alfonso-morenoFull time trader and educator Alfonso Moreno hails from Marbella (Spain) and has been trading Forex and Stocks since 2011. Alfonso focuses on swing and position trading using Supply & Demand and enjoy’s the free time it gives him. He’s of the opinion that trading can easily become an addiction, so tries to spend as little time as possible in front of the charts – at a maximum he’ll spend just 30-45 minutes a day.

In the show Alfonso shares:

  • What we don’t do in the markets that we do every day in real life
  • The candlestick patterns that help us spot imbalances
  • His original short term trading strategy
  • The best money management tips I’ve heard yet

Interview

35: Learn How Alfonso Moreno Makes a Living Trading Forex in Less Than 45 Minutes a Day
00:00:00 00:00:00

Recommended Book

Interview Links

Preferred Broker & Platfrom

IC Markets and Metatrader 4

Key Lessons

General

  • We think in Supply & Demand terms in our daily life, but we don’t do that when we’re looking at the charts
  • Big investors distribute their positions in chunks
  • You want to go in the direction of the big investors, not against
  • You still need screen time to understand Supply & Demand imbalances
  • You usually see Engulfing, Piercing, Dark Cloud Cover and Harami patterns at points of imbalance
  • We need the leg up and down for the imbalance, then price has to consolidate away and then return to the imbalance
  • The physiological impact of losing 25 trades out of 50 is much more than losing 5 trades out of 10
  • To be a good trader you have to focus on one single strategy and practice a lot (months and months) so your brain can create the neural connections
  • The holy grail system exists but it exists within you
  • There are many strategies that work (hundred’s of them) but the problem is that you don’t have the emotional control/commitment to focus on one single thing
  • Forget about the lower timeframes if you’re working a day job
  • Learn the basic candlestick patterns, using Steve Nison’s book – not all of them but the basic ones, especially Engulfing Patterns
  • Make your decision to place a trade in 5-6 seconds, it shouldn’t take more time than that
  • The huge candles in the charts are not created by intra day traders or swing traders
  • Don’t believe that you can always replicate what another trader can do – “what works for me won’t necessarily work for you”
  • Price moves between imbalances of supply and demand created by  the big investors

Alfonso’s Trading

  • He started to trade 6 & 12 EMA cross overs with Bollinger Bands and found that worked well but it was on 5 and 15 minute charts so he was stuck chart watching all day. This wasn’t for him as his mind was stuck in the charts all the time, so he couldn’t live the life he wanted.
  • He moved into bigger time frames and watched the free Supply & Demand webinars by Sam Seiden at the Online Trading Academy and realized that was the way he wanted to trade
  • He doesn’t take the news into account at all – it’s a way for big investors to move the markets
  • Instead of leaning on the lower time frames (15, 30, 60 minute charts) he trades a combination of Monthly, Weekly and Daily imbalances – this allows him to spend less time infront of the charts
  • He enters on the daily and uses weekly and monthly to determine the direction (when all 3 are up he buys)
  • On the daily chart it takes about 5-6 days for a new area of supply/demand to be created so instead of trading 4-5 instruments he trades 50-60
  • He can go through his analysis in about 1 hour (scanning 50-60 pairs)
  • He’s created Metatrader indicators that allows him to display daily/weekly imbalances at the same time on the same chart
  • He uses snap judgement to stop him from over analyzing a chart – the trade has to be obvious
  • His win/loss ratio is about 65% (but he’s happy with 50%, and sometimes it’s as high as 70%)
  • He risks 1.5% per trade with maximum of 4 trades at a time (so a maximum monthly draw down of 6%)
  • If he has 4 consecutive losses that month he stops trading for that month and considers it a loss
  • His monthly goal is about 10-15% account growth. When he reaches 10% he stops trading but if he reaches it very early in the month he’ll allow himself to take 1 trade at a time for the remainder of the month
  • He uses a tool that automatically closes his trade when his target profit (in dollar terms) is reached
  • If there is a strong trend he allows himself to trail stop one trade per month
  • He wakes up at 6:30am (GMT+2) and starts trading after a quick breakfast. He’s usually done by 7:15-7:30am. He doesn’t allow himself to look at the charts again until the next day and doesn’t even have access via his mobile phone

Alfonso’s Strategy

  • Look for a strong Extended Range Candle – closes in 80%+ of the whole candle range
  • Go to the Monthly or Weekly chart and look for at least 2 Extended Range Candles in a row preceded by a Engulfing or Piercing pattern – that’s a strong imbalance
  • Then locate nested area’s on the Daily, but you need to also assess the trend

If you have a question for Alfonso you can reach him at Set-and-forget.com.

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