Best Way to Buy Stocks - Questions from a "Newb"
I've always wanted to invest in the stock market, and with a decent tax return this year I figure now is the time.
I figured since I already bank with TD I'd open a TD Waterhouse account, but in the first couple of pages of the application I'm lost. For example, do I want a "Non-Registered (Direct Trading)" or "Self-Directed Registered" account? I had a look at Self-Directed Registered because it seems to me you'd want a bit of tax shelter, but I already have a TFSA and RRSP open with another institution. Do I want a cash or margin account? Am I looking for Option or Short Selling as an account feature?
I don't know!
I'm just looking to invest about $4,000 into some stocks. What do you guys/gals suggest? I've heard Questrade is decent but lacks in customer service.
I'm also unsure about commissions and taxes. Say I invest $4000 and it turns into $5000 in a year. How much of that $1000 profit will actually be mine if I decide to cash out? I
I'm not looking to trade daily, more for the long haul.
Thoughts?
I figured since I already bank with TD I'd open a TD Waterhouse account, but in the first couple of pages of the application I'm lost. For example, do I want a "Non-Registered (Direct Trading)" or "Self-Directed Registered" account? I had a look at Self-Directed Registered because it seems to me you'd want a bit of tax shelter, but I already have a TFSA and RRSP open with another institution. Do I want a cash or margin account? Am I looking for Option or Short Selling as an account feature?
I don't know!
I'm just looking to invest about $4,000 into some stocks. What do you guys/gals suggest? I've heard Questrade is decent but lacks in customer service.
I'm also unsure about commissions and taxes. Say I invest $4000 and it turns into $5000 in a year. How much of that $1000 profit will actually be mine if I decide to cash out? I
I'm not looking to trade daily, more for the long haul.
Thoughts?