GalleonFX - News

Despite the very poor performance our fund has experienced this year, our fund is not going to go under. We have experienced a heavy drawdown,that is for sure, but it is due to the extended range-bound behavior of the market. We do not think it should last much longer, these things never do, and when the markets break, then we are poised to make a dramatic comeback.
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07/11/08 Detailed trading and performance updates

It has been a while since our last detailed update and a lot has been happening since. The below update gets fairly detailed regarding what has been happening on the trading side of things.

It is an unfortunate fact that most of the Dollar cross paired currencies (EURUSD, GBPUSD, AUDUSD, USDCAD, USDCHF) – which make up 55% of our portfolio—and the Swiss cross paired currencies (EURCHF, GBPCHF, AUDCHF) – which make up an additional 15% of our portfolio—have been caught a trading range or channel averaging 300-600 pips for the last 4 months or more (jump to Addendum below for more details).

Usually trading ranges last for 1 or 2 months, and it is much less common (though not exactly rare) to have it go on for 4 months or more in a row, as we seen it go up till now. Since most of our systems are trend based systems, they prefer moments when the markets break out of their trading ranges and do not do as well when markets stay within the range.

Our smaller time interval systems (such as our 240 minute systems) can bite out decent pip wins from the short-lived movements within these ranges, but our larger interval systems (such as the Daily systems) do not have as much time or room within the market range to make as many profitable plays. Since we have had up till now an equal amount of small interval to large interval systems, we have witnessed this past June a near break even (small negative) performance as the gains made by the small interval systems were taken away by the losses of the larger interval systems.

06/26/08 More news and updates coming shortly

Though we have not posted news in a while, we've still been hard at work on the back end here. We're preparing news and updates now to be posted at the end of the month. Though our performance has not been that great the first half of the year, we should still post positive returns for June with more encouraging news to follow in the next update regarding our trading systems. We still have lots of time to turn a nice positive year and people that have faith in our abilities to pull things out every year will see this as an opportunity to get in now.

More to follow shortly...

05/06/08 New filters as mentioned in our last post are all in place now.

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.

05/03/08 April trading commentary and new filters UPDATED

April continued with no let up in the short lived attempts of the weak dollar currency pairs (EURUSD, GBPUSD, AUDUSD, NZDUSD) to pierce their respective resistance levels while in constrictive and volatile trading ranges of 200 pips (see our update for the middle of April). We were hoping that sometime in April that the range would be pierced but it continued to hold for the remainder of the month.

To give you a visual of what the markets looked like, here are two 240 minute charts of the EURUSD and GBPUSD.

04/17/08 Trading update for first half of April

Trading these last two weeks have been very ugly to due all the major currency pairs vacillating in a 200 pip whipsaw consolidation range following last month's correction/recovery from the unprecedented low (and what came to be, psychologically, a major support level) of the US Dollar.

In the middle of March, most the major currency pairs against the Dollar had hit a new high and major resistance (or support for USDJPY & USDCHF), and since then things have been very volatility for the currency markets -- for three weeks straight -as buyers and sellers have been waging a battle to see if the new highs and natural resistance/support areas would hold or break.

For Example...

04/08/08 Barclay Hedge Ranks Galleon 3rd in Feb08 with 9.0%

February results from BarclayHedge's Managed Currency Fund Rankings were released this month in April. Once again Galleon is in the top 4 for the 5 of the last 6 months. This time in 3rd place with 9.00% net returns for the month of February.

These results can also be seen in Currency Traders Magazine on page 41 of the magazine which is also available for download from their website.

Galleon has remained among the top four FX managers in the world during the last 4 months of 2007 ending the year with a 97.35% net return as calculated by BarclayHedge.

04/02/08 Brief Update for March

We've just posted our March results. They are positive with the EUR and USD in the range of only +1.0% up, but lower than expected. Accounts were up more than 10% for most of the month and dropped the last couple days of the month when the broad market trend (of rising euro and Yen) reversed. April is getting off to a good start and we expect it to be a more fruitful month.

03/08/08 Barclay Hedge Ranks Galleon 2nd in Dec07 with 12.15% Net Returns

December results from BarclayHedge's Managed Currency Fund Rankings were released last month in February. Once again Galleon is right near the top for the 4th month in a row in 2nd place with 12.15% net returns for the month of December.

These results can also be seen in Currency Traders Magazine on page 38 of the magazine which is also available for download from their website.

Galleon has remained among the top four FX managers in the world during the last 4 months of 2007 ending the year with a 97.35% net return as calculated by BarclayHedge.

The other top 10 managers ranked here nearly all have minimums between $50,000 and $100,000 while at the time of this posting, Galleon offers a minimum at a fraction of this.

With what we have learned in 2007 and with the adjustments and improvements we've already made to our systems, it could be possible to net our clients 100% in 2008, even after starting the year with our worse month ever in January. We have had a very encouraging February, and March, at the time of this news item is already positive. Of course there are no guarantees and past performance is surely no guarantee of future results.

