Saturday, September 13, 2008

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:

  1. 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.
  2. 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 :) ).
  3. 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...
  4. 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.
You can see Forex is not easy money, as it may seems. I am not saying that there are no traders who make it for living. But if you are new in this, follow my conclusions. It may help you save money.