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Comic: Davey ‘Day Trader’ Portnoy Leads An Army Of New Retail Traders Into Stocks

Published 06/27/2020, 06:13 AM
Updated 06/27/2020, 06:15 AM

By Jesse Cohen

Investing.com - Barstool Sports founder Dave Portnoy has become the poster child of the day-trading craze that has helped push stocks to record highs in recent weeks, much to the chagrin of Wall Street’s veteran investors.

Portnoy, who live-streams his experience under the moniker 'Davey Day Trader Global' (DDTG) to his 1.5 million Twitter followers, shifted his focus to day-trading when the coronavirus pandemic brought sporting events to a halt earlier this year.

The sports-bettor-turned-investor has drawn the ire of institutional investors thanks to his unrivaled bullishness and loud statements about how easy investing is and that stocks only go up.

Portnoy also has a willing army of compatriots diving into stocks - bored sports bettors.

The trading platform Robinhood added three million new accounts in the first four months of this year. Half of their new customers said they were first-time investors.

Billionaire Leon Cooperman recently warned that the rise in Robinhood trading will "end in tears" as according to him many of these day-traders are unaware of the risks.

But Portnoy, who has already poked fun at the likes of veteran investors such as Warren Buffett and Howard Marks, dismissed those comments.

To see more of Investing.com’s weekly comics, visit: http://www.investing.com/analysis/comics

Latest comments

When FED buys market goes up. 7.3 trillion .. Its not free market anymore..
Yes, the bears are coming...
Funny thing about markets. When everyone gets bearish and retail investors sell they go up, and vice versa. Robinhood is a gift to pro algo traders in a tough tape.
se vienes los osos esta semana
So called Robinhood investers is code for for Trump supporters
I don't get it... I really despise Trump but I don't understand the correlation in your statement.
< < < Definitely not always.
Wrong answer. Trump supporters have financial common sense. Roninhood is strictly a liberal no-nothing phenomenon.
position size = account balance * max margin
It is a good thing, creates liquidity.
I'm a need robinhood trader. I actually had since 2016. learning a long the why. straight I have lost more money than I started with. but over that time I was up 44%. There are a number of factors pushing the markdet. Maybe the fact that JPow pumped 3 trillion into the market might be bigger than a few billion from retail traders.
Correct. However, The market is 34t. 3t can move it but if it wants to goes down, it will.
Every trader start somewhere!! Robin Hood is a good beginners platform! But personally like Webull! Charts are better!!!
Robinhood app is not designed for day trading. there is a massive delay in executing orders and that's were the new biggner will get burned.
correct but we have some grey area to do it a few times in 2 weeks. Also gold members get to buy earlier and later when the market closes, talking about pre and after market trading.robinhood perfect for a swing/day trader. we are swing trader but when we see prices we can't pass we will sell and buy same stock on same day.so qnd hybrid swing day trader is what i feel can work nice if done full time.
Statistics from most trading firms: 90% noobs win first due to beginner luck. Down the road 90% loose all or more than what they have.
yep they know how to cash out their winnings and start over and start gambling again.professional gamblers play odds and stay away from roulette
10% became pro. If u r a pro in anything, u make money.
sadly about 50% r the ‘give me a buy or sell signal’ crowd.
a sheep is leading all to the # house. I lost a fews accounts followed those # before. They can have fun but dont loose what they cant afford. They dont listen to that simple advice. Someone already took his own life. More will if they r careless about money.
Dave is a funny man.
I see a flush of noobs here using his trading terms. They go like a lock. Sheeps r going to get skinned when they get fat.
*Flock
you are soooo cool
Let kids have fun investing, stop judging
They are not "investing".  They are day and swing trading at best.  This the late 1990s redux.  They are having fun and that is fine. Dave Portnoy: "They want to scare you so you sell and then they can buy low. Don’t fall for it." Where have I heard that before?  SiliconInvestor - 1990s;  RagingBull - 2000s;  InvestorsHub - 2010s;
Problem is down the road, most will loose all if not more than what they have. That creates a problem for society. Heard about a noobs took his own life?
 - Yes.  Guy didn't know how to read his account properly.  Still, it was outrageous to allow an inexperienced trader with no income a nearly $1 million in margin.
Another bubble in the making
bulls @ its limit!!
Market has its own path. Who would have imagined 3 mn new accounts opened and had brought liquidity alomg with them. And the much talked second stimulus of 1 tn, if it is released, there comes the liquidity driven bull market.
Time is up for the bulls. Every bear market has had a low retest, covid cases recording new daily highs and q2 earnings coming out. The Robinhood crowd is about to see whay pain feels like. If you are holding as long position it would be very wise to hedge either with puts or a 3x bear ETF.
Which bear ETF do you have in mind specifically? One like SDOW?
I’m up big, expected this drop this week ans plotted it out. I only use inverse ETFs to short, no options. Just make sure the ETF you pick has good volume so it’s easier to trade. I like to use SPXS/SQQQ to short Spy and Nasdaq 3x; SPXL/TQQQ are the sister ETFs, but for a postive market. Also like FAZ/FAS for financial sector and SCO/UCO for oil; but these sectors haven’t recovered as much as QQQ and SPY, so not as much up side shorting on a big crash. UVXY/SVXY are the VIX ETFs, but they are more risky to trade. You really have to to be on top of these trade to get good entries and exits becuse it jumps so fast. I’ve missed out on thousands being 5 minutes late. You pretty much gotta buy/sell it while you’re watching a top/bottom on a big move be establish to get maximum earnings.
baby boss!
Stonks only go up
Jgh
We will rebound back strongly heading into indepedence day. I dislike USA but dont bet against it
Meet my actualy president. President Portnoy
@gay bear: username checks out.
No one is betting against America. Our economy is not the NYSE and the NASDAQ. This is what happens when people use price action to validate their ridiculous theories. You lost money on an attempt to time the market, get over it...
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