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). — Marcus Today – Daily Market Insights Marcus Today provides clear, practical commentary for self-directed investors – covering markets, portfolios, education, and decision-making without the noise. If you'd like to go further: Start a free 14-day trial of Marcus Today http://bit.ly/mt-trial-podcast Join Marcus Today Use code MTPODCAST for 10% off http://bit.ly/mt-join-podcast-offer MT20 – Managed ETF Portfolio A professionally managed portfolio run by Marcus Padley and the team, using ASX-listed ETFs with active market timing. http://bit.ly/mt20-podcast Principles – How We Think About Investing A short video series on timing, behaviour, and decision-making. No stock tips. http://bit.ly/mt-principles-podcast — Disclaimer This podcast is general information only and does not consider your personal circumstances. It is not personal financial advice.