Dave Portnoy – Davey Daytrader Global
You always need to be aware of people like this guy. He starts trading at the lows during the Covid-19 coronavirus correction and has formed a two tenants of success. These are:
- Stocks only go up
- When in doubt whether to buy or sell. See rule #1
Any real trader knows that stocks move both ways. Some stocks go to zero and close up business altogether. Anyone that discounts this from happening is not worth listening to.. but it seems Davey the goat has a few people listening to him. In fact on Twitter @ stoolpresidente he has 1.5 million followers and on Instagram @ stoolpresidente he has a lazy 2.5 million followers. Nothing to be sneezed about. But what kind of person would follow and listen to him you ask?
Before he started trading stocks during the pandemic he had only ever bought one stock in the past. But with his large following and the opportunity to what is effectively seen as front running he is able to do quite well trading stocks. They have been bulls in one of the greatest sharemarket rallies in history. You basically can’t not make money when you are on the long side. When the tide changes though that will really teach old Davey and his followers a big lesson in market movement.
In January, casino company Penn National Gaming purchased a stake in Daves company Barstool for $163 million in cash and stock. This gave Dave a little bit of money to start day trading. He started by depositing $5 million into a trading account. Certainly enough to not have to deal with the $25k pattern day trading rule that is for sure.
It’s clear Davey has a lot to learn as a trader but as a marketer it seems he knows what he is doing. If you want a laugh check out Dave Portnoy’s Youtube video on day trading.