loss over 500K USD in HYIP and i know the in and out of how they do it.Galleon is making me a millionair with my 10K investment since 2003.
January 25th, 2008 at 10:14 pm
I am not from Singapore. Where are you getting 13 years from? I may get back into it later on or sooner. I still haven’t made up my mind yet as I can’t find any other managed account that looks promising and that has an entry level that suits me.
Another thing, I never said GalleonFX is a HYIP scam. I don’t see the reason why you’re so vehemently defending GalleonFX. I revoked the LPOA not because I though they were scammers, but because I could not stomach the 40% drawdown. For someone who just opened an account with the this comes as a very unpleasant surprise. The worse drawdown I’ve seen on the USD PAMM was -20%. That I can handle, but 40%, no thanks. Like I said I think next week I’ll get back in with whatever I have left in my account and just out of curiosity see if this “13 year trust” you have in GalleonFX is worth anything. Right now I’d be happy if they just brought me back to where I started.