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Reset Silver account

 
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fwkeith

Reset Silver account

Does anybody know if you can have your Silver account reset? I've recently taken some pretty heavy losses and don't see how it will be possible to get my statistics back in line in this lifetime.  Just curious....

Fri, 05/27/2016 - 1:09pm
 
DragonSlayer

Wouldn't hurt to ask. I do feel your pain, I have had some issues mainatining profitable while going up the Beeline. I am definetely over trading trying to complete tasks when I should just be patient. But on a more positive note I think they just look at a rolling 90 day period so you can come out of the stats hole quicker than you think. I have been doing better just atking it on etrade at a time and following my trading rules.

 
Fmanager007

You will have to go through BRONZE Level again to get back to Silver I think .

Click the APIARY Website below.

https://support.apiaryfund.com/hc/en-us/articles/215812828-Resetting-tra...

 
don_johnson

fwkeith:
I will offer my thoughts on your situation solely based on my own Silver One experience and hopefully you will find something in this post that you can use to your benefit. I completed Copper 1 thru Bronze 3 in 4 weeks and I was confident but knew I had a lot to learn . So I decided to hold off going to Silver One ,to fix some trading thought processes, for two weeks by not completing the last task in Bronze 3 which was to simply not make the last of several currency pair trades , in my case the NZD/JPY . I gave too much importance to being a professional level trader before I began the Silver One tasks thinking that this could cost me the entrie opportunity to trade a funded account . The truth is I should have just kept going because the best way to fix an issue is to make changes to improve while you are actively trading .

So I gave away two weeks and did little but study and read a few books on trading psychology . When I did start Silver , I too was overly aggressive and refused to place Stop Loss positions while trading my full lot size that was available . I went for broke to get my account back to the $10,000 level so I would be acceptable to stay in the game . As I would approach a 4 % or more risk level , I would think " I might as well keep going full steam ahead to either turn that particular loss situation around or bust out ." Well I busted out a lot ! Please note that I do not have this attitude any longer, but that was my mental domain for about 3 weeks ! So I have now been in Silver One about as long as I was in the first six levels - perhaps I am not doing something right ?? The tasks left for me were the 3 Days in a row of 10 pips and the 5 consecutive days of positive daily trading balances. Over and over I would get two days done, then take on too much risk on the third day and snatch defeat from the Jaws of Victory like few have done before me . I became angry finally at myself and looked at what the main cause of my inability to finish what I thought would be easy tasks . So I dropped my position size to 01 to .02 max and I did use the Stop Loss - first at 3 Pips without moving while the trade was in play , and then to 5 Pips and accepting whatever happened . I finished the 3 Days of 10 Pips easily and now have 4 of 5 Consecutive profitable days completed , so should be Silver Two early next week.

I know that was long winded but drilling down on my experience hopefully will tell you that you ARE able to finish SIlver One , just trade very small positions and do it many times . I would balance my trades between about 8-10 Buys and the same amount of Sells at the same time for a trade range that was narrow and well defined . Yesterday I had 202 Pips banked and today was my all time high of 352.40 Pips Positive . Now I am building a nice upward slant on my equity curve and I have cast out the demons in my brain that kept whispering " Ignore what the experts say , you know better and can successfully overtrade ." The rules have been built on hard life experiences and just following them is the best way . So don't stop , keep trading and make the adjustments that I did to see if that works for you , I hope so .

 
don_johnson

Copper before Bronze or vice versa ? I may have given the wrong order above ...

 
chaffcombe17

Very interesting reply from don!

But fwkeith, I am not long out of Silver 1 myself, and looked back on my Silver 1 notes. There's is nothing really in Silver I that penalises you for digger a hole, or even making it deeper! You just have to tick off each task to finally progress. Sure you have to do things like 5 profitable trades in a row, but it doesn't matter if your starting point is $11,000 or $6,000. Just relax; take a short break if you need too, and come back with enthusiasm and an improved plan! Learning to trade is a never ending journey!

Also I would add, that according to others on the forum who are ahead of us, our Silver accounts become irrelevant to funding once we have passed through the Silver levels.

 
rchow11

Don,
Thanks for details of your journey to Silver 1. This help me a lot. I have similar situation. I have only 51% win & very large profit lost ratio than winning trades.

Now trying to study more set up strategies. Would you please show me your entry set up.
Thanks!

 
H2O

I'm not doing to well on Silver 1 either. I'm going to have to take a step back and regroup.

 
Mike Senecal

Great response Chaff...I completely agree.

Keith, recommend you take pause to regroup. When you get back to trading, reduce your lot size to 0.01 and focus on the requirements to advance.

