An End to the Bull - 10 free review copies


5,647 439
Awesome, we have out 10! If you haven't already pmed me your preferred email address to receive the ebook, expect one from shortly. Once I've collected all the email addresses, I'll forward on to Gary and he'll send out the eBooks.


Junior member
35 4
About a third of the way through it. Not an easy read so far - reading it on a laptop does not help. Will leave a review when finished, unfair to comment yet.
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Junior member
15 2
It took me all of two weeks to get the download to work.
Adobes SUPPORT is useless. Wiley Publishers were very helpful and they solved the problem by using an earlier version of ADR.
I have completed the reading, and except for the chapter on Volatility, its easy to follow.I would like to read it again before I comment.
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Senior member
2,376 663
An End to the Bull - My review

This is an outstandingly good book, significantly different, and it made me think hard about my trading. It’s written from a professional trader’s non-amateur perspective but helpfully crafted to benefit the retail trader. Gary Norden's previous book (Technical Analysis and the Active Trader) gives a clue to his philosophy: don't depend exclusively on TA. His conclusions rock the foundations of pure technical traders but anyone with an open and inquisitive mind will almost certainly benefit from studying the author's premise of looking beyond TA. In this treatise a convincing case is made for taking account of what the author calls "robust data" – a concept which goes beyond what is usually recognised as “fundamentals”. I particularly liked the author’s take on the commonly accepted view that “everything is in the price” – I’ve always been uneasy with that idea and this is the first time I’ve come across a well-reasoned counter argument.

There is a lot more to this book than just TA though. It's divided into three parts: the first covers ground usually omitted from the typical "How to Trade My Way" type of books – a genre of which the author emphasises this book is not a member. Included is an excellent exposition of the retail trading scene – appropriately named by the author as "The Financial Junk-Food Industry" and he submits evidence as to why you should plough your own furrow as a trader. A following chapter on trader psychology is one of the best I have read – concise, relevant and almost certainly, some of the situations will have applied to most of us at some stage of our trading careers. Part one concludes with a helpful discussion, amongst other things, of why you would want to be a trader and the implications thereof – again, topics which are seldom covered adequately. This author is not afraid to present the unpalatable: he contends that not everybody is cut out to be a successful trader – the sort of discussion that should make you stop and think about what you want and are capable of getting from the world of trading.

Part Two covers much of the mechanics and day to day business of participating in the markets. This is essential and on the face of it rather boring stuff but ignore it at your peril. It's all well explained and I particularly liked the chapter on "Watch lists". Part three is titled "The next level: incorporating more advanced concepts" and it is precisely that. Having skim-read to this point I definitely had to slow up here in order to properly digest this material which very adequately explains pricing in, volatility and how the Pros trade. There is good argument as to why these difficult topics are important to you as a retail trader and why you should persevere until you have mastered them.

An underlying thought throughout the book is that none of this is easy and a great deal of hard work and persistence is required, and even after that success is not guaranteed. I enjoyed this book because it is thought provoking and challenges some conventional beliefs with reasoned argument. I like the fact that it's available in digital edition and is therefore easily readable on a 7” tablet which slips into the pocket or bag without problem. Its price is loose change in terms of what you probably spend on brokerage and I consider it to be excellent value. My concluding thought on this book is prompted by the philosopher Bertrand Russell who said: "Many people would rather die than think; in fact, most do." In my opinion this book can definitely help us to stay alive as thinking traders – think of it as cerebral trading fertiliser.

Gary Norden’s book earns a place on my “Respected Authors” trading bookshelf. Well worth reading & highly recommended.
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Legendary member
19,855 3,112
"An End to the Bull" is a trading book written from a real trader's perspective with 25 years experience. The author Gary Norden is very forthright starting with myth busting statements about trading in the financial markets. Technical Analysis and the extensive use of charts and indicators are immediately challenged as being fruitless with limited value, rarely used by real traders. The 'trend is your friend' takes a few knocks too. This is not your usual conventional trading book, encouraging or showing the reader how easy trading is. It is a book outlining how real traders work and attempts to guide wannabe new retail and seasoned traders on what the important ingredients are for successful professional traders.

The book is in three parts spread across ten chapters. The reading is laboured and I would not have appreciated or enjoyed the book as much as I did if I was starting out as a new retail trader. It tells the trader what they need to learn and approach to take. Trading comes across as hard work. Talk of short-cuts and rich rewards are quickly dispelled and the question 'Why do you want to trade?' is asked.

It is an excellent book with much rich content to offer for the determined reader who wants to put the effort in to understand the mindset of real traders. Psychology of the trading mind based on studies is well presented. Key characteristics are mentioned, referencing various studies on how heuristic biases play out in traders mind and decision making process. References are highlighted for the reader to follow up on these studies. A second reading of this book after a period of trading would be my recommendation for those traders who blow up a few accounts.

There is also good content on how the industry works on various levels and market sectors, discussing roles by analysts, brokers and traders. Sell and buy side interests, short-side selling and the different market instrument types are succinctly described. The author states markets and analysts as shovelling much 'noise' to put it politely. It doesn't aim to sell the industry in a glorified healthy light as so many retail companies do but is termed by the author as the 'other' junk-food industry. Through out the book various trading points are raised and discussed and good few duely placed in the junk-food category.

The book proceeds to further expand on how to approach the trading business and what is required to be successful. Distinctions are made between real traders working for institutions and retail traders. Differences in shares, currencies and bonds, commodities and derivatives and the specialists knowledge required in each of these markets emphasised along with their dependencies. Pre-trading requirement to research relationships of each with daily awareness is discussed. Watchlists to study as part of daily routine are recommended in keeping abreast with the many sectors of the market. Ability to discern what is real information and what is simply noise is underlined.

The author does well bringing to traders awareness the many important factors and knowledge that needs to be acquired on the road to becoming a successful trader. For this reason the book may be a hard read for the fresh mind who may not appreciate the important content effectively summarised in ten chapters.

There is an outline of key features one should look for prior to choosing a broker and platform to trade on. Computer type, news feeds, charting package and capital required are mentioned. Once again what comes through is not encouragement on how easy it is to start in retail trading but the serious work one should put into being business minded.

Chapter seven explains the mindset of a real trader on his decision making process before pulling the trigger to enter a trade. There are a few but don't expect to see lots of charts, figures and diagrams with lines on them. What follows is an explanation on position sizing, targets and stop loss levels in managing trades. Cutting losses quickly is hammered repeatedly throughout the book.

Final part of the book discusses concepts such as reflexivity, volatility and states the assumption that markets are ahead as incorrect. It tells the reader how to interpret volatility and to take adaptive actions to shorten time frame and reduce sizing. Options are probably too advanced concepts for retail traders but invaluable tool in pricing in volatility and influencing trading decisions. Understanding options would require a dedicated book explaining how they are worked out and used.

Some books are to be skimmed and some to be read. "An End to the Bull" needs to be digested by all new and seasoned retail traders if they want to avoid the pit falls of the financial junk-food industry. I would strongly recommend this book to new and intermediate traders on their path to becoming successful.
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