Why we need more (good) female traders

Hello Peeps!

As promised, here is one of my new interviews, for which I would like to thank Carolyn for her

time and generosity.

Carolyn Boroden needs no introduction, but in case you are new to her work here is the link

to the post on this thread where I featured her in July: Why we need more (good) female traders.

Now, without further ado: here is my interview with Carolyn Boroden.

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Ten questions to trader-analyst Carolyn Boroden

by Francesco Sani OCTOBER 2018

1. In your previous interviews you have spent a good deal of time explaining how your approach to the market works, therefore I will not ask you to repeat it here: rather, could you perhaps say why Robert Miner’s approach to trading clicked with you and brought you into the Fibonacci levels theory? What was it about his seminars that pushed you into the Fibonacci direction?

I specifically remember going to Bob’s seminar in Chicago. When he talked about Fibonacci Timing where you actually use the time axis of the market to call changes in trend it felt like the lightbulb went on in my head. I found it so fascinating that I actually started doing the work by hand on paper charts with a calculator. I had never seen anyone else use the time axis before. It was a game changer.

2.There is a lot misinformation about Fibonacci, with a lot of services showing only trades that
worked but not the ones that failed; as a result, many newbie traders are suspicious about the whole Fibonacci theory. What is the statistical backbone that could provide trust in engaging with Fibonacci trading in the first place?

I do show failed trades also even on twitter. I think the best thing to do is test it for yourself. My members are also happy to tell others how they are using my work for profits. Not everyone who uses my work will be making money though. If you don’t follow the rules and are not disciplined, no matter what you use it will fail.

3. You mentioned that you mostly use Fibonacci extensions and projections based on existing trends, but also that you use confluence of different Fibonacci levels within a trend. Do currency markets, which are notoriously trend-less most of the time, respond well to Fibonacci theory as efficiently as in the case of indices or commodities?

I have done some analysis in currencies and find that retracements and symmetry can work very well in those also. I just haven’t done a lot of that work lately. I think they trend nicely in my past experience.

4.How did you deal with being one of few women working in the CME in the late 1970s? Did you ever get the ‘double-check’ look when you told people you worked there?

Actually, I get a more interesting look when I tell them I ran away from home and quit high school, but now I have my own company. :blush:

5.There have been many legal cases of bad behaviour in banks, with women ostracised or objectified and humiliated out of jobs for no other reason than their sex. Zooming out of trading and looking more widely at the whole finance industry, what do you think could be done that goes beyond something like women mentoring programmes in banks and could more radically shift the gender balance in financial careers?

Don’t really have an answer for the above.

6.I am curious to hear your experience of the CME at a time where pit-trading was still on the go, especially having subsequently made the transition to electronic trading yourself: how did you find trading without the outcry element for gaining a feel for market sentiment? Speaking of market sentiment: do you use volume metrics (e.g. volume bars, Volume At Price, etc.) in trading? In other words, do you read ‘the tape’ to add strength to technical analysis?

The only thing that I felt was an advantage on the trading floor is that I could typically feel the energy in the room getting tense before a big move. I can’t say I profited from it though, because my job at that time was to execute trades mostly for institutional clients. I wasn’t doing anything for myself at that time.

7. Under-capitalisation is often talked about by traders as a reason for failure: how much capital did you have to raise to begin trading by yourself and how long did it take you to raise it?

The first time I did some trades I think I only had 2K in my account. I did great until I did NOT use a stop on one of the trades and I lost it all. Using a stop would have saved me! Right now I think it’s adequate to use a 30K account for options trading on think or swim. Some will start with less cash but if you do that, I would trade some very cheap options spreads to get your feet wet. You really should start with more because you have to allow for your rookie mistakes that we all make!

8. Do you use any automation in your trading, and how much decision-making do you delegate to it?

I don’t really automate anything. I do have some trade triggers that get painted on to think or swim charts that are essentially buy or sell signals though.

9.Besides your 2008 book, is there any other reliable resource (including statistical analysis) that newbies looking into Fibonacci methods can access and study away from live charts?

I highly recommend Robert Miner’s book, Dynamic Trading. After all I would not be in business if it wasn’t for him!

10. Do you plan to retire at all or is trading something that you hope to continue with as long as possible?

I’m not sure I will ever give up looking at the markets. This work still fascinates me. I do plan on taking more vacations NOW, but I may end up running a service til I’m 70! We will see! I am one of the lucky ones who actually LOVES what they do for a living!! I would like to start doing more teaching though in the near future. This way the technique doesn’t go away when I do!!