At this point, I would not worry about the 'hole' in your silver account...it's somewhat expected and nearly irrelevant. My equity curve is not pretty yet either. However, I know that I have 100s of trades left to execute before I get funded and the ones remaining matter a whole lot more than the ones that are in the past...even if I was awesome in the past. Think of your trades as an exponential moving average ... the Risk Manager will place more weight on your more recent trades. It's probably more of a 100 trade EMA and you have many more 100's to work through and improve on as you go through each hive.

Keep focused on what's ahead, while applying those lessons learned and have fun!

Let us know which setups you're struggling with...perhaps we can help. There's also a lot of great advice already written in the forums for how to succeed at specific trades.

Best Regards,
Mike

 
avandenakker

I do agree with what is said above. In anyway be carefull when you get funded because in that modus a reset isn't possible anymore.

 
don_johnson

To rcchow11 ,
Responding to your request for my setup info .....I am basically a scalper and right now I am focused on having a high win/loss ratio so I can then work on my avg profit vs avg loss ....as Mike Senecal explained , scalping will fix win/loss but the position size is only helping to reduce my avg loss which has dropped over $12 from my " all in and damn the risk" approach , calling that a strategy is to kind to myself, where I had losses of $150 to $200 range often , thus creating a $37 avg loss number to deal with ...so now that is down to $25 by purposely sacrificing what could be a winning trade in a few more seconds and instead taking a less than .5 pip loss ....so now I have 1502 trades completed in Silver with 985 wins and 517 losses ....the goal here is to get to about 2.5 : 1 to give me enough room to purposely take about 100 losses to reduce my avg loss more and then I will move to more profitable dollar amount trades like breakout / overnight strategies ...anyway , what I do in scalping is trade inside ranges that are about 10 -15 pips wide and use Stochastics crossovers to assist in timing the adding of positions for the next reversal .....I do start my trading day checking for alignment in the 1m , 15m , 1hr and 4 hr charts and when they are all moving in the same direction I place my first trades in that same direction on the 1m time frame even if that 1m's last few bars are going the opposite of my choice ...I put on a .01 position buy or sell, depending on which is in alignment , about 5 times and observe the price action , if I have profits of 1 pip or hopefully 2 to 3 pips I bank them , if I am quickly in a negative position on all or most of them I leave those open for reversal later to profit, and then place the opposite trades multiple times and I try to keep close to a 50/50 balance as I build my open positions to 20 to 30 trades at a time ....then you always have some winners and losers and I just keep taking the winners down and replacing those positions with new orders at the expected reversal points ....if you are not familiar with the Stochastic's crossover indication, the lines cross as the direction is about to change and it is important to watch for which line in over the other , so if the red line is crossing over on top while the price action is in a bull run then I accept that the direction will be trending down ...but if the red line is on bottom I think the uptrend will or may continue a bit ...so for me , its just a matter of paying attention and placing trades constantly ....there are 32 trades on the Order History screen and I usually have 3-5 losses max with some of those being done on purpose to reduce my avg loss as I mentioned earlier ....I was using the Apiary Pivots as well but I don't seem to need them anymore ,but I do recommend starting out with those in place to assist in the anticipation of a reversal ....nothing to publish in a book but it is working for me and it is simple which I like ...hope this helps , and Happy Memorial Day Weekend !

 
findthetrend

@ Don Johnson....I recently tried hedging similar to the method you are using and found it to be easier to make a profit. Do you have a favorite currency and time of day for these? I used EUR/JPY during the later NY session and late Asian session because it didn't spike against me and seemed to be predictable, but I just started trying this and wonder how to make this strategy more profitable with smaller risk. My biggest losses came from closing a winning position, thinking that a reversal was about to happen then it didn't and I'm wondering if always keeping a few stop orders similar to setting up a breakout trade would help when I've miscalculated a trend change. Any thoughts? Also, I tried the same system on GBP/JPY and it was too spiky to work for me.

 
don_johnson

I traded the GBP/JPY and made sure I found the most volatile time frames like midnight to 3am to teach myself to make quick decisions ..it is the fastest moving market most of the time and although I had some big losses that caused my drop in account balance , I am glad I trained in that environment , it's like practicing for a pool match by shooting 8 ball on a Billiard table then going to a bar with a small table and wide pockets , it makes it a bit easier, at least for me ....so I moved to the EUR/USD where I started out this training and it has been mostly smooth sailing lately for me ....yesterday I started about 8am CST and the price action was well defined in a channel and a little slow moving , then as the Janet Yellen remarks were drawing near it moved a little faster but still in a narrow range so I just kept banking 1 pip or more , at about 11 am I was at 250 + pips(that is including the pips I made from trading the night before after 7pm CST which is my new day GMT time) and then the news was talking about the anticipation that there would be a rate hike in July rather than November Election time frame . and the market started to favor the USD bullish side , then spiked that direction when the announcement was made ....I banked the last 92 pips in that time just before and after the Yellen remarks were aired , and honestly I thought I could get to +500 pips without much trouble in the last 3 hours but I decided to just be happy that I had a great week and I went out to run errands to force myself away from trading ...so as to a favorite time , I don't really have one currently . rather I am expecting to make a profit whenever I sit down to trade just sometimes it takes longer ...my last 401 trades have been 384 wins and 17 losses and in about half of those losses I manufactured a very small loss to improve my huge deficit in the average dollar win/loss ratio ....I do find that it is great to start out trading when the price level is somewhat in the middle of the range or channel as I call it , that allows me to set up many multiple buy and sell positions and I do move the stop loss in that case to 10 pips instead of the preset 5 pips that I have been using for the last 10 days or so ....the wider S/L in that situation allows for the high probability of negative trades going back to at least a small positive ..so I am constantly entering orders about every two minutes to replace banked ones or add to those that are in the correct spike direction ...

 
don_johnson

By the way "findthetrend" , I have read in this forum that Silver 2 is the hardest level of all , so I hope you will give me some insight when I get stuck as it sounds like I will ...

and I didn't respond above to your question about having a few counter trend trades ,as stop orders, in place to protect against getting to deep in the red if your majority of positions spike against you ...absolutely agree because if it is only a few and there is no spike the wrong way , you can be patient to get those counter trend trades back to breakeven or slightly positive over a few hours or much sooner usually

 
chaffcombe17

Don, when I first saw the Silver 2 requirements I thought 'Hmmm...' I basically sat down for a day, and thought about it! Actually, if you think strategically, which clearly you do, you'll have no real problem with it. Anyone taking things methodically and sequentially will struggle. Probably the hardest part for the strategic traders, will be getting the 5 trade/5 day winning streak, because with a maximum allowable loss of 20 pips, you cannot bury or wait out losing trades.

 
chaffcombe17

.

 
don_johnson

chaffcombe17,
I appreciate the feedback and the 20 pip max would have not been possible for me several weeks ago , but I finally rid myself of that go for broke / no stop loss trading that was necessary for me to do to make sure I have no doubts about that aggressive trading style to gain in any criteria - I had to convince myself and I did thankfully ....now I think these are just helpful mind expanding tasks that have several ways to satisfy ....it is probably more the number of post about how hard Silver 2 is that has been shaping my expectations .
My career in Sales/Maketing has influenced my thinking in terms of goals and how to achieve them , but a book I read in the 1980's changed my thinking and approach to every new task thereafter. Harold Geneen wrote a book entitled "Managing" and it is about his life as CEO of ITT Corporation , a conglomerate with over 30 major businesses and 240 Profit Centers under his leadership during his 18 years at the controls . He said he was suspicious of managers under him that always had clean desks and no working files in their office when he would visit them . In contrast , Geneen had 50 or more files stacked on his desk ,the floor, coffee table - all around him every day. He accomplished a lot each day and did not worry about appearances of not being the typical Chief Executive . The work he completed said volumes about him ,and he never accepted as unquestionable any fact until he personally knew all angles of the situation - what he called dealing with only Unshakable Facts . I too deal with only Unshakable Facts as much as I possibly can and that is why I went off on a tangent during this course to make sure I really couldn't double my account balance with the wild trading methods I used . So now I am moving forward and ready to start this next level in a few days and will see for myself how to best solve each task , then , when I have no clue , I will reach out for help from people like yourself and gladly take all the advice I can get ... this Forum is great and I am thankful to be a part of it ... hope you kill it next week as I also plan to do with Gusto

 
chaffcombe17

Thanks for the good wishes Don! If I can get the 5 days straight, I'll be done. Actually I have Geneen's book on my bookshelves in Oz (I remember a white cover, a blue title and brown, discolored pages! Co-written with someone else). I must grab it for a re-read next time I am back there!

As I say, I don't think you will have much trouble with Silver 2, but it is the trickiest level so far, and one's approach needs to be planned (if you don't want to take too long on it).

 
findthetrend

Thank you for sharing so many details and the local time you are trading in. I am on PDT (California) time, so I feel like I miss the best trades when I'm sleeping. Chaff's advice is good....and I'll add my experience: I had set my stop losses at 15 thinking that would be enough and USC/CAD went down fast and there was around a 10 pip slippage, so my trade closed at something like 25 pip loss (I can't remember exactly). So just be really careful, and if you do enter Silver 2 with open trades, you might want to set your stop losses really tight or trade a currency not known for spikes/slippage. If you go over the 20 pips (I don't know if this includes open trades, or only closed) then you won't be able to advance after completion of Silver 2 until a month after you went over the 20 pip loss.

I also have been trading the gbp/jpy occasionally and want to get a better feel for it. It's good to know it was a good training currency for you. I'm impressed with your win/loss ratio.

BTW, I did have my Beeline account reset about 2-3 weeks ago, but it didn't work quite right. They didn't reset my regular or Silver 2 account, so my financial loss stayed the same and almost all of my trades were remembered, so I jumped through copper, bronze and silver 1 quickly, but it was helpful that I was able to review the videos and the challenges that weren't remembered I had to complete. They were all the ones that had a specific challenge unique for that level. It set me back a couple weeks, but I felt like I needed that challenge of completing 10 pips a day for 3 days and some of the other ones. Those really give structure to my trading that on my own I wouldn't have done. So, onto Silver 2 again, for some reason, only 2 of the trades transferred, so I have to complete most of it for the second time. I hope I have learned enough to get through faster. I had almost completed it, had one last challenge to complete, the 4/5 days when I requested it last time, although I still had time left for going over my 20 pips so hoping I can get through it quicker this second time around.

Good luck trading!

 
chaffcombe17

I am pretty sure that the critical Silver 2 stats are based on trades opened in that level. I came in with a small hedged position, which had one or two trades with > 20 pip lose, and closed them immediately. It didn't seem to count against the max loss of 20 pips requirement. And yeah, be careful with volatile pairs. Slippage can lock you in the level for a month, and who's to say it won't happen more than once:-).

 
findthetrend

@fwkeith - I also was concerned about my financial losses in my silver account before resetting the Beeline and after talking to support it didn't seem to be a big deal. I lost about $1000 in less than a week.....and it scared me. I only had Alveo shut down for 1 day, although I thought it would be longer. I had been doing well, and in profit up until then, and I realize now how much "trading psychology" really does play a huge part in trading. I really didn't want to close those trades I was wrong on, so kept adding to them, because I was really sure there would be reversals. If I remember correctly, the reversals did come, but after I had already held on too long and lost way to much. It's tempting to trade Martingale style, adding to your losses, because sometime the reward is really great, but the downside is that when it goes against you, it's too hard mentally to take that big of a loss and so, for me, I just watched it go down, down down, too mesmerized to close out such a big loss. I was still just about to pass Silver 2 even with the losses, so I don't think you should worry about it too much.

 
Fmanager007

You can set up Five, $10,000 demo accounts, separate to you Silver achievement account.

If your experimenting, I would recommend that you open one of these accounts, away from your valuable Silver demo account until, you are ready with a well organised strategy, achieved with a regular positive pip count, at least with five 0.01 trades.

Go to FILE and MANAGE ACCOUNT in Alveo.

Change Alveo Accounts
Please select which account you would like Alveo to use from the list below; make your selection by clicking the radio button on the far left of the line belonging to the account to which you would like to switch
After you have made your selection, press the button 'Activate'
Restart Alveo

 
findthetrend

@fwkeith...I was almost able to pass silver 2 except I still had time left from over 20 pip losses so it would have been a while longer I suppose, but my achievements otherwise and the 4/5 trading days were all passed....

 
findthetrend

And, I'll add to Manager, that advice I was given from support was that if you trade one of your general accounts really well, then you can submit it for review after 3 months and not have to pass Beeline to be funded, if approved.

 
fwkeith

Wow....I'm blown away by all of the responses! I actually took a few days off after I posted my message....just now logged back in and have read all of the responses. Y'all really provided some helpful insight and helped me to see that I just need to stick to the rules and manage my trades accordingly. I am more comfortable scalping and seem to be more successful at that rather than longer term trading....that's where I got whacked! I usually been trading half lots so the suggestion to use smaller lot sizes makes a lot of sense to me. I also have a tendency to ride my losers too long and cut my winners short so while I initially had a good win/loss ratio in terms of number of trades, my avg $ loss was twice as large as my avg $ win. I have primarily been using the Fast track and Breakout strategies with varying levels of success.

I really needed to step back and force myself not to trade these last few days and I think it has helped....I actually have had two pretty good days to start the month of June. I have a tendency to stay locked in front of the computer all day....and I mean all day and into the night. I have been trading stocks and options full-time since 2008 and I sometimes allow it to consume me to the detriment of other things, so I am going to make a concerted effort to take some regular time off ( "yeah sure" the little voice in my head says....haha). Thank you to everyone again for all the good advice and suggestions. I think it's very easy to feel isolated as a trader so I appreciate those of you who took the time to reach out....thank you again!