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How does one get past silver let alone gold??

 
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billysanden

How does one get past silver let alone gold??

I have begun the journey to funding and am pleased to be working with any and all who read this.
For those who are already funded perhaps you could share a little insight on how you got there with the rest of us??

Tue, 01/05/2016 - 1:59pm
 
FXGold54

Billy;

It is a process but Beeline has streamlined it tremendously. With Beeline you know the specific achievements that are required and I believe they will serve you well long term.

I know you are knew to Apiary and welcome to the Hive. I don't know if you are new to trading but if you are, might I suggest finding a single simple strategy that you like and works for the time you have available for trading. Then backtest the hell out of it.

The most fruitful method I have found to backtesting is to go back to a particular date ( I usually start on a Monday) and at the time you will be trading. Then scroll forward bar by bar looking for the set-ups and triggers. keep track of not only win and losses but also the stoploss required, max pip potential and any other data you feel is relevant (if possible try to determine if there is anything additional that will make the trade successful or fail).

You want to backtest alot of trades to determine the viability of the strategy. Apiary recommends 100 and I use that as a minimum. Although this is time consuming, it is imho, well worth it. it will give you confidence in your system and familiarity with the good and bad set-ups.

I hope that helps and if you have any questions please ask.

Allen

 
gracebee

Yes, what allen said. Don't give up, just keep trying. Eventually the charts will start to make sense. Watch the discussions and learn all the material Apiary has to offer, but like Allen says, find one simple system that works for you and a time frame that you can live with, back test it, forward test it, and then test it some more. Eventually you will be funded.

 
ForexEndeavors

For what it is worth, What Allen said.
I have been trading for 4 years. 2 years ago I decided to be more dedicated and a then joined Apiary a year and a half ago. I have put more time and effort into trading than I did getting my masters degree. For me it was a long hard road. I was funded about 9 months ago and have now been profitable the last 3 months. I can be done. It comes easier for some than others. You will make a breakthrough. Beeline is helpful. I did not have that as a tool for learning it was different.

 
AlexPasko

For me the hardest thing is @Average Profit > Average Loss@

The reason is: I let my losses grow and stop my profits (on the contrary to what as it should to be)

How can I change that stuff, traders? Let me know, please :-)

 
FXGold54

Alex;

That is a discipline problem that fortunately can be fixed. Do you use a set pip amount for a sl or place it above/below a swing high/low or do you use something else. Also how do you determine your profit target?

Let me know

 
ForexEndeavors

Sounds like you are trading on the lower time frames 5min, 15min without looking at the higher. 4hr, 1day, 7 day. on 500 bars.
zoom out and look at the long term higher highs, higher lows: lower highs and lower lows.
This can help you get a better idea of how long you can stay in a trade.

 
gracebee

Alex, I have that problem too sometimes. I'm still working on it. Sometimes I follow my winning trade with the stoploss and it becomes to close and stops me out. The worst thing I do is move my stop loss and make it bigger, that is not a good idea, even though sometimes it works, it is a very bad practice and I still do it on my demo, but not on my funded account. For some reason I think I will learn something else if I move the stop loss farther down.
Thanks Allen and gm, good information.

 
thomasreilly34

I’ll tell ya Billy. I think that trading with apiary since March of last year has been very educational. I have realized that human mistakes play a major role in trading. It's greed that causes these kinds of errors. Make up a solid plan that you can be comfortable with and always keep your lot size at .01%. know matter what. Example of human error: I have placed a trade and leveraged my lot size to 2% by placing a buy order on a currency pair based on what I saw. I went to the bathroom and when I came back I was in the negative 50 pips at 5%. It did a reversal on me. My risk level shot up too the moon. I was locked out for the day. Never leverage your lots. Always keep your emotions on one level never get to angry when you lose and don't get too happy when you win. Focus and patientance I think is the key. Learn as much as you can. It will pay off. I will help in any way that I can if you need it.

 
Richard K

Alex, I would suggest to you the same what I intend to do to improve my own ratio of average profit size to average loss size. I see solution to it in focusing on opening trades with long run expectation rather than increasing volume or stop loss distance.

 
billysanden

Allen, forgive the stupidity here but, how do I go about backtesting? I am familiar with the term just, not so educated on the method to achieve it..Thus far, I have attempted to trade price action on naked charts and while I have seen my win/loss record improve I have yet to see a rise in the equity of my account value. this could be in part to the fact that I NEVER increase my lot size therefor in essence, I guess I have answered my own inquiry here. My background is that I was a lineman for 22 years and having dabbled with options 20 years ago, the markets intrigue me and I guess I could say I have an above average mentality so now, having retired from linework at 41 years old, I want to spend the rest of my life trading and hope I don't spend my entire net worth learning to do so!!! Thank you very much for the feedback everyone and I look forward to seeing all of you in the trading rooms...

