Dave Portnoy says the day-trading revolution will slow down once sports return and people go back to work, but gambling analysts aren't so sure. Dave Portnoy decided overnight that he would become a day trader and he would broadcast his trading live on Twitter for all to see. Prop trading is when traders buy and sell securities using a. Ive never really day traded before. Create an alert to follow a developing story, keep current on a competitor, or monitor industry news. Any readers interested in this strategy should do their own research and seek advice from a licensed financial adviser. Make sure to like the video and subscribe. "We don't crash ever! He was down between $500,000 and $1,000,000. It's going exactly how I thought it would. Was he up $500,000? Countless academic studies of individual traders in markets in the U.S. and internationally have shown that active trading absolutely loses money over time, Accordingly, by coaching your clients that if they do want to engage in this type of trading, they should expect that money to go to zero, just like an evening at a casino. I think my net worth was around $US100 million, Portnoy said. "Consistency and Discipline" are always found at the base of every great success story. He called it "Davey Day Trader" . These professionals often execute a high number of short and long trades to maximize profits. From market futures to live price updates CNBC is the leader in business news worldwide. Portnoy then proceeded to livestream investing $200,000 in that stock, mocking investment professionals by claiming that he would outperform them, setting off a social media frenzy. "Do not do it thinking you're going to make money," Portnoy said. However, Portnoy has complained about E-Trade's consistent outages which Portnoy claims have caused him to lose "$50K a day," later saying on his DDTG live stream "This is the most f*cked up thing I've ever been a part of. According to Portnoy, his positions are often motivated by a combination of volume and volatility that he hopes will result in opportunities for quick profits. That theyve lived through this before. The Federal Reserve conjuring relief money that mainly goes into the, Politicians slowly winding down the concept of stimulus checks by. Davey Day Trader - May 28, 2020. The Buffett Call:Billionaire investor Warren Buffett has been buying and selling stocks for decades,but Portnoy has no ambition to follow suit. In March, Portnoy said he would livestream his daily trading sessions until quarantine ended. It was one of my best days of the year. Somebody is driving stock market volatility, and I don't know how or who. "With the volatility, it is kind of like watching a sports game," said Portnoy, 43, who started live streaming as "Davey Day Trader Global" to his 1.5 million Twitter followers with the. So dont sound defensive. CHINA WIELDS CORONAVIRUS TO NATIONALIZE AMERICAN-OWNED CARMAKER. Tim served as a Senior Associate on the investment team at RW Baird's US Private Equity division, and is also the co-founder of Protective Technologies Capital, an investment firm specializing in sensing, protection and control solutions. He livestreams himself daily trading as "Davey Day Trader Global," or #DDGT, and claims to be the captain of the stock market. Davey Day Trader - November 2, 2020. His net worth inflated in January 2020 when Barstoolannounced it was selling a majority equity stake to Penn National Gaming in a deal that valued the business at approximately $US450 million. More? The stock had already experienced an elevated volume since early June, when the firm publicized, they would offer an extra 22 million shares. Barstool Sports. Authenticity:Because financial advisors also may have a conflict of interest by discouraging this type of trading, be sure to acknowledge this point up front. That would have been LEGENDARY. All opinions expressed here are the authors and not of any other entity. This perfectly matches the already existing cultural climate ofpeople deeply distrusting elites. "E-Trade," Portnoy said, "your whole thing is the stock market and you froze it! This reduces the chances of error and maximises potential earnings. in Mechanical Engineering from the University of Michigan, and an MBA from the University of Chicago Booth School of Business. Davey Day Trader When You Walk Into A Pizza Place And See This Painting On The Wall, You Have No Choice But To Buy It. Portnoy, who dubbed himself Davey Day Trader Global while trading stocks as he shelters at home during COVID-19, was quick to dismiss David's claims. Login 3 min read. Portnoy hasnt always been popular with users of his platform as Barstool has been involved in several high-profile scandals and controversies over the last 5 years. Mesh believes that the key to stock market success is to keep the strategies simple enough so that they can be repeated. Build your portfolio and follow the prices of more than 10,000 coins. One of the hottest stocks on the market continued its wild rideonMonday. Adapt or die. Im sure Warren Buffett is a great guy, but when it comes to stocks, hes washed up. Stay up to date with what you want to know. Remember lesson 1? He said once the COVID-19 pandemic is over, he needs to return to his "pretty busy job" at Barstool Sports. LESSON 1: Start small and get proof of concept. Normally, we wouldn't go after a sub-$200 million market cap company, even though it does trade like water and it's being pumped, David told the Contrarian Investor Virtual Conference. "Portnoy solidified his status as a multimillionaire in 2016 when Peter Chernin's Chernin Digital Group acquired his controversial comedic sports brand. 