On the Couch with Gary Norden: Inside a 35-Year Trading Career

Prefer to watch? Check out the full interview on video here: VIDEO – On the Couch with Gary Norden: Inside a 35-Year Trading Career

A bit of a different approach at Marcus Today; Callum Newman sits down with Gary Norden, a 35+ year pro trader (LIFFE floor, bank derivatives desks, hedge funds) and the author of An End to the Bull – to talk how the pros actually trade when it's their own money on the line. 

In this conversation, Gary explains how professional traders really approach markets; building an edge through knowledge, skill and risk management – and why much of the "sell-side research" investors read is often just a sales tool dressed up as insight.

We cover:

• The professional trader's edge – skills, knowledge, and risk management
• Why bank research gets "taken with a pinch of salt"
• Day trading vs punting – order flow trading as a real craft
• Can humans still compete with algorithms/HFT?
• ETFs, concentration risk, and the "all in / all out" market
• Options – why Gary prefers buying options (hedging + asymmetric upside)
• Gold and silver – why the bull case may not be done yet
• China, commodities, and what Gary sees on the ground.

Standout moments (timestamps):

• 03:58 Why traders ignore sell-side research
• 06:12 Day trading as a professional skill (order flow)
• 11:56 AI, ETFs, and the concentration problem
• 19:35 Options as portfolio "insurance"
• 26:47 Gold vs silver, miners, and what to watch
• 48:25 The red jacket story (and what it meant on the floor)

Gary's book: An End to the Bull: Cut Through the Noise to Develop a Sustainable Trading Career (John Wiley & Sons). 

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