Cryptocurrency has been proven luckiest for so many people out there. It was not considered reliable some years ago. But now, it attracted the interest of a massive number of people, even millionaires and billionaires. It brought the lives of people from low to high in just a single night. Although the values of different currencies go up and down, anyone can benefit from it if they take decisions at the right time as it is a famous saying ‘Hit the iron while it is hot.
The same is the case with Dave Portnoy.
He founded Barstool Sports that is famous for pop culture as well as sports. When all the sports events got canceled during quarantine, he never wasted his time and thought of starting day trading.
He became live on Twitter as “Davey Day Trader Global” but warned his 1.5 million followers not to trust him. He bought a stock of 3 million dollars as a form of E-Trade. “I’m not trying just to buy something and hold it; I was looking for things I could buy and trade in the same day,” stated David Portnoy in an interview with Business Insider.
Dave Portnoy Day Trading Overview
Initially, he lost money by $200,000 that later went to $740,000. But as it happens in the trade of cryptocurrency. After he recovered his lost money by earning $93,000, that last updated to $647,000.
“Do not do it thinking you’re going to make money, do it for entertainment, do it for fun. I would never day trade with money that you can’t afford to lose,”
“And if you’re looking to invest, it’s long term, not the short. If you’re doing what I’m doing, be prepared to lose.” (Source: Business Insider)
Portnoy expected losses from the start of his day-trading career. He lost money several times that he recovered with profits. And he advises not to invest in anything when one does not dare to lose money.