Between my escapades with credit-card debt, house debt, car debt, school debt and savings I’ve never really been in the investing game. (That brief affair with mutual funds excluded) There was always other important things to focus on but I now know, I’m not going to be a millionaire unless I make my money work harder.
I’ve never owned individual stocks and I never knew what/when/where, how does one obtain those things? Eventually I got curious enough to start digging. I like doing things myself, even if I make mistakes. It took many hours of research online until I finally decided to open an account with Questrade, user-friendly, hands-on, great rates… it doesn’t get any better right?
I deposited a $1,000 and sat on it for a while because I was still scared and second guessing myself. That $1,000 has just been sitting there doing nothing. On Tuesday I finally, finally confronted my fears of the unknown. I opened Questrade’s online trading platform, Questrade IQ Web, and spent some of the $1000 in my TFSA account:
I pulled the trigger on 15 shares of PWT @ $15.05. My main attraction to them was that 1) they’re dividend paying and 2) in a sector I would like to invest in and 3) I could buy a few shares relatively cheaply. An uneducated buy if anything. PWT has since dropped to $14.78 which is really a miniscule swing considering the grand picture but it’s hard to get over the auto-response of not liking red numbers… I just keep telling myself, it’s only $225.00 and I won’t be selling anytime soon (I think) (and yes in the future I will make bigger buys because it works out better cost-wise but this was my first purchase, so.)
I’ve had one other stock in particular in mind that I am really interested in, BMO, but decided to hold off for this week. I should do more research before my next buy, this one was rather on a whim. On a related note, I’ve been keeping an eye on the Money Pros Index fund challenge in which I participated. The goal was to pick three stocks before January 1, 2012 to follow through 2012 with a winner to be crowned at the end of the year. I picked EDU, HD and ENB for the challenge… HD and ENB are hanging in there (actually HD is killing it) but EDU is err, not doing so good. It’s killing my mock-money-pros portfolio dangit, or maybe now’s the time to buy EDU? I’ve got a lot to learn.
What’s the best resource you’ve found for learning how to buy, sell and hold stock?