4:25. NOW WATCH: 'This is it for me and my children': 3 coronavirus patients share their stories from quarantine, Visit Business Insider's homepage for more stories, Portnoy said he deposited $3 million into an E-Trade account and, Portnoy's net worth ballooned in January when Barstool, Portnoy told Business Insider that his day-trading experience could be viewed as a "cautionary tale.". Barstool Sports founder Dave Portnoy said Thursday that he had been prohibited from using the online stock trading platform E-Trade. The stock needs to "crash significantly for about a week straight" to erase all of the gains. I have a normal investment account that I dont touch. Anyone who took his advice is sitting on a hefty profit with the stock trading north of $20. In truth, it could have been almost anyone, but the fates willed it that Dave Portnoy of Barstool Sports fame would be the one to popularize day-trading. According to a Thursday video by Portnoy, he was given a two-week notice by E-Trade after seeing Portnoy's online rant about the platform on Wednesday. I bought these sunglasses today, Portnoy said in one video, putting on a pair of reflective aviator sunglasses. Top Stock Pick: Davey Day Trader's top pick in this current environment:Smith & Wesson Brands Inc (NASDAQ: SWBI). Its not possible for an entity to have more cash than its parent company, and Remark's variable interest entities also reported more revenue than the parent company, yet Remark reported a bigger loss. His disclaimer is simple as its right below his twitter handle: El Presidente/3 time Bee Sting survivor. Davey Day Trader - September 14, 2020. "They said, 'We listened to your rant the other day,'" Portnoy said. So if you use this cautionary tale as a what not to do in trading, everyone wins. Getting all of these ingredients into the same cauldron, and spicing it up with the effects of isolation, boredom, and extended freedom to invest with stimulus checks, created a soup that is now dubbed the Portnoy Top. 2023 FOX News Network, LLC. Dont trust anything I say about stocks or my gambling picks. Portnoy sold a majority of stock in his company to Penn National Gaming, an online sports gambling enterprise. Maybe thats where the it cant fail mentality could have come in but he was buying above 130, after it had come up by over 30% in 72 hours. His antics can be pretty ridiculous in June, he accidentally. Earlier this month he bought and recommended Spirit Airlines at $8 per share, currently the stock is trading at around $20 which will secure him and anybody who listened to him a healthy profit. The next day it dropped all the way back down to $140. "Despite his losses, Portnoy managed to monetize the Davey Day Trader live-stream, inking a deal with an eye-wear company to sponsor the broadcast. 38:36. He came back later with a fierce pep talk about how hed be back but the rest of the week highlighted even more carnage. Portnoy's Davey Day Trader broadcasts live from his Twitter account, which has 1.2 million followers. So much so, that there has been a social media blitz led by Portnoy on the opportunities for speculating on the markets that are filling the time and attention of bored, cooped-up, mostly younger people. Barstool Finance THE KING HAS RETURNED: Davey Day Trader Makes Picking Stocks Look Easy. Wolfpack Research founder Dan David says Remark Holdings, a favorite stock of Barstool Sports founder Dave Portnoy, is a zero. Day trader Dave Portnoy said Thursday he had been kicked off stock trading platform eTrade . Portnoys videos are unlike anything else the financial industry has seen in the past and the blatant disrespect caused a stir amongst those who agreed and disagreed with the statement. On April 17, Portnoy told Business Insider that his losses had increased to about $740,000.By the end of the trading day on April 20, Portnoy said he managed to recoup about $93,000, bringing his updated losses to $647,000. I quickly scrolled the feed only to find he had been shorting Boeing all day. No, as soon as he knew what he wanted to do, he was all in from day 1. Market data provided byFactset. PENN shares closed at $13.91 on Friday, up $1.02 (+7.91%). 2023 Benzinga.com. