Carly Garner has worked in strategy, brokering, and trading. She has featured in magazines and presented television. She has even created her own brokerage, DeCarley Trading Group. The Lazy Trader interviewed her to find out more about her thoughts on what trading is all about, and specifically how women fit into this somewhat male-dominated world.
Do not assume that women are not welcome when it comes to trading
Having the right trading mindset is more important than almost anything else
You will always need to adjust your strategy as time goes on
Carly Garner feels that the trading industry as a whole is seriously underrepresented by women, although being a woman, she feels, has helped her more than hindered her. She has always been listened to and her contributions have been acknowledged. Perhaps it is simply that other women assume the industry is too male-dominated and therefore they don’t get their foot in the door at the beginning… it’s difficult to say.
Trading is a mental game more than anything else, and women do seem to have a particular skill in that area and are able to find the best trading ideas, so it seems a shame that more women don’t enter the arena of trading, thinks Carly Garner. Maybe it’s also to do with popular culture; if you look at Wall Street and The Wolf of Wall Street, for example, it’s mainly men that you see. Whilst those are interesting and exciting stories – even if they aren’t positive ones – they are what sells, and that’s what people’s perception of trading is shaped by.
Carly Garner has plenty of experience, and something she has learned over the years is that there will always be people trying to sell you something, whether that be special software or the secret to winning trades. What she believes is that if someone has found the key to winning, they are going to keep it to themselves, so don’t be distracted by these tools and claims – work on your own strategy instead.
And of course, says Carly Garner, people tend to talk a lot more about the good things they have experienced rather than the bad things, so although you might hear a lot of success stories, don’t forget that there will be just as many – perhaps even more – failures too.
If you ask people, seasoned traders, for example, whether, if they knew at the beginning how hard trading would be they would still go ahead, they would probably say no. Carly Garner admits it is a tough game, and it is always changing. Nothing stays still and you always need to adjust your strategy to be successful. It’s not easy, but it is worth it once you know what you are doing. It’s constantly a catch up game, and we’re always going to be learning something – we should never assume we know it all. In fact, we have put some major insurance in place just in case it all goes wrong; we can’t assume that we’ll do well in the future just because we have in the past.
It’s just a matter of being humble. That can be hard, and it’s easy to get over-confident, especially after a good run, but this is where people can get into serious trouble. It’s 98 percent a mental game, and everything else plays a small part in whether or not you lose or win; it’s how you handle it all that counts.
Carly Garner is concerned that people don’t always see the risks involved in trading. They hear stories from their friends and colleagues, or on TV or in the movies, about how much money can be made by doing pretty much nothing, but they don’t hear the negative side too, and it’s important to balance one against the other; no one can win all the time, and even if they don’t mention the losses when talking about their trading, they are definitely happening.
It was just Carly Garner’s ‘dumb luck’ that made her stumble into trading. She had always intended to be a stockbroker when she graduated, and she even did an internship, but she just didn’t enjoy it. So she had to go out and see what else was available, and there just happened to be an office in town that did commodities. She thought she would try this, and loved it from day one.
DeCarley is a different kind of brokerage. There is no hard selling; they put out education and information so that the trader can actually make up their minds, with advice. This creates much longer lasting and more successful relationships than the hard sell route does.
What is Carly Garner’s long-term view on silver and gold for the next year? If gold hasn’t been able to rally in this environment when trade wars and nuclear wars are being discussed, then that doesn’t look positive for gold. It’s a huge red flag over the next two or three months. The thing is, everyone is making educated guesses, so if one person thinks it will rise and another thinks it will fall, they will have their reasons for it. Someone will be right.
Carly feels that pitt trading is going to die out eventually. There are no pitts trading in New York, and in Chicago there are only very few markets. But within a year or so, she feels it will all be gone. It’s about working with new technology and that means there is just no room for pitts anymore. Cryptocurrency is something that is taking the place of these older markets, but those who have been around trading for a long time could see that it won’t end well – we just don’t know where or how yet. Carly would rather gamble in Las Vegas than buy cryptocurrencies.
So why is it that you think the industry is so under-represented with women?
Research conducted by Dr Alexander Elder suggests that women actually make better traders than men…would you agree with this?
What do you think it will take to get more female traders?
What but what specifically attracted you to trading?
Is the style you currently traded what you originally started with?
What is your trading style?
Describe the trades you are currently in?
The industry has changed a lot over since the 1990s with the decline of pitt trading and the open outcry model to the proliferation of electronic trading. Do you think that pitt trading will die out completely?
I know we have, in recent years, seen the proliferation of crypto-currency trading and even social copy-trading. Do you think that these are here to see or merely a fad?
Thank you so much for your time – where van people who want to find out more, find you?