Commodity Trading Advisor Carolyn Boroden's Interview with Ilan Levy Mayer

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https//www.cannontrading.com

• Carolyn Boroden Interview with Ilan Levy Mayer

FibonacciQueen.com
Cannon Trading
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• Carolyn Boroden is a Commodity Trading Advisor
  and technical analyst who has been involved in
  the trading industry for over 25 years. Her
  background includes working on the major trading
  floors including the Chicago Mercantile Exchange,
  the CBOT, NYFE and COMEX, where she eventually
  shifted over to focusing on technical analysis of
  the markets.

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Ilan Tell us a little bit about your trading
background and how you got started trading.
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• Carolyn My entry to this business was not
  typical. I never planned on it. I started on Wall
  Street at 18 years old as a secretary/gopher to
  the Government bond department of Donaldson
  Lufkin and Jenrette. My only real skill at that
  point was typing. Since I was always willing to
  work hard they gave me an opportunity to move to
  Chicago when I was 20 to work on the trading
  floor of the Chicago Mercantile Exchange working
  with Financial Futures. When I moved to Chicago I
  took a basic course in Technical Analysis of the
  markets and was hooked. The rest is history. I
  currently provide market analysis based on
  Fibonacci ratios and market patterns. I also
  teach those who want to learn to do this analysis
  on their own.

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Ilan Who were your mentors, and what did you
learn from them?
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• Carolyn Robert Miner was my biggest mentor. I
  met him at a trading conference and after I
  watched his presentation on using Fibonacci
  ratios on both the time and price axis of the
  market I was fascinated and I became a student of
  his work from that moment on. The most important
  thing I learned was that you could ALSO analyze
  the time axis of the market which most analysts
  do NOT do at all. Most analysts say they are
  "timing" the market with their price patterns and
  analysis. This is actually doing the work on the
  TIME axis. I also did learn from Larry Pesavento
  and from Bryce Gilmore who wrote the book
  Geometry of Markets.

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• Ilan At CannonTrading, we give traders the
  ability to create and back-test trading
  strategies. How important is back-testing to your
  trading process? How do you approach this?

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• Carolyn Back testing is extremely difficult with
  my work. Testing as you go however is realistic.
  Ive been in the futures business since 1978.
  I've had plenty of years to test the value of my
  work as I went. Of course nothing is 100 but I
  did find that when my trade setups worked, many
  of them worked very well. When they did not work,
  the risk was very reasonable.

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Ilan Trading strategies can help traders rein in
emotional trading decisions and strategy
automation can help traders stick to a trading
plan. What are your thoughts on this?
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• Carolyn I agree with having a trading strategy.
  This allows you to take MOST of the emotion out
  of trading. I suggest that all my traders write
  up their own specific rules for their plans to
  use my work. Taking losses when you need to are
  part of the plan.

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• Ilan There are so many markets to trade today,
  it can be overwhelming. What markets do you trade?

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Carolyn I primarily focus on Stocks indices,
some individual stocks and options, and some
choice futures markets.
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Ilan How do you approach trade management
setting profit and exit levels, trade size and
account-level risk management?
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• Carolyn As far as trade management is concerned,
  defining risk is the most important. With my
  methodology, the time/price parameters define my
  risk. I know immediately when Im wrong the trade
  and need to exit. As far as targets are
  concerned, I have initial targets on trade setups
  that are defined by the math of the Fibonacci
  ratios. Since there are some trade setups that
  continue in your favor often enough, I suggest to
  my traders that they keep some "runners" and at
  that point use a trailing stop to attempt to stay
  in for some of the much larger moves at least
  with a partial position.

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Ilan Finally, if you could give some key advice
for the aspiring traders out there, what would it
be?
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• Carolyn Have a written trading plan. First test
  it with a paper account, then continue to test it
  with a small amount of cash. Remember, having a
  plan does not help you, unless you follow it! For
  a free trial of Carolyn's services click here.

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Disclaimer

• Trading Futures, Options on Futures, and retail
  off-exchange foreign currency transactions
  involves substantial risk of loss and is not
  suitable for all investors. You should carefully
  consider whether trading is suitable for you in
  light of your circumstances, knowledge, and
  financial resources. You may lose all or more of
  your initial investment. Opinions, market data,
  and recommendations are subject to change at any
  time.

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