Is Barstool Sports Founder, Dave Portnoy, good for the day trading world? If you have used the internet, Dave Portnoy or Barstool Sports should ring a bell. Portnoy created the social media giant from the ground up, which is undeniably a difficult task.
Portnoy, an avid sports gambler, took to the stock market to fill a void after COVID-19 resulted in the suspension of all major sporting events. Since then, he’s turned to live streaming his day trading activities. While the quality/content of his trades is far from stellar, the entertainment is spot on. Portnoy finds ways to make people laugh with his exaggerated reactions throughout the majority of the open market. After all, he is an entertainer.
Why Portnoy Is Good For The Day Trading World
Day trading is not for the fainthearted or weak minded. It takes an immense amount of courage to attempt to profit from the stock market. Several individuals have some background in the stock market but need strong guidance. However, the first step is desiring to learn on your own, which is a commendable step.
Without hesitation Portnoy dove, headfirst, into the day trading world with what seemed to be little guidance or experience. His deep pockets make this courageous jump less risky than the average Joe, but regardless a commendable first step. Whether he likes it, or not, people all over the world look up to Portnoy. Creating even the slightest bit of interest in entrepreneurship through trading, I believe is a quality benefit from his recent efforts.
Why Portnoy Is Bad For The Day Trading World
In a debatable topic, his gambling background may play a vital role in his losing record. As I have mentioned, day trading should not be any form of gambling. A strict plan is required, which leads to a higher probability of success. If failure continues, the strategy should be adjusted, accordingly.
While his live streams have caught the interest of many new traders, it is important NOT to lead by his example. It’s one thing to spark an entrepreneurial desire, it’s another to follow incorrect footsteps. I’m not saying Portnoy is advocating others to follow his trades, but unfortunately some probably are.
The day trading world is filled with egos and personalities. Quality day traders are able to check their ego at the door and only execute the opportunities presented by the market. Understandably, his live steams are more for entertainment purposes and to put on, “a show” but it’s important for traders to be aware of their emotions and control them while executing their plan.
Overall, day trading has a stigma of an unmaintainable profession or hobby. While there are several reasons I disagree with this statement, that’s a topic for another day. However, for a media giant like Dave Portnoy & Barstool Sports to put day trading in the front and center, I wish him the best and hope he finds great success as he joins the rest of us in the day trading world.
If you are interested in learning how to trade, I encourage you to checkout my Video Based Stock & Options Trading Course or to join our Chat Group! Don’t forget to visit, & subscribe, to our YouTube channel for day trade recaps!