Trading 21 years old
Im 21 years old I would like to know if there is any platform that offers low cost for student or people 21 years old
Jun 20th, 2015 11:04 am
Jun 20th, 2015 11:08 am
Jun 20th, 2015 12:05 pm
Jun 20th, 2015 5:15 pm
i believe so :-)akinos1 wrote: ↑I did some digging at Questrade
"1. As of April 1st, 2015, an inactivity fee of $24.95 per quarter is charged to clients with under CAD $5,000 in combined total equity for any quarter in which the client does not complete one commissionable trade. Commissionable trades include free trades or trades made using commission rebates. Combined equity includes all accounts owned by a client, including joint accounts. Clients are exempt if they are 25 years of age or under, or are subscribed to a level 1 (or greater) data package. Charitable organizations are also exempt. If the client trades in the quarter after incurring an inactivity fee, the trades will be commission-free up to $24.95, provided the account remains open at the end of the following quarter. For example, if a client incurs an inactivity fee on July 1st, any trades made in July, August or September will be commission-free up to $24.95."
Does that mean that I won't be paying any inactivity fee since Im younger than 25?
Jun 20th, 2015 6:28 pm
Jun 20th, 2015 10:33 pm
I currently have TD e series, I wanted to start trading. So once Im 25 years old, I should just buy 1 ETF per quarter so I dont get charged any inactivity fee?
Jun 20th, 2015 10:33 pm
Jun 21st, 2015 12:11 am
fees could change in 4 years, but yes
Jun 23rd, 2015 12:58 am
Thank you for your reply,SheaButters wrote: ↑fees could change in 4 years, but yes
considering ETFs are free, you could just get into the habbit of buying one per month :-)
adding say $50 a month, and buying 1 stock of VXC.to
note this very similar to TD E-series... just slightly more hands on
unless you have like $6k to buy $1000 of 6 different stock names, you shouldnt really buy single stocks... look at last september, oil companies dropped 50%, this month, utilities are dropping 20%, next couple months, something else will drop... etc
also buying a real stock costs $5 to buy $5 to sell, so if you spend $1000 bucks you need to gain 1% just to break even in trading costs
TBH if you are already doing TD E-series, you should just stick with it, and focus your energy on what will really increase your net worth at your age
- Earn more money
- Reduce your spending
Even if you make say 5% more than TD E-series by "gambling" on stocks, thats just $50, and you can very easily lose $50 OR MORE!!!
Look at real life, you can just work 2 hours of overtime to make that $50, or simply don't go out to a restaurant, or drink water at a bar night instead of alcohol
Whereas logging onto Questrade, buying an ETF, etc will run you 5 minutes a month, and you'll probably waste at least 15 minutes a week thinking about your $$$$
trust me, just earn more money, reduce where you can, and SAVE UP PASSIVELY
I also assume you'll probably want to buy a house in another 5-10 years, so you'll need to keep your money a bit conservative...
If you make 40k+ annual, you should drop some money into RRSP over the next several years, and use Home Buyers to take out $25,000... This is LIKE a free cash advance, paying it back over the next 15 years, or simply add the income difference to your taxes (of course if you plan to make 80k+ you should wait until your in a higher bracket before adding RRSP)
Also any time your employer gives "matching" you should take that free money :-)
Jun 23rd, 2015 6:25 am
Jun 23rd, 2015 6:36 am
Jun 23rd, 2015 6:55 am
Jun 23rd, 2015 8:57 am
Jun 23rd, 2015 3:45 pm
I would put that in a TFSA and just buy $1000 of a balanced mutual fund or index ETF.
Jun 24th, 2015 1:03 am
I was thinking getting penny and keep it long termWazzaa4u wrote: ↑I would put that in a TFSA and just buy $1000 of a balanced mutual fund or index ETF.
$1000 is not enough to buy individual stocks, the trading fees will eat into any profits. Also don't get sucked into buying penny stocks like I did, remember the # of shares you buy doesn't matter, only the % return your investment.
Jun 24th, 2015 3:43 am
Jun 24th, 2015 11:57 am