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Jim Cramer Has a Message for Barstool Founder Dave Portnoy and Day Traders

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Have you ever dabbled in day trading?

Dave Portnoy, founder of Barstool Sports, has ventured into it. He makes his day trading public by posting Davey Day Trader Global videos and live streams where he discusses his trades and sometimes loses his temper--ahem, Elon Musk's most recent tweet about Tesla's stock price.

Now, Jim Cramer isn't the first person to offer Portnoy advice. 

In fact, Real Money's Timothy Collins wrote a column of lessons for Real Money back in April. 

His lessons included goal setting, know who you are competing with (surprise! It's yourself.), concentrate on a small number of equities, keep yourself accountable and honest, create a trading journal, learn by doing, have a support system, etc. 

In one of his lessons--controlling your emotions--Collins even talks about emotional capital. 

"Emotional capital is precious. If that bank runs dry, you'll make poor decisions and lots of mistakes. Furthermore, if you can't control emotions like greed or accepting losses, you'll go on tilt someday and blow up your account," Collins wrote. 

So, what's Cramer's biggest lesson for Portnoy?

"First he has to do technical analysis; he has to find the stocks set for a breakout," Cramer said.

Cramer followed up with suggesting that Portnoy follow up with watching a certain show you may have heard about. 

To hear all of Cramer's advice for Portnoy and tips all day traders could benefit from, tune into the video above. 

You can follow Jim Cramer and Katherine Ross on Twitter at @JimCramer and @byKatherineRoss. Read more from Katherine Ross here.

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