03/03/08 February recap and very encouraging results from new strategies

We are pleased to announce an encouraging return for February 2008 with our new additional strategies making profits for us already.

The month on the whole was somewhat difficult. For the first three weeks the currency markets were volatile and erratic. It was hard for the strategies to find a grip and profit on short lived moves up and down. But by the end of February the markets had become decidedly bearish against the Dollar. We initially profited from this anti-dollar move with many longs on the major dollar paired currencies (EURUSD, GBPUSD, AUDUSD, NZDUSD), and then after many of these reached their predefined profit targets, we profited from shorts on the major Yen paired currencies (GBPJPY, AUDJPY, CADJPY).

02/18/07 Affiliate commission update and collecting payment information.

We are now accepting Affiliate commission payment instructions for paying out affiliate commissions. The debit cards we were promised are still not available yet but we have additional options. We also finished updating all affiliate commission records and calculations in our system and commission amounts should be accurate now.

Due to the increasing complexities of moving money around now days we only have 2 options for sending commission payments. One is by bank wire if your commissions total a minimum of $500 (plus a $30 bank fee) and the other is by e-gold. We will lower the minimum wire amount if our bank can easily handle these wires without too many problems or issues. We know e-gold is still having problems but many people are still using e-gold and we do have some e-gold ourselves just sitting around. So if you would like to be paid by e-gold still, we can accommodate you and with no minimum.

Affiliates can get further details regarding submitting payment instructions by logging into our website here. Once you are logged in, click "My Profile", then click the "Payments" tab for further instructions.

Other than day to day operations, getting commissions to our affiliates has been our first priority. It all took much longer than we had expected to get to his point and it was much more complicated than we had planned on. We apoligize for the delay in getting to this point but the technical challenges and what we are doing is unlike any other forex affiliate program has to offer. Because our brokerage firms systems are independent of our affiliate tracking system, we needed to invent ways of importing, calculating, assimilating matching up trading clients with affiliates and syncing them together. It consisted of writing 100s of pages of custom code to get to this point and we still have more to polish up.

Once again, thank you for your patience in this matter and we look forward to sending commissions as we begin processing affiliate payments this week.

02/11/08 New $2000 Minimum until we're out of our recent draw down.

It is common for people to put funds into investments that are going up and take funds out of investments that are going down. Unfortunately this works against most people because such a practice can get you into or out of an investment at the worst time. If you have confidence in the underlying investment and the confidence it will endure over the longterm then the correct thing to do would be to get in on the downside. In our case, in order to encourage people to get in during a draw down such as what we are in currently. We lowering our normal minimum to $2000. Until we pull out of the draw down we will keep this low minimum which could be for several weeks or only until the end of the month. There are no guarantees of future profits but in we have proven over time that draw downs are only temporary. If this proves to be the case again, this may be a great time to get involved with Galleon before the next profitable trends hit us.

02/10/08 Japanese Yen (JPY) accounts now available

Previously our clients only had 2 currency account types to chose from. A US Dollar account and a Euro account.

For the past 2 years we had been recommending holding Euros over dollars and it worked out well for us all since during that time we saw the Euro go from costing about $1.25 to a high near $1.50. Meaning if you were holding Euro, they have increased in value.

As we go forward we are watching the really starting to inflate their USD currency more and several other countries are starting to follow but to a lesser degree. One reason other countries are creating easy money is that if they do not print more of their own currency along side the US, they will have a harder time selling and exporting products to the US and their economies will suffer as well. Of course this does not help the situation and just leads to more inflation and rising prices for all commodities almost everywhere in the world. The global prices of gold and silver are a testament to such a situation happening.

Watching this money game happen, the key is to hold your funds in a currency that is least likely to be inflated. In other words; which currency or currencies will stand the best change of appreciating the most against the majority of all other currencies over the next several months or few years.

Doing such analysis has lead us to the Japanese Yen (JPY) as being one of the stronger currencies we believe will become stronger over the next year or two. This being the case, In November we starting moving some of our own funds into JPY and starting preparing a PAMM Trading account for our client base as well. A 50/50 split between JPY and EUR is not a bad idea with a preference for JPY and deemphasis on putting many long term funds into USD

02/06/08 Review of January trading, results and adjustments.

As mentioned in our prior news posting on January 25th 2008, January was extremely bearish and volatile for all world financial indexes and all world currencies. Following on the heals of the falling world financial markets (lead by the Dow Jones and S&P), many of the world currencies (except for Swiss Franc and Japanese Yen – now the safe haven currencies) fell through their own support levels to lows not seen for more than a year.
Many of the currency pairs opposite the Dollar, Yen and Franc had for the past six years enjoyed an upward trend. January represented a strong correction, perhaps even a reversal, of this upward trend. Our strategies had gradually adapted themselves to the aforementioned upward trend, and thus the January correction to this trend – coupled with extreme volatility – played against all our long strategies and made difficult the progress of our short.

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