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'Find A Methodology That Gives You An Edge': Carolyn Boroden On Strategic Trading

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'Find A Methodology That Gives You An Edge': Carolyn Boroden On Strategic Trading

In an interview with Benzinga, Carolyn Boroden of the trading education site Simpler Trading discussed her story of becoming a technical analyst.

Beginnings

Boroden is an analyst who specializes in Fibonacci trading analysis.

Her Wall Street career began at Donaldson, Lufkin & Jenrette's government bond department, as a secretary.

“I had a bunch of crazy traders. I had to type their letters, I had to get their coffee, I had to order their lunches and all that kind of stuff,” she told Benzinga.

Boroden then transitioned roles: “I ended up working as a clerk, where I kept track of the traders trades.”

A colleague later asked her for help in the futures market, and she transferred to the Chicago Mercantile Exchange.

Learning Technicals

“When I moved to Chicago, I took the Magee and Edwards Class, and that’s when I first started learning about technical analysis.”

Boroden said she didn't learn the analysis she does now until after the 1987 stock market crash.

After the crash, she met Robert Miner, a well-known technical analyst and trader.

“I was intrigued by what he was showing in his presentation, so I went and talked to him. He invited me to come to his class, and that was the beginning of me becoming his student,” she said.

Boroden became a Series 3 licensed commodities broker.

“I did not end up remaining a broker, but what happened was, I had people [who] started offering me money for my [analysis] because I gave them examples and trade setups," she said. "Next thing you know, people are paying me for what I’m doing, so I went ahead, incorporated and made a business out of it.

Day-To-Day

Boroden runs a trading room and stock market commentary for subscribers. She goes over charts and trade setups, posting alerts along the way.

“For example, if there is a time and price buy setup in the S&P futures, I’ll post an alert, so that anyone who has the app on their phone will get an alert," she said.

At the end of the day, she wraps up by going over her main charts through the lens of how to trade a particular stock.

“I trade, but I’m primarily an analyst. I love what I do.”

Getting To The Next Level

It's important for traders to find a methodology that gives them an edge, Boroden said. Boroden’s edge is the Fibonacci number series.

“I basically teach people how to execute trades that we can identify with Fibonacci time and price analysis.”

The most important thing for traders to have is a plan, she said.

“You [need] a specific plan that describes what your trade setups are; how you’re going to get into the trades; what you are going to risk; how you’re going to manage the trade and take profits; how you’re going to have certain targets, or you’re going to trail a stop.”

Traders need to learn what's behind the methodology and have confidence in it, Boroden said.

"If you follow the methodology, with a clear trading plan — that’s been tested. You have an absolute awesome chance to make money.”

You can see Carolyn Boroden Oct. 11-13 at the Traders4ACause conference in Las Vegas.

Related Links:

'I'm A Fundamentals Guy': J Mintzmyer On Picking Winners

'There Is A Lot Of Nonsense': Talking Markets With Quoth The Raven's Chris Irons

Posted-In: Carolyn Boroden Chicago Mercantile Exchange CME Donaldson Lufkin & JenretteTechnicals Exclusives Trading Ideas Interview Best of Benzinga

 

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