Thanks to a fellow blogger who runs The Shark Investor blog I found out that FXCM is increasing their minimum account size from $1000 to $5000 on all of their managed forex account offerings starting Dec 1’st 2007. My original intention was to wait a bit and open an account with them and then do a full review here. Well, it appears time has pressured me to rush things a bit, so as a consequence I just quickly funded my existing account (currently trading with GalleonFX) via credit card and then completed the LOD (Letter of Direction) which instructed them to take funds from my current account and use them to fund my new account. The whole procedure took like 5 minutes, if not even less.
Now the only problem is that most of you won’t be able to get in on this one with the current $1000 minimum. If you are a new FXCM customer, most likely by the time you complete your account paperwork you will reach the deadline of Dec 1’st 2007. Sorry, but what can I say, c’est la vie. You can always get in with $5000, which now that I think of it might be a “safer” account size.
Note that FXCM has two managed funds on offer: Sentiment Fund & Sentiment Aggressive Fund
The only difference between the two is the account leverage. Obviously the Aggressive Fund uses high leverage and is therefore a much riskier fund, but naturally the performance level is much higher.
Here are the performance levels for both funds so far:
Jan Feb Mar Apr May Jun Jul Aug Sept Oct
0.24% 1.60% 5.42% 0.25% -1.57% -1.12% 7.68% 5.84% 4.02% 5.73%
Sentiment Aggressive Fund:
July Aug Sept Oct
15.41% 9.83% 8.23% 10.97%
As always I will be making regular update here about how my account is performing.
Details about these Managed Forex Account can be found at FXCM’s website: