Since 5/1/22, the traders at the Apex prop firm program saw a slight change in their trading challenges. They found that sometimes the challenge account reset itself automatically without any previous action and for free.
So why did the apex account reset? And how can I benefit from that?
Why is my apex account reset?
Since April 1, 2022, the reset policy has changed slightly. Apex Trader Funding decided that any account that has already blown (failed) will be reset automatically after midnight of the monthly subscription date.
Let’s take an example to explain that:
Let’s assume that you subscribed to a new trading challenge at Apex Trader on October 5, and then after making some trades, you failed that challenge, so you can continue trading on that account only if you choose the Reset option to do it.
For some reason, you didn’t choose the easy (but expensive) method, resetting your account for $80, allowing you to continue trading on your account.
In that case, when the next subscription renewal day comes on September 5, Apex Trader will reset your account automatically and for free after midnight.
What are the Features to get the free reset?
This option is simple to understand, but we want to ensure everyone can understand it clearly without a problem.
To take advantage of that free automated reset, you must meet some conditions:
- Your account must be in a failed status before the renewal date and must keep that status during the renewal.
- Your account must be charged the renewal fees. Unfortunately, you can’t get the free reset if you don’t pay the renewal fees.
- The reset will take place automatically at midnight.
- You can have a free reset only one time after each renewal date.
Do I have to wait until the renewal to reset?
Not really. Waiting for the renewal date to get a reset is optional if you want to continue trading immediately. All you have to do is pay the reset fees and refresh your account to start over.
What was the situation like before?
Before applying this feature, before April 1, 2022, traders must reset their account anytime they fail in their challenge, with no free resets.
The main problem was when a trader failed his challenge and didn’t want to trade anymore on his account, but he forgot to cancel his subscription for some reason. So what happens here is that he is charged for the monthly subscription renewal and gets an account that can’t be traded because it is already blown!
Imagine the trader’s frustration and anger at that time, especially since Apex prop firm doesn’t offer a refund.
How can I benefit from that free reset?
Before we talk about an intelligent way to benefit from that option, remember that this option is made primarily for traders that need to remember to cancel their monthly subscription and get charged without having the attention to continue trading on that specific account. In that case, resetting their account may lower their frustration, as we already explained.
Now let’s assume that you don’t have enough money to reset your account, and you have a highly negative trading account, and you know that it is hard to pull it back and win the challenge. So you may intentionally blow up your account for a free reset during the renewal date. This way, you will refresh your trading account and start over with a clear mind and a better strategy.
Check here for more information about the Reset option at Apex Trader Funding.
