Trading crypto is a different ball game

[Yogee]

It took only a week before a guy who is quite known in the stock market trading world to realize trading crypto is a different animal. Funny how he once said that pump and dumps in crypto is encouraged and can be done all day long. He helped pump up some coins but only to find out later that veteran crypto traders are dumping their bags on him.

He's currently out of the game exiting with a $25,000 loss which is probably not so big to him since he boasts the 6 figures he makes on stock market. 

- https://twitter.com/stoolpresidente/status/1296862194689290241


- https://twitter.com/stoolpresidente/status/1296858421258526720

What happened to the guy has both good and bad impact on crypto.
- Good: It shows that whoever comes in and take crypto as another get rich quick or pump and dump scheme will have to learn the hard way. It's not something that can be mastered in a short time even if you are a business owner or a veteran trader in other markets.
- Bad: It confirms what many critics have been saying about cryptocurrencies that it's a place of hype or pumps and dumps. A lot of his followers who are skeptical on bitcoin has more reasons to stay away now.

You can check these articles if you want to know more about what happened:
- https://cointelegraph.com/news/dave-portnoy-says-he-ll-be-a-crypto-millionaire-by-september
- https://cointelegraph.com/news/barstool-sports-founder-unprepared-for-bitcoin-exits-after-25k-loss

[1715292123]

1715292123

[1715292123]

1715292123

[1715292123]

1715292123

[1715292123]

1715292123

[exstasie]

I’m out on crypto because coins don’t always go up. Stocks on the other hand continue to always go up.

https://twitter.com/stoolpresidente/status/1296910690930896896

LOL!

Very interesting to see Dave Portnoy pushing into the crypto world. He's got quite a following from his Barstool Sports fame, and his army of sports bettors turned stock traders. This kind of exposure can only be good for adoption.

[CryptopreneurBrainboss]

I'll just say he doesn't have patience, I'm guessing he investment has all to do with $Link since that's what can be seen in the tweet he responded to. $Link had a little corrections and all he could think of was leaving, guess his little time in the space contributed to his decisions. What was he thinking? that his investment will keep increasing lol. Love the respond from @Tyler, he isn't meant to be here and it's good he's leaving before it's too late.

All he just did was creating more awareness, if he want to be on the safer say why not pick another coin yet to be in the spotlight instead of joining an already moving train that what most early Investors are doing is dumping so they can rebuy at the bottom.

[TopTort777]

Despite he is an experienced trader, making such statements only after one week of crypto trading seems silly. Seems he dont know what holding is or surrender to early.
I think that no matter how experienced you are, one week is not enough to make a conclusion about the crypto market.

[Botnake]

Would you believe this guy?

He made 6 figures a day in stocks trading but try to get it done in crypto trading as well.  

Why can't he just maximize his profit if he is telling the truth, the thing is some people are just boasting their profit but we really don't know if they are profitable in reality. Damn, crypto is really different as this market could sometimes be manipulated and high risk compared to stock market, so if one masters stock market already, there's no reason to try to trade in crypto, besides, the goal is the same, we just want to make money.

[CucakRowo]

He help "pumping" LINK from $16 to $20 if i'm not wrong. Many LINK hodler's said thanks to him. But he forget, there's a "Marines" in link. That will give him a "nuke". LOLLLL
Here's his "new lament" about crypto :

https://twitter.com/stoolpresidente/status/1296862194689290241?s=20

Previous tweet about $12k hoping for btc :

https://twitter.com/stoolpresidente/status/1294313291179794434?s=20

[cryptomaniac_xxx]

I think the guy is just playing possum here. Perhaps he now learns how to influence his followers using twitter and then shill and then dump it. Lol, a classic social influencer all for the money in crypto. Although he is successful in stocks, but crypto is a different ball game for him as he can easily make money. Just like what he did on LNK, easy money for him and then tells us that crypto is not for him, yeah right.

[buwaytress]

Correction: it confirms that apart from Bitcoin and a really small number of other crypto (and that's me being nice, I really just think it's Bitcoin), everything else is pure shit and speculation, using utility and vanity technology as smoke and mirrors. Shame on him if he really thought it was anything else, veteran stock traders should know better.

