GalleonFX Loses Once Again

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GalleonFX managed to score another loss yet again. As you can see from the performance results below June 2008 is a losing month for GalleonFX.

June 2008
EUR -1.32%
USD -1.53%
gross returns

I closed my Galleon FX account last month so I just want to let you folks know that I will no longer be reporting about anything GalleonFX related. Nor will I EVER consider opening a managed account with them again. In my eyes GalleonFX’s performance lately can only be described as garbage. Want proof? Take a look at this:

01/08 -32% -33%
02/08 +9.0% +16.8%
03/08 +1.2% +1.0%
04/08 -29.0% -27.4%
05/08 -9.17% -8.95%
06/08 -1.53% -1.32%

-33%! 27.4! This is simply unacceptable.

I wish those of you still on board this sinking Galleon the best of luck.

6 thoughts on “GalleonFX Loses Once Again”

  1. the fact with most of those managed accounts is the following. they gain profits with few funds to attract customers and asap the assets under maanegment have strongly increased, they crap it down and take all the money back + extra cheese. managed funds are one of the most lucrative tings for a broker which definitely is interested in bad performance. see fxcm. don’T get blinded by those numbers. in the big picture, you only can lose. few small profits after profits and then one major hummer with -20, -30% on higher funds and all the profits have gone. you can watch this with nearly all those public managed funds. the trader ears much more money from generating commission by trading. performance fee makes the smallest amount of money for them. 1 round turn lot averages around 40-60usd, which means that the trader gets this amount of commission for every 5 lots traded. you really sometimes don’T want to know what’S going on behind the curtain and what deals have been made between broker and trader. see greedy PFG DEVRIM from former fraud company tradex. 20 winner months and now he burned over 30% of customers money and goes own. regarding his AUM 30% of money is around 10 million usd! happy broker. he keeps sticking to senseless trades.

    the only way to become successful is to know a market makers or a honest money manager who trades on inst. base with an own account and not in the retail area. this market is designed for you to lose.
    i, myself keep on self trading since a month, without any ma, to take back the money.

  2. well mat, they don’t get that money that “they take back”…they just give it to the market. I don’t sense any major conspiracy here to steal funds, because technically they can’t steal funds – only erode them. They can however overtrade and generally thrash the account to gain rebates from the broker. Actually both the broker and the managed account provider stand to gain – the broker gets the pip spread and the introducing broker gets a piece of that spread and sometimes a “per round lot turn” commission.

    I was not aware PGF Devrim was doing so bad. And to think I was planning on opening an account soon. No doubt the tough current market conditions contributed to that loss, but 30%!! That is almost as bad as GalleonFX.

    Hmm, finding an honest market maker is like trying to find an honest thief in many cases. But anyways, that’s a whole other discussion.

    Start a thread at my forum in the forex section so we can continue this discussion (here is not the proper place to hold a lengthy discussion/debate)

    http://www.moneyguruforum.com

    (look for the Forex section)

    Thanks for your comment mat!

    Cheers,
    Alan

  3. GalleonFx is PURE GARBAGE ! ! !

    They had stopped trading but have no courtesy even to inform her members by email.

    I wouldn’t touch any of her programs with a TWENTY FOOT POLE !

    I hope she will do herself a favor by CLOSING UP the company. PURE STUPIDITY ! ! !

    On a scale of 10, I give GalleonFX a -5 .

  4. Yep, you’re right! The worst managed forex account I’ve ever been involved with.

    I really regret not getting out when my drawdawn was -30% (what I consider an acceptable “stop trading” drawdown level). But ohwell, you live you learn. I guess I let my emotions get in the way (thinking things will turn around since they’ve had amazing previous winning months)

    Btw, I also closed my Sentiment Aggressive Account which suffered a -30% drawdown. This time I stuck to my policy and I’m glad I did. I’ve yet to announce it though (will soon).

  5. I don’t really prefer to go with such stuff, as losses are obviously going to happen regularly, if we want to avoid this than we should seek our own way. At the moment i am working with my own way with help of OctaFX broker using their low spread of 0.2 pips, high leverage up to 1.500 and excellent news and analysis service which is free and has excellent results that goes up to 80-85% for me on personal note, so that’s sensational!

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