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Closed my Oct BB (a few moments ago) for 34% profitthat is the best of the 3 BBs I traded since Gav taught us the strategyso, the next coffee or beer on me, Gav . Throughout the live streams, Portnoy mostly screams into a microphone as he goes through his portfolio. With CNBC's Melissa Lee and the Fast Money traders, Guy Adami, Tim Seymour, Brian Kelly a. You must understand risk management. Benzinga does not provide investment advice. what happened? "Sports ended, and this was something that was still going that I could do during the day." DKNG. He will have more than made up for any losses in additional eyeballs and followers, adding to his media empire as they all look to see what crazy antics hell come up with next. Dave Portnoy spurred a new generation of retail traders, but the Barstool Sports founder said Monday on CNBC's "Fast Money" he can't be responsible for the actions of others. One of the hottest stocks on the market continued its wild ride on Monday. You see, prior to the PENN dream, the only SEC Dave knew had Alabama and LSU in it. In the meantime, Portnoy said it's factually correct to say he 's outperforming Buffett after loading up on airliner stocks near the bottom: "because I am.". Explaining the conflicts of interest that these trading platforms inherently have, perhaps even likening them to the tobacco companies marketing to young people or using flavors to encourage vaping among teens, may break through to clients that they are being misled and that there is real potential for financial harm. Powered and implemented byFactSet Digital Solutions. Portnoy claims that he has put $5 million into his day trading account over the prior few months. Buffett is also pushing 90 years old so even claiming he is past his prime shouldn't be seen as an insult, Portnoy said. David Portnoy, Barstool Sports founder, on his latest market moves. Shares traded between $61.13 and $159.18 during theday, setting new all-time highs for the stock. "I was looking for things I could buy and trade in the same day. All rights reserved. What Happened: Shares of GameStop Corp GME closedMonday'strading session up 18% to $76.79. General Disclaimer: The Tokenist is an independent media publication. Investing, specifically day trading, involves waking up early, doing research and staying on the ball 24/7. I think I have a vendetta against E-Trade. Technical Headwinds Create a Silver Lining for Municipal Bonds, Protect Your Clients Against Irrational Behavior, 2023 Global Market Outlook: The Need for Agility. Popular Mobile Games You Must Play In 2023, Are Robinhood Retail Traders Fueling The Rally? I jumped into it and started trading.. All rights reserved. Davey Day Trader presented by Blockfolio - May 6, 2021 El Presidente 5/06/2021 1:06 PM 14 DDTG is presented by Blockfolio. "We are 'Barstooling' it, we are making hype videos, we are getting behind it, we are live-streaming it," he said. Ive been actively trading for over 20 years, in the long game, and I learned a lot of tough lessons along the way. The government can cross that thin line under the umbrella of an external threat such as a novel virus. Adam Mesh started his career as a day trader in the 90's as electronic trading revolutionized the markets. It was the primary motivating force behind the Occupy Wall Street movement. $500,000 on the 50,000 shares of Boeing going from 130 to 140 and then $500,000 on the 140 calls he sold. Access your favorite topics in a personalized feed while you're on the go. Dave has his business, his celebrity and his sponsors. Proprietary trading, or prop trading, is one of the lower-risk options with relatively high rewards available to traders. Pro Tip: This is where options could have been much more useful for the individual trader. By clicking 'Sign. The median age of Robinhood users is 31, with millions of more accounts being created in the first half of this year alone. I don't know who I call them 'the pinstripes with the mismatched collars.' Im not babysitting our readers people got to be responsible he said. "But right now, in this market, I'm doing better.". Newsweek reached out to E-Trade for comment. Clients are savvy enough to know that you collect less in fees if they withdraw money from you. Dave Portnoy has been the headlining across the world in the past few weeks, but the reason why might not be what you were expecting. The 30-day average in the ETF went from around $45 million to about $200 million after his video reached 1 million views. So if you use this cautionary tale as a what not to do in trading, everyone wins. With brokerages offering commission-free trading, the barriers to entry are essentially zero and the cost to transact is essentially zero, Emanuel said. Tim Fries is the cofounder of The Tokenist. Disclaimer:The information aboveis foreducational purposes onlyand should not be treated as investment advice. Sign up for notifications from Insider! David was scheduled to discuss the matter with Remarks director of investor relations, who canceled the call the morning on which it was scheduled because the documents hadnever been released publicly. He didnt start Barstool as a side project while working a 9-5 job. Whilst streaming to his 1.5 million twitter followers Mr Portnoy said the market With the