 
Stuart1984

Billy, there are many ways to backtest, the easiest would be to open a chart at a certain point and just move forward bar by bar. You have to try your hardest not to cheat and look forward to see what is coming. As Allen has said, make a not of each paper trade you took and the result and think about it like you wer in the live market with money on the line.

You could also invest in some software called ForexTester 2 which allows you to replay past date and execute trades. I love Forextester, it has helped me grow confidence in my systems over the past few years.

Backtesting is all about discovering what works for you and developing confidence in your system. If you do not have confidence in your system, you will never give it the opportunity to let your edge play out. This is probably one of the reasons Alex is experiencing the issue he is above. Like a casino knows over time its edge will play out, if you do enough backtesting you should develop that same level of confidence and you wont be quite so eager to mess about with your stops and targets once a trade is in play.

What backtesting does not deal with is the psychology, you could go through a losing streak in backtesting which lasts a few minutes, in reality this losing streak could be lasting for days or weeks which is much more difficult to deal with.

Stuart

 
FXGold54

Billy;

Stuart pretty much nailed it down. The thing about backtesting is, it is work.

I often backtest a strategy multiple times because, personally, I like to use a set stop loss and profit target, so I have to backtest to figure the most statistically successful parameters. The benefits are huge because when you go to a live market and forward test the strategy, you know what your looking for, you know where the stops should be, the profit targets and you can let the trade do it's thing.

Stuart hits on a very good point as well. You have to develop Patience and understand that when you backtest while you can backtest a week or two in a day. In real life, it takes longer and your sitting in your chair waiting to trade.

 
gracebee

Wow, Stuart, very well said. Also while forward testing, sometimes I take a trade after I have lost, because the signal is still there. So I may become stopped out more than once because price is stuck in that range of my stop loss. you don't see that on a back test. Also slippage and spread might be different on the forward tests. These are just the mistakes I have made and I'm sharing them so you can try not to make them too.
Practice and patience are key to trading as everyone has been saying.
thank you all for the helpful information!

 
Al

Once we get into the zone where we have absolute confidence in our system, then you can say that in trading we are working when we are waiting. Waiting to enter the trade. Once we enter the trade the work in done and from there stops and limits should take over. No second thoughts, no second guessing.

 
kkendall

Silver tip : Use the smallest lot size and put on 25-50 positions and close them out to meet many of your goals. stop at break even an let it ride..

 
reallytwisted

Silver tip 2.
If you are going for your 5 days of profit in a row, don't be afraid to use larger stops so you don't close out any losers until the 6 day

 
reallytwisted

Silver tip 3. I found that opening up 7 trades to meet your 5-5-24 requirement worked well for me.

 
billysanden

Does anyone know if the 5-5-24 task on silver 1 has to be in succession? in other words, do I have to close all 5 in a row?

 
gracebee

no they do not need to be in succession. just 5 trades that win 25 pips in over 24 hours. A horrible trick to pass is to open an sell and buy at the same price on 5 different pairs and watch and wait the 24 hour. It limits your loss to the spread on the pair and you can just watch how the trades progress. close them all after the 24 hours if you have 25+ pips. I'm not sure that that is what they want, but it works.... I think it is better than what I did, which was play breakout trades with 100 pip stops and profits. I took a few 100 pip losses... ='o( lol

 
billysanden

Thank you! collectively I am up over 300 pips on 5 trades I placed last night in EUR/USD and I was contemplating whether or not I wanted to close them all or just a couple and save the others for the 5 profitable days achievement incase I have a boo boo and need to recoup positive territory...Again, Thank you!!

 
Fsoong.charles

Wow I can't believe how many people there are in Gold!
I just reached Silver III not too long ago. Silver III is more reading compared to I and II, where most of the tasks were to meet certain pips/profits. It's nice to have a mix of both, to slow down on trading and go back to more learning by reading.

 
malcolm.ormond

practice practice practice !!!!,try to find a strategy that suits you,backtest and stay with the strategy for at least a month to work out your averages,make adjustments and repeat,you have got to put the time in

 
malcolm.ormond

I personally prefer price action in conjunction with very few indicators that I use for confirmation,still learning and practicing hard but slowly getting there,I consider this my new career and treat it as such

 
LouBro2

I think patience and understanding is the key to your quest. You must remember that your objective is the developing the ability to make money not getting past silver. I would recommend extended practice in the alignment strategy, support and resistance and price action. I think if you intuitively understand those Silver is a snap.