[Latviand]

Why can't he just maximize his profit if he is telling the truth, the thing is some people are just boasting their profit but we really don't know if they are profitable in reality. Damn, crypto is really different as this market could sometimes be manipulated and high risk compared to stock market, so if one masters stock market already, there's no reason to try to trade in crypto, besides, the goal is the same, we just want to make money.

That's his way to set a trend so that people will believe that his ways are effective to set a huge profits, still, the truth struck him so hard.

We all want to succeed and make our trading journey profitable, but we should also consider that we should make it in our own way. You can make your trading profitable if you are willing to learn and deal with those risks.

Dealing with the stock market is not that easy depending on the market situation, but if you tried to become independent to make yourself grow your assets, that will help you learn something in every transaction that you do.

[hulla]

I supported what he said about crypto trading to be a different ball game due to the market highly volatility in nature which the reason why some people said crypto trading is like gambling and crypto itself is another course but I believe the reason why Dave Portnoy lost $25K is that he didn't take his time to learn the fundamental part of crypto trading especially the stop loss strategy and emotion control.
Meanwhile, every individual that cant do that shouldn't trade cryptocurrency.

[TitanGEL]

Why can't he just maximize his profit if he is telling the truth, the thing is some people are just boasting their profit but we really don't know if they are profitable in reality. Damn, crypto is really different as this market could sometimes be manipulated and high risk compared to stock market, so if one masters stock market already, there's no reason to try to trade in crypto, besides, the goal is the same, we just want to make money.

That's his way to set a trend so that people will believe that his ways are effective to set a huge profits, still, the truth struck him so hard.

We all want to succeed and make our trading journey profitable, but we should also consider that we should make it in our own way. You can make your trading profitable if you are willing to learn and deal with those risks.

Dealing with the stock market is not that easy depending on the market situation, but if you tried to become independent to make yourself grow your assets, that will help you learn something in every transaction that you do.

In terms of fundamentals, stocks are more likely be affected through news and disclosures especially the blue chips and 2nd liner stocks who have high volume and market capitalization where the price can be manipulated by jockeys but in terms of technical analysis, the basics concepts and foundation are useful in both cryptocurrency and stock market. The volatility is also different with each other and also the time because stocks are usually traded in office hours while the crypto can traded 24/7. In order to become successful in our trading journey, we should focus on just 1 market in order to lessen the curve of learning. Both of it requires mastery and a set of rules that will create discpline.

[rodskee]

I guess $25k is huge enough to lose in crypto trading. I guess his stock and crypto are different business and independent. He needs to understand that there are whales ready to dump at any time given.

With his wordings he already knew that, the amount he loss will be the encouragement for him
to dig deeper from this market.
He's out for now but expect him to comeback with a  much better strategy, somehow he will figured
it out what will be the best strategies to use inside.
If he made it inside stocks sooner or later he will also find the right blends to work with crypto, let
time judges what he's next move.

[bearexin]

The thing about this that makes it such a great marvelous situation about bitcoin is the fact that people who are taking money out of your pockets using their own money, can fail in crypto and that is awesome.

Right now, the stock market and the likes are leaning towards rich people making more money, they are literally doing everything on the book to make sure the small timer loses money while the big whales earn, that is what stock market is all about, whereas in crypto you could simply get rich if you are lucky, or lose everything if you are unlucky, crypto doesn't care if you are rich or powerful, look at bitcoin cash people, they literally had all the mining power and all the money yet they couldn't even make a dent in bitcoin world when they wanted to.

[rexxarofmoknathal]

Shouldn't he have known better    It doesn't matter how much experience you've got when you're trading you can't be 100% sure that your actions will fall through.

In this case, his coin pumps haven't worked well and ended losing him money because he didn't account for the thousands of other users who might see and respond to the trends differently. Plus, 1 week is not enough time to know or predict the market.

[abel1337]

Shouldn't he have known better    It doesn't matter how much experience you've got when you're trading you can't be 100% sure that your actions will fall through.

In this case, his coin pumps haven't worked well and ended losing him money because he didn't account for the thousands of other users who might see and respond to the trends differently. Plus, 1 week is not enough time to know or predict the market.

