With a career spanning 34 years, Carol Harmer is undoubtedly one of the most respected and established technical traders in the UK.
Carols career started early in 1982 when she worked for LIFFE before the opening in September that year…She quickly knew that trading was what would give her the most pleasure and in early 1983 she finally became a ” LIFFE ” trader.. She cut her teeth on the 30yr Treasury Bond…which was LIFFE’s biggest contract….At JHR Raynor there was no customer business…so she basically had to trade and take a view on the T.Bonds….
Now being the only female in the pit this was not easy…especially as the pit was bearish the Bonds and Carol being the new girl on the block saw that they only went higher each day….4 months later and being on the graveyard shift one night she wandered round the back of the booths and there was a young man called Martin who worked for Telerate…..one of the quite vendors of that time….She asked him what he was doing and he said he was updating his charts for the following morning…Charts ???? what were those…Martin explained and showed her a chart of the T.Bonds…A 1000 lightbulbs went off in her head…Charts….what had happened was of course the Bond pit was bearish….it had opened in 1977 and gone down in a bear run lasting a good few years….
However !!!…After trading sideways for a short while Bonds had broken up…So of course the bond traders were bearish….They didn’t know any different….but someone did !!….that someone was buying Bonds…..After 4 months of trading off bearish figures only to see the bonds rally Carol was now a convert….and the very next day cajoled her boss into letting her take a long position….Armed with this new information Carol waited…bided her time and bought the Bonds….She will tell you she is sure that the pit only let her trade to get her out of the pit with her stiletto shoes and her pencil sharpened to within an inch of its life….It paid off…Bonds went higher…and now there was no holding her back…