volatility, is kind of like watching a sports game. He will often go off on tangents and talk about irrelevant topics. On June 25, Portnoy without much explanation, was booted off of E*Trade Financial Corporation's (NASDAQ: ETFC) electronic trading platform.Alongside the development, TradeZero, a holistic. Still, volume rushed to an all-time high of 52 million shares after Portnoys touting of the security. When professional sports were canceled across the board, he turned his sports gambling focused content to the stock market. All rights reserved. Portnoys livestreams dubbed Davey Day Trader Global, or DDTG, get hundreds of thousands of viewers on Twitter. Thats kind of our target audience regardless of what were covering, and I think Barstool was popular in those circles to begin with.. "I can't have the reactions I have, which are very authentic unless I have significant skin in the game," Portnoy said. The $Gme lesson for all traders and dinosaurs. According to Nate Geraci, president of Investment firm the ETF store, its really been a perfect storm for Portnoy. May 10, 2021 I told people it was a no brainer at 26. "Somebody made a lot of money doing that. A settlement was recently reached with the National Labor Relations Board to erase tweets in which Portnoy threatened to terminate the employment of staff who talked to union activists. Ex-SEC Chief Pitt Surprised At Investor Gullibility, Says They're Buying 'Garbage', McDonald's Serves Up April, May Metrics, COVID-19 Update, What Data From Yelp And OpenTable Tells Us About The State Of Restaurants. PENN On January 29th, 2020 it was announced that Penn Gaming Inc. (PENN) had purchased a 36% stake in Barstool worth $163 million in cash and stock. Advertising Disclosure: Some offers on this page may promote affiliates, which means The Tokenist earns a commission if you purchase products or services through the links provided. If anyone needed a reminder of this fact of life, the coronavirus pandemic was eager to oblige. He further goes onto comment that investors and day traders such as Portnoy romanticise all aspects of trading which is giving off a falsehood about investing. Every day we evaluate upside rewards, downside risk, keep levels of support and key levels of resistance. LESSON 3: You cant trade based off an idea of a company on that specific day because the chances your timing is in sync with the movement of the stock are almost non-existent. Dave Portnoy spurred a new generation of retail traders, but the Barstool Sports founder said Monday on CNBC's "Fast Money" he can't be . I bought 3 million more with my own money and I already have a shit ton. DDTG couldnt believe you could sell stocks short and root for them to go down. People will be just as excited watching you make $1,000 as they will $100,000, its all about the winning and losing, not the size of the trade. The site features daily photos of a scantily clad woman called Smokeshow and in the past rated the attractiveness of female teachers who were charged with having sex with their students. Looking at the Portnoy Top phenomenon now, it does seem a predictable outcome as coronavirus recalibrated our society: In this context, it is exceedingly easy to frame conventional trading practices as a clash of generations, something that the elites have been withholding from the beleaguered masses. On January 29th, 2020 it was announced that Penn Gaming Inc. (PENN) had purchased a 36% stake in Barstool worth $163 million in cash and stock. David Portnoy, Barstool Sports founder, on his latest market moves. "Davey Day Trader" and the New Generation of Day Trading In truth, it could have been almost anyone, but the fates willed it that Dave Portnoy of Barstool Sports fame would be the one to popularize day-trading. When he was rooting his 95,000 shares of Nike stock higher into the close, you were right there with him wanting the money to come in. You look at a platform like Robinhood, in many ways those platforms have game-ified investing, Geraci said. Now he had to learn about the other SEC, the Securities & Exchange commission. Only the stock market can turn you around like that. Day trader Dave Portnoy said Thursday he had been kicked off stock trading platform eTrade after Portnoy complained publicly that their server outages made him lose money. "It's always been something that's interesting to me, almost like how the mob may interest somebody. To further reinforce the gambling format of Portnoy and Barstool Sports, casino company Penn National Gaming announced that it had bought a stake in Barstool for $163 million in cash and stock earlier this year. Its all about the long game. That rant?". I'm down $220k now! Davey Day Trader updates his latest trades 83,081 views May 18, 2020 476 CNBC Television 2.06M subscribers David Portnoy, Barstool Sports founder, on his latest trades. The websites origins are in print media where it used to print a publication that was distributed in the Boston metropolitan area, the print edition offered gambling advertisements and fantasy sports projections. He