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Why I shut down my Questrade account, and spent the money

Maybe they'll make me rich some day.

Maybe they’ll make me rich some day.

Last year I blogged about opening a questrade account, and then I blogged about buying stocks earlier this year. 

This week I decided to shut down my Questrade account for good for several reasons. The primary reason being that I just don’t have the money in the coming year(s) to sink into it. I was running into an inactivity fee of 19.95 every quarter which can be avoided by having more money in the account and trading once every quarter. I just couldn’t swing it, so whatever gains I was seeing were being eroded by these fees.

The second reason for shutting down the account is that I just didn’t have the time or interest to put into it. Whenever I find spare time, the last thing I want to do is research stocks. I do think it’s beneficial to

money money money

money money money

understand more about how the stockmarket works, and how to trade but having cash to  blow is crucial to that learning curve. Which is the third and final reason I had to shut ‘er down: I needed the money to sink into my house (It paid for part of this) which for me, for now, is a better investment.

Ever hear that saying that a house is a money pit? Yeah, they can be. So, in summary, roughly 14 months ago I put $1000.00 into a TFSA with Questrade. I purchased PWT and ENB and this week I cashed out at $982.23. My gain on the stocks was $22.21 but due to 2 inactivity fees my bottom line after 14 months is a loss of -$17.77. I got a good deal, $20 isn’t very much for what I learned through the entire thing. :) (and this is not to say anything about Questrade in any way, in fact, I’ll use them again in the future… when I do have money to put into it regularly. I had the right idea, but the wrong timing)

 

Discussion

One Response to “Why I shut down my Questrade account, and spent the money”

  1. Those look like the old paper $20 bills. Don't see them much anymore. I didn't know Questrade had a quarterly inactivity fee. Pretty lame. I would have taken the money out and closed the account too. Maybe you can start again in the future when you have additional free time to consider more stocks to buy :) I'm with TD. So far so good for me. But their commission is quite high at $29/trade if you have less than $50K of household investments with them :-|

    Posted by Liquid | October 15, 2013, 20:52

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