Category Archives: Managed Forex Accounts

FXCM Sentiment Aggressive Account Update for April 19, 2008

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Hi everyone. It has been quite a while since I last update you all on the performance of my “test” FXCM Sentiment Aggressive Fund, so I figure it’s about time that I write one. As of today my account stands at $835.49 – I started with $1000. As you can see I am not in profit but I still remain optimistic that in the next two months my account will break the $1K barrier. If it stagnates or goes down even more I will just dump it and look elsewhere. To learn more about the Sentiment Aggressive Fund visit FXCM’s homepage over here.

Here is a screenshot of my current account status:

GalleonFX – Trading update for first half of April

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Here is the latest update from GalleonFX:

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Trading these last two weeks have been very ugly to due all the major currency pairs vacillating in a 200 pip whipsaw consolidation range following last month’s correction/recovery from the unprecedented low (and what came to be, psychologically, a major support level) of the US Dollar.

In the middle of March, most the major currency pairs against the Dollar had hit a new high and major resistance (or support for USDJPY & USDCHF), and since then things have been very volatility for the currency markets — for three weeks straight -as buyers and sellers have been waging a battle to see if the new highs and natural resistance/support areas would hold or break.

For Example…

March 16: EURUSD: All time high and major resistance: 1.5900
Note: since that time, EURUSD has attempted to pierce that resistance point five times, each
time dramatically falling backward 100-200 pips, then resuming the attempt.

March 14: GBPUSD, 2008 high and major resistance: 2.040
Note: since that time, GBPUSD has fallen backwards 1000 pips, and during the course of this fall, it has on
three occasions attempted a upward recovery, each one lasting 3 days and 300 pips (before falling backwards 3 days and 300 pips).

Feb 29 & March 13: AUDUSD: All time high and major resistance: 0.95
Note: since that time, AUDUSD had fallen 500 pips, and has struggled under intense volatility to climb back towards that resistance area.

Feb 27 & March 14: NZDUSD: All time high and major resistance: 0.8200
Note: Since that time NZDUSD has fallen 500 pips, and has struggled climb up but still remains at bottom of 200 pip range.

March 17: USDJPY: New 10 year low and major support: 95.7
Note: Since that time, USDJPY has jumped up 500 pips, and has consolidated in a 200 pip whipsaw range of indecision.

March 17: USDCHF: All time low and major support: 0.96474
Note: Since that time, USDCHF had jumped up 500 pips, and has consolidated in a 200 pip whipsaw range of indecision.

As of 4/16/08, the EURUSD has successfully penetrated its 1.5900 resistance area and things and there are signs of a recovery from this month’s draw down. Trades were generated that managed to be on top of this move.

However, prior to 4/16/08, we have a number of long and short strategies firing trades on the above currency pairs
that failed to be successful due to the 200 pip consolidation range manifesting itself on the all time high/low,major resistance/support
of the major pairs these last two weeks. Though we had reduced leverage to the point that the average trade stop loss was 1% of account size, a series of stopped out trades under increased volatility and market consolidation added to our current draw down.

Long and short trades of the above 5 pairs would fire close to middle or edges of the consolidation range hoping for a break through support or resistance in the direction the market was attempting to travel, but when market would reverse 200 pips, that would be enough to trigger a protective exit or stop loss. Things get ugly when this happens again and again 3 to 5 times over 2 weeks.

We have to keep in mind that given the all time new highs and new lows reached on these markets, things are rather more strange than usual, and there is bound to be greater than normal uncertainty (a larger degree of randomness in the markets that compromise technical trading).
If we had been manual discretionary traders trading these pairs at this time we would be technically very hesitant to trade long the
EURUSD, for instance, given its new high (extremely overbought) status. Yet to not attempt to break through the resistance area,

even though some attempts might fail, could cost more in the long run in terms of potential profit.

Our EURUSD strategies made these attempts five times this month, and though we lost many pips (from various forms of protective exits and stop losses) in these attempts, on 04/16/08 we were successful when the EURUSD finally did break through 1.5900 resistance. If the other currency pairs can likewise break out of their present consolidation ranges following the

EURUSD breakthrough, then we will be come back positive this month.

Over the last 24hrs and as of today, 4/17/08, accounts are still down for the month but have made a significant come back.

We are still very confident on our strategies and know that in the big picture, they will turn out a handsome profit for our clients in the long run.

What we are concerned about and are working to improve are the intermonth volatility and draw down during these times. We are currently actively formulating a method to minimize the affect such volatility has on trading accounts while still maintaining the long term profit potential of the overall trading system.

Currently on the table, and soon to be implemented, is a more weighted leverage approach to individual strategies based on relative strength.
We have a clear idea as to which strategies due worse when under increased uncertainty and volatility, and which strategies are more steady and assured. We plan to keep current leverage (or 1% max trade loss) on the stronger strategies and decrease leverage from 20-50% (or 0.8-0.5%max trade loss) from current levels on those displaying less strength during periods of highly increased volatility.

