Davey ‘Day Trader’ Portnoy Leads An Army Of New Retail Traders Into Stocks By Investing.com

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 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 – .

The trading platform 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

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

{n.callMethod? n.callMethod.apply(n,arguments):n.queue.push(arguments)};
s.parentNode.insertBefore(t,s)}(window, document,’script’,
fbq(‘init’, ‘751110881643258’);
fbq(‘track’, ‘PageView’);

by : Investing.com

Source link

Capital Media

Read Previous

South Africa’s new budget cushions the coronavirus blow – but only briefly

Read Next

l’Autorité de la concurrence voit une explosion des fusions et acquisitions dans le numérique en 2020