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ShakesFX's Method

  • #1
  • First Post: Edited Feb 7, 2009 7:12am Feb 6, 2009 8:59am | Edited Feb 7, 2009 7:12am
I have a journal here on Forex Factory:

ShakesFX Scalping the pip outta it...

Please read the first page of the Journal thread to become familiar with the method before posting here.

Due to the success of the method and the way I have been trading live on the ShakesFX journal, I have created this extra thread in the systems section so traders can come together to discuss this method in more detail.


It is an open thread dedicated to the ShakesFX method, all are welcome.
  • #2
  • Feb 6, 2009 9:36am Feb 6, 2009 9:36am
Awesome! I've been following your journal with interest and look forward to this thread developing.

Jmc
  • #3
  • Feb 6, 2009 9:46am Feb 6, 2009 9:46am
I'm new to scalping but have been following Shakes journal for 1 week now. I'm looking forward to trading the same style that he does. I do have a question though, for one trading on a micro lot ($100), does anyone have a suggested MM plan (how much per pip, lot size, risk per position)? Since it's scalping and I'm starting with a small amount, I'm willing to risk anywhere from 2-5% per trade and I will be trading e/u to begin with.
  • #4
  • Feb 6, 2009 9:47am Feb 6, 2009 9:47am
Hello

Very impressive and could you share your method with us or not ?

Thanks
  • #5
  • Feb 6, 2009 9:49am Feb 6, 2009 9:49am
His method is in his journal.

Quoting Thierry89
Hello

Very impressive and could you share your method with us or not ?

Thanks
  • #6
  • Feb 6, 2009 9:51am Feb 6, 2009 9:51am
Quoting Siuol
His method is in his journal.
Ok I am sorry for my stupid question
  • #7
  • Feb 6, 2009 9:52am Feb 6, 2009 9:52am
The only stupid question is the one you don't ask!

Quoting Thierry89
Ok I am sorry for my stupid question
  • #8
  • Feb 6, 2009 10:26am Feb 6, 2009 10:26am
Quoting Siuol
I'm new to scalping but have been following Shakes journal for 1 week now. I'm looking forward to trading the same style that he does. I do have a question though, for one trading on a micro lot ($100), does anyone have a suggested MM plan (how much per pip, lot size, risk per position)? Since it's scalping and I'm starting with a small amount, I'm willing to risk anywhere from 2-5% per trade and I will be trading e/u to begin with.
i think you should do it like shake said, demo it until you get bored. then start with very small amounts until you mastered it to stay profitable, then a bit more amount and so on.

i personally believe, the hardest part is the training of yourself. for me the hardest is to demo-ing until i reached the level of consistent profits that gave me more confidence, then i will switch to real money accounts. where this will be i don't know at the moment.

Risk appetite, i think it is a question which cannot be answered, answer it yourself. i.e. make 250-500 roundturns and watch for the largest consective drawdown, i mean which was your biggest loosing run, if you will have one. then you can easy decide what you want to do.

i.e. if you have a loosing line of lets say 3 in a row, then at 2% risk your total loss is equal to 6% and at 5 % it is 15%

% Loss intial capital | % profit required to Recover
5-----------------------------5.3
10---------------------------11.1
15---------------------------17.6
20---------------------------25
25---------------------------33.3
30---------------------------42.9
35---------------------------53.8
40---------------------------66.7
45---------------------------81.8
50---------------------------100
55---------------------------122
60---------------------------150
65---------------------------186
70---------------------------233
75---------------------------300
80---------------------------400
85---------------------------567
90---------------------------900


regarding to sizes, once you have found your niche of risk from the above mentioned, you can do the following.

take the amount you are comfortable with to risk in a trade. divide this number by 2, because you have 2 positions, then you have an amount which you divide with the hardstop of 15 pips (EY) plus your spread. this will give you a small number, like you said you are on micro. i believe it will be somewhere between 1-6 Microlots or something per position.

in numbers:

A/C Size 1,000 USD
Risk 2%
Risk in $ 20 USD

20usd/ 2 = 10USD
10USD/18 pips = 5 microlots


hope this helps, and hope you understand my crappy english
  • #9
  • Feb 6, 2009 10:32am Feb 6, 2009 10:32am
Hi guys,

I recorded a trade earlier, more to help learn myself than anything - I too am trying to get to grips with this great way of trading.

