Starting in Stocks
Ive been doing some research for a while and I’ve decided I want to try some trading!
To give you some background, Im 24, a student with a physics degree, about to finish my mech eng degree (8 months to go), and am so far debt free by sacrificing my summers to the reserves (im out now) and doing coops, all said around 50K in tuition so far with another 8K to go…plus rent. Gah. But the fantasy world of school is about to end and I feel I should get some experience in investing.
Since Im young-ish and stupid the way I want to try this is with stocks. Around the structure of how I want to do this the best choice seems to be with Questrade (Ive read the threads here so I know some of the conflict), but the 50$ free trade commissions, the 5$ trades after that, and the TFSA system (I have no money in any of them yet) has drawn me in. Ill worry about inactivity fees if I get that far and don’t lose all my money.
So Ive decided to throw $1000 in with questrade and see what happens. While I would prefer not to lose my money, I can survive the hit since Im so close to the end of school anyway. Im currently at a COOP job I have a lot of extra time to spend at so a more active style of trading is feasible and appealing to my foolishness.
But I’m not a complete idiot, so I thought I would ask here first if actively trading (swing/day) is even possible on such a small start without getting killed on commissions?
I think doing is the best way to learn something and that is really what this is about, but making a bunch of useless trades won’t teach me anything either.
Any input is much appreciated!
EDIT: I should add in no way am I asking for "stock tips"