- April 23, 2024
- Posted by: legaleseblogger
- Category: Related News
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## Revisiting My Stock Trading Experience with Wealthsimple
A few years back, during the stock market craze, I decided to dabble in trading with Wealthsimple, investing $4600. Despite my efforts in conducting research, the market downturn led me to abandon my account without a second glance.
Now, reflecting on my past decisions, I am contemplating the best course of action moving forward. Acknowledging my shortcomings as a trader, I am inclined to leave my remaining $600 in Wealthsimple and adopt a long-term approach, possibly for 2, 5, or even 10 years.
In addition to the funds in my high interest savings account, I am hesitant to reenter the stock market due to past experiences. Considering alternative options, I am contemplating the idea of utilizing a robo advisor for investment purposes.
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****** just grabbed a
If your worst investing story is you lost $4,000 then it could be a lot worse. Think of it as an education and do what 90%+ of people are doing and buy ETFs.
“everyone was doing stocks” and “everything started plummeting” is not a reflection of reality, unless you were trading meme stocks.
First off, you need a goal for your investments. If the money is for retirement, then there will be ups and downs along the way. You don’t need a big win and tripling your money overnight. That is ridiculous. You need sustained investments for 40 or so years that don’t have any 85% losses along the way. (but there will be some 20% to 40% losses, perhaps several, and you’ll need to stay the course through them).
Second, successful portfolios require low cost, broad diversification, and long term discipline. Regular, automated contributions (say biweekly if you get paid biweekly) are key.
3rd, you don’t need individual stocks. A roboadvisor or an asset allocation ETF at a discount brokerage is the way to go. Consider RBC Investease or Justwealth. They will take the guesswork out of investing. All you have to do is set up an automatic contribution from your bank.
Unless you have a defined benefit pension plan, you probably do need to keep investing for retirement.
without stating what your holdings are, I’d assume they’re garbage, like mine were, and I’d say it’s time to cut your losses. I had a 5k loss from a bunch of shitty companies and finally cut them loose. It helps to keep them on your watchlist just to watch them do nothing or keep declining. it’s more fun when you’re not invested anymore.
r/Wallstreetbets and start your Lambo shopping now?
I heard crypto will be 300K by end of year according to some highly placed tiktokkers with a ’69’, ‘420’ and ‘Lambo’ in their usernames, so that could be promising.,
All in one ETF or robo
Like a few others have said I’d go with Wealthsimple’s managed robo-advisor, or an ETF.
I personally just moved away from Wealthsimple’s robo advisor into XEQT.
Try enabling options trading for your account and make it all back
💎 🙌
XEQT and chill.
ETFs are your friend, my friend.
Stop trying to trade and just find good ETFs that you can buy and hold.
There are lots of great ones that offer a variety of products and risks that can suit your appetite. They will cover the vast majority of sectors you might want to invest in from natural resources, real estate, technology, financial industries, manufacturing, IT, the list goes on.
First you should decide what your risk tolerance is and then buy 1-3 ETFs with your remaining funds. That way you’ll be invested but not need to stress about you’re investments since ETFs offer you a way to diversify your investment by only buying a single product.
The question is, if you had $600 would you invest it in whatever it is in now? If not, move it to something else. Just leaving it in a failing stock will just mean another $600 loss. If you think there could be a possibility in the future that the stock turns around, then leave it.
XEQT
XEQT was made for you.
Just buy xeqt and call it a day
Just buy VEQT or XEQT.
I would do something like XEQT, set and forget it
not a loss if you don’t sell 🙂
Well you haven’t reached the 90s so all is good. (Cries in pain)
Just buy VOO or another ETF that tracks a lot of the market of your choosing, and leave it there. I would pull out your 600 because if they are the kinds of companies I think they are, most are likely to fold.
Invest in ETF.
XEQT or VFV.
dont take this with a grain of salt.
no amount of research will consistently have you beating the marketing by a significant amount.
what will have you outperform is a superb ability for managing risk and sizing positions.
heres why:
in a bull market the majority of stocks will rally and do well.
bull markets are more frequent than bear markets, so when you pick stocks during a bull market, youll mistakenly attribute this to your ability to pick stocks. so you then start oversizing and buying other stocks that increase your risk.
what then happens is a bear market will occur and because of your inadequate risk management, you lose a large chunk and fail to retain your gains.
So what do you do? mastee your risk management. you can literallt make money on any ticker. nothing goes straight up or straight down.
$4600 isn’t much tbh. It’s a good amount for someone who’s just testing the waters. If it makes you feel any better, I lost about $800 too when I first started trading, just cause I naively trusted r/wallstreetbets. Maybe try ETFs or some well known tech stocks with your savings. I only have those in my TFSA and it’s doing good so far
Most people lose money in the stock market. 4600 is just the price you paid to find that out. I would leave it, but that’s me.
Lemme guess. You bought weed/pharma stocks?
Yea man just go robo advisor if your timeframe is long. The Wealthsimple Roboadvisers are pretty good. If your timeframe is 10+ years I would suggest risk level 10. It’s just 95% diversified equities which isn’t risky at all if your time horizon is long.
I was in a similar situation. I had made a few thousand dollars from stocks in 2022 and paid capital gains tax on it. Last year (2023), I ended up selling some nearly-worthless stocks (-90% losses) so that I can claim them as a capital loss and get back some of the capital gains taxes I paid in previous years, retroactively. I’d rather just buy some new stocks than continue to “bet” on these highly volatile stocks and this way I can get some money back sooner.
Here is some info on how to do apply capital losses retroactively:
[https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/tax-return/completing-a-tax-return/personal-income/line-12700-capital-gains/capital-losses-deductions/loss-carried-back-to-previous-years.html](https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/tax-return/completing-a-tax-return/personal-income/line-12700-capital-gains/capital-losses-deductions/loss-carried-back-to-previous-years.html)
Lol u lose money on GME and AMC?
You need to do some research into what you actually want and what your time frame is. You can go into EFTs for lower fees but that is not necessarily going to reflect performance. In terms of funds it’s pretty hard to outperform the NASDAQ or S&P so if you are looking for a long term growth fund that is fairly safe (maybe medium to high risk) if you are investing for more than 10 years.
If you could get some stocks that pay good dividends and grow your wealth that way.
Just don’t try the get rich quick thing. It’s pretty rare for someone to actually outperform the stock market.
I dumped 10k into Gme and another 7k into some shit crypto so I’m down about 55%. Said fuck it I don’t know what I’m doing and started dumping into a managed tfsa.
ETFs S&p
Start writing down what investments you want to make and then do the opposite! Can’t lose strategy at this rate.
A robo advisor might be a good idea for now.
But don’t give up on doing your own research, what did you do to research and pick the stocks you did? What metrics were you looking at etc…
I’m sure with more knowledge you could do better research.
What individual stocks did you buy lol
Don’t look at it everyday.
Leave them and always look at them as a learning mistake. Be thankful it was under $5k. Lesson learned, invest smarter moving forward.
You could put the few thousand into a (relatively) high interest GIC for 3m, 6m 1 year up to 5 years. Guaranteed return. Many are offering 5.5% which isn’t terrible
That’s why the average person should stick to index funds.
What is the $600 invested in?
Don’t buy shitty meme stocks trying to get rich quick.
Boring , low-cost, broad-based index funds should make up > 95% of your portfolio.
This is INSANE. Look at the market since then.
Buy big companies, banks soft drinks etc
Go read Beat The Bank
Never mind OP user name…
Cost of education. Don’t risk what you can’t lose. You won’t be making what you lost back.
You’re not ready to take risks til you figure that out.