GalleonFX - News

We regret to inform all current clients of Galleon that we have decided to officially close Galleon Managed Accounts at this time.Our spring start-up into a modified fund was unsuccessful in generating our anticipated returns.
Instead we experienced regrettable drawdown of close to -15% for the April-May period, bringing losses close to -35% year to date. It is on the basis of this loss that we cannot continue.

We appreciate the support we have had since the beginning, and we sincerely apologize for the poor performance over the past year.

The appropriate transfer and withdrawal forms can be found at the fxcm website.

We wish you all the best in your future endeavors.

Kind Regards,

Galleon Strategic Management

04/14/09 Update and info on March trading

Our February updated described the pitfalls the trading within a 300 pip range based corridor, and this same corridor extended up to March 18 – causing a situation that started the month off in a draw down. Eventually the dollar markets broke free of this corridor on March 18 to the upside (or anti-dollar), and most of the draw down experienced through the early period of March was overcome with this upward trend. However, as fortune would have it, there was a corrective pullback on March 27 and so we ended the month on a small negative.

This pullback in the last days of March was short lived, however, and April resumed the upward trend started on March 18. April is so far nicely positive, as the strategies have continued to exploit this upward trend.

03/06/09 February Trading Update

February was a difficult month for trading. The currencies stayed in a tight 2.5% lateral corridor along their November 2008 support levels. Just to give you some recent historical perspective, the dollar paired currencies had moved up against the dollar by approximately 10% in December (greater than 5% move in any direction is good for trading), but this seemingly significant upward move proved to be short-lived when the these same currencies fell more than 10% in late December/January to retest November’s support (because this southern move was also greater than 5%, it was also good for trading). February, by contrast, contracted greatly.

02/11/09 Fax is working again.

Our fax number was having problem the last several days but is now fixed and appears to be working find. You can find out fax number on our Contact Us page.

01/28/09 Newsletter Update and notes to current clients

Newsletter regarding new trading system with special notes to current clients.

As we entered the summer months of 2008 and the currency markets became increasingly unusual from previous years of live trading, as well as different from situations we have back tested on Galleon's trading systems, it was becoming increasingly difficult to steer a safe course through the impending storm.

As a few back to back negative trading months came upon us, and sensing a crazy turn in the currency markets in the fall of 08, we chose to play it safe, and stop trading client accounts in August 2008 to protect the majority of client equity while we watched the drama unfold from the sidelines.

01/27/09 The Golden Hind FX Fund Starting up in Feb 09

We are proud to announce the launch this February of The Golden Hind FX Fund, named after the English galleon piloted by Sir Francis Drake, known for its global circumnavigation between 1577 and 1580. We fancy this fund be well equipped to circumnavigate (and profit from) the (technically) chartable foreign currency world and its vacillating wave-like price movements.

The Golden Hind FX Fund incorporates a balance of trending, breakout and counter-trend systems across 19 currency pairs (EUR/USD, GBP/USD, AUD/USD, NZD/USD, USD/CAD, USD/CHF, USD/JPY, USD/DKK, GBP/JPY, EUR/JPY, AUD/JPY, CAD/JPY, CHF/JPY, AUD/CHF, EUR/CHF, EUR/AUD, EUR/NZD, AUD/CAD, EUR/GBP). These systems have been selected for their robust hypothetical performance statistics, particularly the combination of their Periodic (monthly and yearly) Net Return, Profit Factor (gross profit divided by gross Loss – we prefer to see this as greater than 1.5), and Mar Ratio (annual return divided by the maximum monthly loss). We wanted the yearly and monthly net returns to be more or less evenly distributed across 10 years, with a profit factor exceeding 1.5 after max spread / slippage / commission deducted. The Mar ratio helps to evaluate performance with respect to the amount of risk taken when achieving performance, and we have chosen a 2:1 or greater ratio to be acceptable reward to risk ratio for a given system.

The systems were further screened by three other statistically significant factors which you will find detailed below.

01/25/09 Updating website and trading starting up soon

We are in the process of updating and changing many parts of our website. The changes include information on our improved systems and strategies that have been doing very well for us over the last 2 months. Back testing shows a very positive 2008 without any draw down months which is a significant improvement to the systems that were having difficulty durning the summer months of 2008.

We will also be removing removing old information that does not pertain to our current evolved systems. Many of the updates are also necessary as we are positioning GalleonFX to become licensed and compliant with NFA regulations.

More news and details to follow soon.

12/01/08 Updates on our trading system developments

On Sept 1st we closed the Cannon Fund because we had discovered that it was not prepared to take on a dramatic deflationary period that the 10% market fall (of all major currency pairs opposite the dollar and yen) of August precipitated for the months to come.

As of the first week of November, when this update was actually written, shutting things down and regrouping was a good decision. All the world markets seemed to have fallen off a cliff. The currency markets – along with the world stock markets and commodity markets – accelerated their descent right on through to November. We had thought a 10% fall in the currency markets was bad enough, but by the middle of October (from Aug 1 to Oct 20) the fall reached 25-40% across all the major currencies (see graph of EURUSD compared with Dow Jones and AUDUSD). In the same time the Dow Jones lost 25% (35% from the start of the year)--something that was all over the news signaling to everyone that we are in the midst of a depression. Commodities suffered the same fate as currencies and stocks.