GalleonFX Bloody Yo-Yo And Upcoming Updates

by HYWD

You may have read about the big drawdown in few blogs already - for example Alan already closed his account. Yesterday my account was down with about 50% since December and about 30% since inception. I was a step away from revoking the LPOA like mentioned in the comments in the portfolio page.

Today the things have significantly imrpoved and my accunt is down 30% compared to December and only 5% down in equity. This is of course not good at all, considering that I was 40% up at the end of 2008, but at least is not as bad as it looked yesterday.

There is upcoming update on the situation. I suspect many have closed their accounts and that's up to them.

It's a bad decision to close the account at low time, that's for sure. However I will change my strategy from compounding to picking profits when they are available like suggested in this post at The Shark Investor.

I hope and believe we'll be in profit soon again, but I hate this Yo-yo effect.

What about you? If you had an account, did you close or stay? What's your plan?



Published at Jan, 25 '08 ; read 742 times;

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User comments:

Peter at Jan, 25 '08 18:01
Yikes, I would get out personally, they are clearly taking on far too much risk. It could potentially work out fantastically, which would result in nice commissions for them and nice returns for you. However, it could go disastrously wrong and you end up poorer and they end up unaffected.
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clifton at Jan, 30 '08 14:18
A quick update from today, I am back in profit (since inception). If they can avoid the huge drawdowns like the last one, they would rock.
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Jamal Malik at Jan, 30 '08 19:14
I stuck around. The stock market has treated me more poorly in my personal investing history. Galleon's drawdown is not impressive at all, very disappointing to say the least, but what should i expect from a signal traded facility? Clifton previously posted an article about ProductGroupFinancial which has a private Forex trader who has been netting me between 5-15% ROI monthly. The minimum investment never drops below 25k though, never down to 1k like GalleonFX did.
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Vlad at Jan, 31 '08 02:04
My FXCM account was included in the automatic trading (Sentiment Aggressive Fund) in the middle of the January. Since then the account balance has increased by about 12%. Not bad at all.
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