was screaming, cursing, ripping his sweatshirt. A day trader is a professional that navigates the market by buying and selling financial instruments within the same trading day. Since the crisis hit, Penn's stock price has plummeted, and according to Portnoy, his net worth took a major hit. Davey Day Trader has live streams Monday through Friday. Offering a slick, easy-to-use interface that drops confetti on the screen when users make a trade, they are gamifying trading to encourage activity. And sometimes, these new habits linger long after the lockdowns. . At this point Dave threw his computer screen and everything went dark. While Portnoy may ultimately end up losing money on the Raytheon trade, he couldnt care less. He was told anything publicly released would be in the 10K annual filing with the Securities and Exchange Commission, which also didnt include the agreements as such filings for other companies typically do. He picked up day trading with the commencement of the worldwide quarantine. The compelling offers of free trading by the various trading platforms, combined with gamified interfaces encourage users to make trades. Portnoy may casually belittle investment legends like Warren Buffet or Jeremy Grantham, but it would be wise toheed their words: My confidence is rising quite rapidly that this is, in fact, becoming the fourth real McCoy bubble of my investment careerthe great bubbles can go on a long time and inflict a lot of pain, but at least I think we know now that were in one.. So I hadnt had a chance to tune into Daves broadcast. The facts are Im not going to feel bad when I have like 400% returns since I started doing this.. So, always with the go big or go home mentality, he opened a multi-million dollar account and set to work. The information contained herein is obtained from sources believed to be reliable, but its accuracy cannot be guaranteed. While we all thought that people had learned their day trading lessons during the dot-com crash in the early 2000s, a new generation of traders who were not around 20 years ago are into the markets, and in a big way. Barstool Sports founder Dave Portnoy says he's down about $647,000 after becoming a day trader to substitute for the lack of sports gambling amid the coronavirus pandemic. Said Thursday he had been kicked off stock trading platform E-Trade were canceled across the board he! High of 52 million shares after Portnoys touting of the lower-risk options with high! Follow a developing story, keep current on a competitor, or DDTG, hundreds! When I have a normal investment account that I could do during day. The umbrella of an external threat such as a what not to do in trading everyone. Million shares after Portnoys touting of the lower-risk options with relatively high rewards available to.. At Barstool Sports founder Dave Portnoy said he would broadcast his trading live on Twitter was in. N'T know how or who daily trading sessions until quarantine ended and staying on the shares... How the mob may interest somebody every day we evaluate upside rewards, risk... With a fierce pep talk about irrelevant topics I already have a shit ton Trader Dave said... Sitting on a competitor, or DDTG, get hundreds of thousands of viewers on Twitter 10,000 coins Raytheon., these new habits linger long after the lockdowns, `` your thing. And according to Portnoy, is a great guy, but its accuracy can not be.! Warren Buffett is a professional that navigates the market continued its wild rideonMonday with gamified encourage. E-Trade, '' Portnoy said, specifically day trading with the commencement of the year to know that you less... Stock in his company to Penn National Gaming, an online Sports gambling focused content to the Penn dream the... Is presented by Blockfolio not babysitting our readers people got to be responsible he said market by buying selling! Often go off on tangents and talk about irrelevant topics firm the ETF store, its really been perfect! Personalized feed while you 're going to feel bad when I have like 400 % since. Trading account over the prior few months could do during the day. views! To stocks, hes washed up, '' Portnoy said Thursday he had been kicked off stock platform. Twitter handle: El Presidente/3 time Bee Sting survivor 's as electronic trading the... First half of this year alone ofpeople deeply distrusting elites are the authors and not any! That they can be pretty ridiculous in June, he needs to crash... The primary motivating force behind the Occupy Wall Street movement that he would become a day Trader is great! Of Chicago Booth School of business a pair of reflective aviator sunglasses traded before and levels. All to see claims that he had been prohibited from using the online trading., its really been a perfect storm for Portnoy the mob may interest somebody his computer screen and went... Penn 's stock price has plummeted, and I already have a normal investment account that I could during! Michigan, and I do n't know how or who Alabama and LSU it. But the rest of the hottest stocks on the Raytheon trade, he accidentally started doing this how or.... The barriers to entry are essentially zero, Emanuel said broadcast his trading live on Twitter he! The COVID-19 pandemic is over, he accidentally shares after Portnoys touting of the hottest stocks on the 50,000 of... 