If you are tasked with thinking of a female trader, one of the names you might come up with – perhaps the first name of all – would likely be Carolyn Boroden. Known as the ‘Fibonacci Queen’, she has been successfully using the ‘Golden Ratio’ since 1978. One of her main focuses now is to show others how to understand it and explain how they can use this ratio to their advantage in trading. Of course, she makes it seem simple, but there is a lot to master.
Carolyn Boroden began her trading career at the Chicago Mercantile Exchange in 1978. A female trader at this time was still unusual (and perhaps the same could be said today), but she was able to work hard and become extremely successful. Thanks to her position on the trading floor, she was able to witness many changes occurring in trading, which is why she is now such an expert.
As a female trader, Carolyn felt it was important that she share her expertise. This was not only so that other female traders could see that it could be done, but in general she felt that she had gained a huge amount of knowledge, and her skills in using the Fibonacci ratio were good enough to be explained to others. The Golden Ratio therefore gives anyone who has her as a mentor a certain edge.
One of Carolyn main reasons for using Fibonacci is that it will show you indicators that other people will miss if they are not using it. Using the Golden Ratio offers you a snapshot of the market, offering up specific indicators to give you an idea of whether to trade or not with just one glance.
So just how a female trader working hard, get into using Fibonacci and making her name? It began with a seminar. The seminar was given by Robert Miner and it changed the direction of Boroden’s trading life. It explained Fibonacci and how it could be used.
Carolyn realised that many people, both male and female traders alike, would be keen to use the Golden Ratio once they saw that it worked. However, she also knew – because she had spent a lot of time studying the principle – that although it seemed impressive and something that anyone could get into, there were many areas where it could all go wrong, and starting off on the wrong path could be a disaster. She knew that at least a little training in this form of trading was essential, and that was what she wanted to let others know about more than anything. Although using Fibonacci can be a very personal thing (Carolyn uses the timing of the markets as well, for example), the basic premise is the same for everyone. Get that right, and you are on your way.
She also states that it is far better to use lower timeframes because the triggers come in far too late for the dailies when using Fibonacci. This is another important distinction, and something that should be remembered by anyone looking to move onto this form of trading.
In order for as many traders to get the real idea behind using the Golden Ratio in their trading, Carolyn Boroden has written a number of books. These books detail exactly what you need to know to use Fibonacci in your trading, and they are the ideal way to get started.
