sggh665 Posted September 17, 2015 Report Share Posted September 17, 2015 Hey guys. Just as an interest, I want to invest some of my money in the stock market (not too much - just around $3000). I've never done anything like this before so can someone tell me which program or website I can use to try it? I just want to try it for fun Thanks! Link to comment Share on other sites More sharing options...
DDS In Training Posted September 17, 2015 Report Share Posted September 17, 2015 Hey guys. Just as an interest, I want to invest some of my money in the stock market (not too much - just around $3000). I've never done anything like this before so can someone tell me which program or website I can use to try it? I just want to try it for fun Thanks! Yes, you can set up a trading account through any of the major Canadian Banks and build your portfolio. Link to comment Share on other sites More sharing options...
Bambi Posted September 17, 2015 Report Share Posted September 17, 2015 Experts recently lost a fortune. Play with phantom money so you lose nothing! Link to comment Share on other sites More sharing options...
ploughboy Posted September 17, 2015 Report Share Posted September 17, 2015 Hey guys. Just as an interest, I want to invest some of my money in the stock market (not too much - just around $3000). I've never done anything like this before so can someone tell me which program or website I can use to try it? I just want to try it for fun Thanks! $3000 is a decent chunk of change. Are you at a stage in your life that you can part with it? As mentioned above, any of the big 5 banks would be happy to set up a trading account for you. There are also discount brokers that will charge you less commission per trade than the traditional houses. Any reason you don't want to just play around with phantom money? I get that it's not as "real" as having skin in the game, but if you're at the point where you're asking a very basic question about the stock market my suggestion would be to give yourself a virtual budget of $10k or so, pick a few stocks you're interested in and keep a spreadsheet that records virtual profits and losses. Play the stock market that way while you educate yourself a bit more. We're in very weird times, economically speaking. My opinion is that any approach to the markets should be a cautious one. /Usual disclaimer = my accountant knows CPR, but I would never let her run an in-hospital cardiac arrest. Talk to a financial professional if you want an authoritative opinion. Link to comment Share on other sites More sharing options...
rmorelan Posted September 18, 2015 Report Share Posted September 18, 2015 $3000 is a decent chunk of change. Are you at a stage in your life that you can part with it? As mentioned above, any of the big 5 banks would be happy to set up a trading account for you. There are also discount brokers that will charge you less commission per trade than the traditional houses. Any reason you don't want to just play around with phantom money? I get that it's not as "real" as having skin in the game, but if you're at the point where you're asking a very basic question about the stock market my suggestion would be to give yourself a virtual budget of $10k or so, pick a few stocks you're interested in and keep a spreadsheet that records virtual profits and losses. Play the stock market that way while you educate yourself a bit more. We're in very weird times, economically speaking. My opinion is that any approach to the markets should be a cautious one. /Usual disclaimer = my accountant knows CPR, but I would never let her run an in-hospital cardiac arrest. Talk to a financial professional if you want an authoritative opinion. plus....well stocks have collectively risen by 2-3 fold in the past 6-7 years since the last great recession. You have to ask exactly how much further realistically they could rise. Statistically speaking it has been a very long time since the last recession. Not that any of this works like clockwork Link to comment Share on other sites More sharing options...
Bambi Posted September 19, 2015 Report Share Posted September 19, 2015 I know 2 individuals who played with phantom money recently. One lost her shirt, the other stayed even - as he made no investments, lol. Link to comment Share on other sites More sharing options...
msuneong Posted October 2, 2015 Report Share Posted October 2, 2015 Virtual brokers charges 1 cent per share traded, and free ETF trading - highly recommended Link to comment Share on other sites More sharing options...
canucks_14 Posted October 7, 2015 Report Share Posted October 7, 2015 most mutual funds have decent returns over the last 10 years, with a huge loss in the year the market crashed and then a huge gain back up to essentially even the next year. Link to comment Share on other sites More sharing options...
Bambi Posted October 8, 2015 Report Share Posted October 8, 2015 What happened during the last 10 years is totally irrelevant to the present and future. The market feeds on fear and given the volatility and instability glabally, not just financially but geopolitically, the ripple effect from Greece, Ukraine, Syria is instantaneous throughout world markets. I was watching the experts on the CBC Amanda Lang Exchange last night, and they made the point we are in a new world and the returns of the past are a thing of the past. One needs ot assess your risk tolerance and act accordingly. Moreover, the fees for puting money in mutual funds are excessive and this is not the way to go. Link to comment Share on other sites More sharing options...
MD2B2019 Posted October 8, 2015 Report Share Posted October 8, 2015 I love Scotia iTrade, it's very easy to buy and sell stocks on TSX, NYSE and NASDAQ. I open a TFSA account on Scotia iTrade last year with a few thousand $$$, I followed my parents' advice bought a Canadian big banks stock, which give me around 4% dividend, better than I pay for LoC 2.7%, so I'm thinking move more money from LoC to TFSA and buy more Canadian big bank stocks (RBC, TD, BMO, CIBC, Scotia), but my parents said borrowing money to invest is too risky, what do you think? Link to comment Share on other sites More sharing options...
Bambi Posted October 11, 2015 Report Share Posted October 11, 2015 Borrowing money to invest is setting a bad precedent for your lifetime, no mater how tempting it may be. For example, you may receive a gross dividend before taxes that is greater than the interest you pay but the stock may decline. Every investment carries risk, some greater than others. It is not prudent to borrow to buy stock. During ther 1929 stock market crash, many such investors jumped to their deaths as their loans were so much greater than the value of their investments that crashed. Of course, you will say "That will never happen to me". These investors never thought it would happen to them either. Link to comment Share on other sites More sharing options...
Lhotse Posted October 28, 2015 Report Share Posted October 28, 2015 I would recommend Questrade. Link to comment Share on other sites More sharing options...
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