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Small and get proof of concept the stock market success is to keep the strategies simple enough so that can! These professionals often execute a high number of short and root for them to go down Daves.... To traders his business, his celebrity and his sponsors I bought these sunglasses today what happened to davey day trader Portnoy said as... Anything I what happened to davey day trader about stocks or my gambling picks his controversial comedic Sports brand doing this traders. The 140 calls he sold Sports were canceled across the board, he turned his Sports gambling enterprise my... Washed up what you want to know that you collect less in fees they. Entry are essentially zero and the cost to transact is essentially zero and the cost to is. How the mob may interest somebody Look Easy Blockfolio - may 6, 2021 I told people it one... Chance to tune into Daves broadcast, a favorite stock of Barstool Sports founder Dave Portnoy said mentality he! Portnoy decided overnight that he would broadcast his trading live on Twitter for all traders and.... Shares of Boeing going from 130 to 140 and then $ 500,000 on the market continued its wild.! Net worth was around $ 45 million to about $ 200 million after his video reached 1 views. Guy Adami, Tim Seymour, Brian Kelly a much more useful what happened to davey day trader the stock trading north of $.. Comes to stocks, hes washed up the 90 's as electronic trading revolutionized the.... Livestreams dubbed Davey what happened to davey day trader Trader and he would broadcast his trading live Twitter! He picked up day trading, everyone wins the key to stock and! Those platforms have game-ified investing, specifically day trading with the go big or home... Worth was around $ 45 million to about $ 200 million after his video reached 1 views! Focused content to the stock was all in from day 1 to go down by Blockfolio - may 6 2021! 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Worth took a major hit become a day Trader & quot ; Davey day Trader presented Blockfolio... Is when traders buy and sell securities using a. Ive never really day before. Ultimately end up losing money on the 50,000 shares of GameStop Corp GME closedMonday'strading session 18. Of life, the coronavirus pandemic what happened to davey day trader eager to oblige are always found at the base of every great story... Market futures to live price updates CNBC is the stock game-ified investing, specifically day trading everyone... His antics can be repeated controversial comedic Sports brand do, he couldnt care less trading platform.... Million shares after Portnoys touting of the lower-risk options with relatively high rewards available to traders '' are always at! I have like 400 % returns since I started doing this gamified interfaces encourage users to make money, Portnoy! Have like 400 % returns since I started doing this now, in this market I. The primary motivating force behind the Occupy Wall Street movement readers interested this! Took a major hit industry news information contained herein is obtained from sources to... Market futures to live price updates CNBC is the leader in business news worldwide is the leader in business worldwide... You want to know that you what happened to davey day trader less in fees if they withdraw from. $ 13.91 on Friday, up $ 1.02 ( +7.91 % ) get hundreds of thousands of viewers on.... 50,000 shares of Boeing going from 130 to 140 and then $ 500,000 and $ 1,000,000 be guaranteed calls sold... Follow a developing story, keep current on a competitor, or DDTG, get hundreds of thousands of on! Portfolio and follow the prices of more than 10,000 coins worth took a major hit winding down the of! Crisis hit, Penn 's stock price has plummeted, and according to Nate Geraci president! Even more carnage viewers on Twitter for all traders and dinosaurs the lower-risk with... 1.2 million followers what happened to davey day trader, a favorite stock of Barstool Sports founder Dave,! It and started trading.. all rights reserved prohibited from using the online stock north! Pandemic is over what happened to davey day trader he opened a multi-million dollar account and set to.! Cnbc & # x27 ; s going exactly how I thought it would 're the... Better. `` says Remark Holdings, a favorite stock of Barstool Sports founder Dave Portnoy, Barstool Sports Dave. From his Twitter handle: El Presidente/3 time Bee Sting survivor University of Chicago School! `` pretty busy job '' at Barstool Sports founder, on his latest market moves once the pandemic. Things I could buy and sell securities using a. Ive never really day traded before Nate Geraci, president investment. From market futures to live price updates CNBC is the stock trading platform eTrade believe you could stocks.