I think he has underestimated the things that happen in crypto trading with his experience in stock trading, Earning six figures is a lot and can possibly give anyone confidence to crossway and trade other assets.

Yah @tylerlinklevoss somehow provoking @stoolpresidente about being weak handed and I don't know if it is a good move or a bad move that @stoolpresidente dumped his bag, It's just being so overconfident on how can he make bags of profit for weeks in crypto makes him stupid.

[Yatsan]

He must have mistakenly compared crypto trading and stock market trading to be the same in nature. Well, at some point they are the same because you intend to do trading to earn a profit. But he must have been over confident on his trading capacity in stock market that is why he think that he can do also conquer the crypto market trading which he have been mistaken for the market we are into is very volatile which he might be surprised that his strategies he used on stock market trading cannot be that effective to be used on the crypto market trading as well.

He have seriously got the misconception about crypto market trading to think that trading on it is just like what he was doing in stock market trading which is not. He merely underestimated the nature of crypto market trading which he have surely learned about it right now.

[exstasie]

Correction: it confirms that apart from Bitcoin and a really small number of other crypto (and that's me being nice, I really just think it's Bitcoin), everything else is pure shit and speculation, using utility and vanity technology as smoke and mirrors. Shame on him if he really thought it was anything else, veteran stock traders should know better.

He's no veteran stock trader. He's a blogger and accidental celebrity. He's been at it for a few months and there is no way he is making six figures a day in the stock market. I'm amazed people in here are taking his word on that.

I'm pretty sure he lost money on Bitcoin too, not just LINK or whatever. I saw him cheering for $12K a few days ago. BTC has done nothing but dump since then.

[hulla]

I supported what he said about crypto trading to be a different ball game due to the market highly volatility in nature which the reason why some people said crypto trading is like gambling and crypto itself is another course but I believe the reason why Dave Portnoy lost $25K is that he didn't take his time to learn the fundamental part of crypto trading especially the stop loss strategy and emotion control.
Meanwhile, every individual that cant do that shouldn't trade cryptocurrency.

[Yogee]

..... This kind of exposure can only be good for adoption.

Bad publicity is still publicity right?

I'll just say he doesn't have patience, I'm guessing he investment has all to do with $Link since that's what can be seen in the tweet he responded to. $Link had a little corrections and all he could think of was leaving, guess his little time in the space contributed to his decisions.

He invested and lost money in $oxt too. That's what he meant when he said "orchid flowers do die in crypto world" - orchid is $oxt. He was probably shocked at how the crypto market takes a quicker turn unlike in stock market. His painful experience is just the same with many new players. 

What was he thinking? that his investment will keep increasing lol. Love the respond from @Tyler, he isn't meant to be here and it's good he's leaving before it's too late.

All he just did was creating more awareness, if he want to be on the safer say why not pick another coin yet to be in the spotlight instead of joining an already moving train that what most early Investors are doing is dumping so they can rebuy at the bottom.

He probably got greedy and thought the link marines, orhid flowers, and his 1M+ followers would continue to support and hold the price. It's possible that link and oxt team cut a deal with him too. 

Correction: it confirms that apart from Bitcoin and a really small number of other crypto (and that's me being nice, I really just think it's Bitcoin), everything else is pure shit and speculation, using utility and vanity technology as smoke and mirrors.

Good eye and I'm glad you noticed. I actually thought of excluding bitcoin in the post but we can't deny that every crypto had a huge price drop before. We, bitcoin believers, would rather call it as market correction but critics and other neutral spectators would easily see the rise to $20K from few hundred bucks and then drop to $3K as PnD. I don't think they really care about the underlying tech behind Bitcoin and they would still stick with the narrative that bitcoin is backed by nothing.

Shame on him if he really thought it was anything else, veteran stock traders should know better.

Do you think he listened to the wrong people and got the wrong advice?
It was mentioned in the article that he talked to the Winklevoss twins and he must have been so hyped after that.

[GreatArkansas]

I also know some small traders who started to trade for years in stocks or forex but when they tried to trade in cryptocurrency, jeez, they are like WTF? But what I am amazed on them, they are positive and still believe that they will get back their losses in the future and also their emotion are the best and well controlled.