132: Trading Price Action With Support And Resistance (@Forex4Noobs)
Trading Price Action With Support And Resistance – Show Notes
In episode 132 of the Desire To Trade Podcast, I interview Nick Bencino, Forex trader & founder of the Forex trading blog Forex4Noobs. We discuss trading price action with support and resistance areas as well as a couple of other very applicable topics!
The reason why I decided to bring Nick on the show is that he was one of the people who directed me toward price action in the early years of my Forex trading journey.
Nick has a very down-to-earth approach and a similar trading style to mine. Most traders can definitely learn something useful from his trading method.
Topics Covered In This Episode
- Why Nick Bencino trades higher timeframes [4:20]
- How Nick Bencino started to trade at 15 years old [6:02]
- The process Nick went through to learn about price action [18:18]
- What Nick Bencino considers as price action [12:45]
- The timeframes Nick likes to trade [15:30]
- A controversial opinion on candle close [18:38]
- Where new traders should start to learn trading price action [20:35]
- How to deal with subjectivity in placing support and resistance areas [23:40]
- How often Nick replaces his areas and start fresh [26:25]
- How Nick validated his trading methodology [28:30]
- How Nick takes profit on his trades [32:20]
- The top challenges people have trading price action [33:55]
- How to decide what pair to trade [36:00]
- The most important traders must do [39:58]
- Steve Nison's Japanese Candlesticks Charting Technique
- Nick's new site: Cryptos4Noobs
- FREE Trading Journal created by Nick Bencino
DesireToTRADE Top Resources
- Desire To TRADE Forex Trader Community (free group!)
- Complete Price Action Strategy Checklist (free checklist!)
- One-Page Trading Plan (free template!)
- DesireToTRADE Academy (exclusive training program)
How To Nick Bencino?
What is one thing you are going to implement after listening to this podcast episode? Leave a comment below, or join me in the Facebook group!