It goes on for 19 mins but the site allows you to go back and forward to the 'action'

During the video I typed on the screen what I was thinking at the time.

Its a bit amateur but I would appreciate feedback.

Video: http://www.metacafe.com/watch/239120..._action_alone/

Willowgal
  • #10
  • Feb 6, 2009 10:39am Feb 6, 2009 10:39am
Quoting Willowgal
Its a bit amateur but I would appreciate feedback.

Willowgal
  • #11
  • Edited 10:44am Feb 6, 2009 10:41am | Edited 10:44am
Great!!! That's all I can think of to say for your kindness. I will watch the video now....if I can, I'm at work and they seem to block everything.

Quoting Willowgal
Hi guys,

I recorded a trade earlier, more to help learn myself than anything - I too am trying to get to grips with this great way of trading.

It goes on for 19 mins but the site allows you to go back and forward to the 'action'

During the video I typed on the screen what I was thinking at the time.

Its a bit amateur but I would appreciate feedback.

Video: http://www.metacafe.com/watch/239120..._action_alone/

Willowgal
  • #12
  • Feb 6, 2009 10:42am Feb 6, 2009 10:42am
Thanks. It all makes sense and your english is just fine.

Quoting seba
i think you should do it like shake said, demo it until you get bored. then start with very small amounts until you mastered it to stay profitable, then a bit more amount and so on.

i personally believe, the hardest part is the training of yourself. for me the hardest is to demo-ing until i reached the level of consistent profits that gave me more confidence, then i will switch to real money accounts. where this will be i don't know at the moment.

Risk appetite, i think it is a question which cannot be answered, answer it yourself. i.e. make...
  • #13
  • Feb 6, 2009 12:23pm Feb 6, 2009 12:23pm
Quoting Willowgal
Hi guys,

I recorded a trade earlier, more to help learn myself than anything - I too am trying to get to grips with this great way of trading.

It goes on for 19 mins but the site allows you to go back and forward to the 'action'

During the video I typed on the screen what I was thinking at the time.

Its a bit amateur but I would appreciate feedback.

Video: http://www.metacafe.com/watch/239120..._action_alone/

Willowgal
Excellent post Willowgirl - much appreciated
every Saint has a past. Every Sinner has a Future
  • #14
  • Feb 6, 2009 6:31pm Feb 6, 2009 6:31pm
Shakes, when a price is trying to break through a resistance point, do you wait for the ASK price to break through the resistance a few pips, or do you wait for the BID price to break through the resistance?

And then vice versa for support?
  • #15
  • Feb 6, 2009 7:05pm Feb 6, 2009 7:05pm
Quoting Willowgal
I would appreciate feedback.
Really excellent Willow!

Thanks!
Brent
  • #16
  • Feb 6, 2009 11:22pm Feb 6, 2009 11:22pm
HI Willowgirl,

Thanks for the post and video. However I am have no sound with this video. I am able to watch and listen to other videos on this sight however with your link I have no sound.

Can u please help.

Thank you again
  • #17
  • Feb 7, 2009 12:48am Feb 7, 2009 12:48am
Quoting Fxcash
HI Willowgirl,

Thanks for the post and video. However I am have no sound with this video. I am able to watch and listen to other videos on this sight however with your link I have no sound.

Can u please help.

Thank you again

Yes there is no audio that's why .... anything significant is typed into the screen.

It is only something I knocked up quickly for my own learning really ... I don't expect an Oscar from it
  • #18
  • Feb 7, 2009 2:54am Feb 7, 2009 2:54am
good job with the video willowgal. a great learning tool!
  • #19
  • Feb 7, 2009 6:18am Feb 7, 2009 6:18am
a learning tool which also can be used is vhands simulator, willowgal was so nice and mentioned it before in the journal thread, if you try a forum search you will also find a thread about Vhands itself and how to install/configure it. for learning the line action, i believe its a nice tool for everybody, you can replay almost everyday.
  • #20
  • Last Post: Feb 7, 2009 7:17am Feb 7, 2009 7:17am
Thread closed. Please see post 1371 below:

http://www.forexfactory.com/showthre...21#post2522921

Many Thanks

Shakesfx
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