The end result is that we will still have many excellent strategies that are in a nice leverage to return us handsome profits, during good and bad times, while those still good but at times more fragile strategies will have less a negative impact on the account during times of increased uncertainty and randomness.

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Power-Forex: IPAM Platinum Managed Forex Account Now Accepting Clients

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Hello my dear readers and fellow forex traders. A while back I introduced you all to a new managed forex account offered by IPAM (Income Plus Asset Management Inc.) called “IPAM Platinum”.

Click here to see my original introduction post (also to get performance details)

I am glad to report that the new IPAM Platinum managed forex account is now ready to accept clients. However, you won’t find info about the IPAM Platinum on IPAM’s website just yet. IPAM’s CEO, Mr. William Fischbach, has been kind enough to allow me to give you the opportunity to get in a few days early before this managed account is made available to the general public.

IPAM Platinum’s details still remain the same as you’ve seen them in my original posting. However, here they are again just to refresh your memory:

Minimum Investment Size: $1000+ USD (this may be just temporary)

Performance Fees: %25 of net new high equity & $1.50 per 10K/Mini lot round turn

Account Opening Procedure:

1) Download and print the account opening form below

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IPAM Platinum Account Opening Form

2) Fill out, Sign, and Submit by FAX directly to FXCM at 1-212-897-7669 or scan documents and send to admin@fxcm.com

  • a) The necessary pages from the New Account Agreement
  • b) Copy of Drivers License or Passport
  • c) Proof of Residence (copy of utility bill or bank statement…..No PO Boxes)
  • d) Limited Power of Attorney (last page of New Account Agreement)

3) FXCM will notify you that your account has been approved (approximately 1-2 business days) and they will send you instructions for funding your account (minimum initial deposit is $1,000 USD).
Note: Income Plus Asset Management, Inc. does not handle any client funds

4) That’s it! Once your account is set up and funded, it will be placed in the appropriate PAMM account. All trading will be fully automated from that point on and you will have access to view your account activity online.

As for me, I will be looking to get in on this one too right after I liquidate some of my poorly performing assets. From my discussions with IPAM’s CEO this particular managed account should turn out to be a solid long term winner with very minimal drawdown.

Cheers,
Alan

GalleonFX’s Horrible Performance Continues

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I just have to get it off my chest and say that ever since I opened an account with GalleonFX their performance has been absolutely horrible. My test account is now at $481 down from $1100 – 60% drawdown!! (total drawdown starting from Dec 07) Last month’s performance was lackluster to say the least. I know there is massive market volatility out there and some pairs are ranging like crazy but seriously the folks at Galleon need to stop trading and stop churning our accounts and take a good long look and asses their strategies.

In light of this I think I’ve had enough. After revoking my LPOA once and coming back to the Galleon camp for a second episode of drawdown fun I think I’ve had enough. In a few days I will most likely click that revoke LPOA/LOD link and then it’s bye bye GalleonFX forever.

Anyways, I need to vent off some steam here. By the way, within the next few days or max two weeks I should have some new managed forex accounts on review.

Until then my suggestion is stay away from Galleon for the time being. Unless they pull another 75% miracle win (very unlikely!) then just steer clear from this one for now. The $2K minimum is just a marketing trick really. Maybe I’m being overly cynical here but until I am persuaded otherwise I will maintain my sour attitude thank you very much.

Feel free to voice your opinion about GalleonFX on my forum over here:

http://www.moneyguruforum.com/managed-accounts/1542-galleonfx.html 

Alan

Barclay Hedge Ranks Galleon 3rd in Feb 2008 with 9.0%

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Here is the latest update from the folks at GalleonFX:

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February results from BarclayHedge‘s Managed Currency Fund Rankings were released this month in April. Once again Galleon is in the top 4 for the 5 of the last 6 months. This time in 3rd place with 9.00% net returns for the month of February.

These results can also be seen in Currency Traders Magazine on page 41 of the magazine which is also available for download from their website.

Galleon has remained among the top four FX managers in the world during the last 4 months of 2007 ending the year with a 97.35% net return as calculated by BarclayHedge.

The other top 10 managers ranked here nearly all have minimums between $50,000 and $100,000 while at the time of this posting, Galleon offers a minimum at a fraction of this.

 

Though our yearly return is still down at this point, with what we have learned in 2007 and with the adjustments and improvements we’ve already made to our systems, it could be possible to net our clients 100% in 2008, even after starting the year with our worse month ever in January. Of course there are no guarantees and past performance is surely no guarantee of future results.

BARCLAY HEDGE PERFORMANCE RANKINGS: Managed Futures

As taken from http://www.barclayhedge.com and Currency Traders Magazine.

Currency Traders Managing At Least $1 Million but Under $10 Million as of Dec 2007

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