Galleon FX - not scam but bad system
Now it is about to be 10 months since I invested into Forex managed system Galleon FX. Results were really good, far better than I was able to make out of forex manually. So I decided to put minimum investment deposit in there. At beginning it was looking good, but then month after month it went worse and I started to ask my self: Galleon FX - problems, crisis or opportunity?
When looking back, that was a signal to escape with money left. Why? Since Galleon was never able to recover from crisis and in September 2008 they announced: Trading stopped, retooling and options going forward.It is all too late now...
My loss was significant, around 30% of initial deposit left on balance, after withdrawal I expect it will be even lower. Another lesson learned.
So far, on forex, after being almost 2 years in this kind of investment, I can conclude:
- Manual forex trading - if you don't have time, good information and experience (all of those things), you may get profit just by pure luck. There is no other way.
- Trading with signal - doesn't work well, because even if you got super great signal with profit, you'll have to pay for it. Final profit is available only when trading with large equity, but I assume if you have large equity you don't play with forex (and also not reading this blog :) ).
- Let "expert trader" to trade your money - I tried that too. But it all seems there is no expert knowledge which could protect from losses. Beside if it is done by a friend trader, how you will share profit? If it is done by professional, it is called managed forex...
- Managed forex - can be automatic system, which do trades without human control (like Galeon FX), or human controlled. But as you can find, neither was winning combination for me.