Wow, talk about a horrible performance coming from GalleonFX. I think I’ve had enough of this nonsense. I’ll give them 2-3 more months for their “filters” to do their thing and if I see no increase in performance, well, I’ll be ditching this dog of a managed account.
In regards to those filter, here is what Galleon had to say about it:
“New filters as mentioned in our last post are all in place now. These filters would have prevented the loss as we have seen in April due to the range bound volatile market conditions we saw in April. You may find it very helpful to re-read or read our updated previous news post regarding these new filters.”
Now as for their performance, check this out:
April 2008
EUR -27.4%
USD -29.0%
gross returns
Lovely, isn’t it? Not! Next to January 08 this is one of their worst trading months ever. Just to update you all my once $1100 account is now at $480! My patience with Galleon is wearing thin to be honest. I bet tons of you have already ditched this sinking ship.
Conclusion: I no longer recommend this managed account. Avoid it. Save your money and check out some of the better options I’ve come across. My darling managed forex account at the moment is one offered by IPAM (Income Plus Asset Management). You can find details of it over here.
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