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You may remember that I posted this earlier on this thread (post no. 786):

http://www.futuresradioshow.com/guest-tax/lydia-finkley/

Well, @Ananais just reminded me that in 2010 she herself had interviewed Lydia, here:

Wonderful!!

Women in Forex and Entrepreneurship:

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Further to the magnificant interview with Linda Bradford Raschke

Here is a viewpoint from another liberated woman - That “good morning” interview is well worth the watching btw !

https://www.dailymail.co.uk/femail/article-6209571/This-Morning-Ann-Widdecombe-questions-Phillip-Schofield-Holly-Willoughbys-pay.html

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All this proves is that she has no clue what she is talking about.

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OMG. :open_mouth: I admire the effort you put into this. :slight_smile: Really good job on this interview @PipMeHappy! :smiley:

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Thank you, @ria_rose Anyone can do this, all it takes is finding someone willing to answer the questions :slight_smile:

At the London Investor Show today, Friday 19th October:

Capture

This immense, all-encompassing, insightful, balanced, well-researched, and thought-provoking mammoth of an article was passed to me by BabyPips’ @Ananais, to whom I am very grateful:

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Yes that IS an interesting take on the situation, I particularly found the defence machanisms which firms and men seem to be putting in place - toward the end of the piece to be revealing.

As in most situations where well meaning “interventions” take place, the law of “unintended consequences” seems to be beginning to operate.

Of all the superlatives contained in your introduction, this one springs to mind as possibly the most insightful ;

As I have said elsewhere, we are currently in the process of an evolutionary experiment in many of these victim culture fields and the eventual outcome of the attempts to move in defiance of the human evolutionary psychology remain to be seen. Sadly I don’t think I shall be alive to see the results (Just an “Age-thing” ).

As you say tho’ “thought provoking” :sunglasses:

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Hello Saajid,

is this a trading mentor?

How wonderful!

I hope you will post more about your trading!

Good to hear from you, thanks for posting!!

@saajidbadat47

I was reading this post of yours

https://forums.babypips.com/t/trading-robot-account-manager/174990

and I could not help but ask you: are you truly worth $ 27 million?

Could you tell us a bit more about how you achieved this?

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Been a member 2 hours and 5 posts - every one talking about “Account manager” - “I Hay ma doots” about the intentions of this poster ! :thinking:

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@Falstaff I must say, I do not disagree, hence my question… :slight_smile:

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Following on from the previous post (no.809) about the treatment of women in the finance industry, featuring an article on Vanity Fair, here is another article - also highlighted to me by @Ananais - that talks about the silence from Wall Street due mainly to the non-disclosure and arbitration culture within its firms:

https://www.bloomberg.com/news/articles/2018-01-11/why-wall-street-hasn-t-had-its-metoo-moment-yet

I think if people believe that “guilt by denunciation” is a desirable objective,

Perhaps they should consider the effects of that tool used to great effect within Germany’s “National Socialist Party” and indeed in Russia under “Communism”.

“guilty until proven inoccent” to my way of thinking cannot ever be a desirable state of affairs.

https://www.foreignaffairs.com/reviews/capsule-review/2012-01-01/inventing-enemy-denunciation-and-terror-stalin-s-russia

I agree that ‘trials by media’ are not conducive to good justice but in the case of high-profile figures (like Jimmy Savile) making the name of the accused known may be in the public interest as it will encourage other victims to come forward: this was indeed the case with Savile, Cosby, and Weinstein.

So you have to balance that with protecting someone from being deemed guilty before due process has been followed, and it is never an easy one to achieve: what was done to Cliff Richard was unacceptable and indeed not in the public interest.

“trial” - implies an element of fair judgement and allowing the “accused” to hear the allegations and to have the opportunity to defend themselves.

Where is the “trial” element of this ?

This is simply “guilt by denunciation” -

It could easily be demonstrated to be “Sex discrimination” and is clearly State sponsored.

“Altruistic” ? you may call it - but then the “National Socialist Party” was “Altruistic” in intention and Communism is “Altruistic” by definition.

“Guilt by denunciation” - that way lies “totalitarianism” - just as it did for the two examples I have shown.

I think we have strayed off topic again…

This is about the deafening corporate silence of women in finance who endure a hostile climate in the workplace where objectification is still practised.

The latest articles show that in Hollywood there has been more opening up about such practices whereas in Wall Street there has not.

What you are talking about is more to do with the practices of criminal law, which again are different in the case of sexual assault whether you are in Scotland, England & Wales, and the US, so it would definitely take us off topic.

:slight_smile: