Best Canadian investing website for beginners?

[coupesx]

I would like to start with some kind of practice account that most websites offer, and then transfer to a real account once I am comftorable. The question is, how do I judge the different investing websites in choosing which one to join? I would appreciate your advice on anything related to this, specifically, which sites you use and got started with.

Thanks

[davidI]

Originally posted by coupesx
I would like to start with some kind of practice account that most websites offer, and then transfer to a real account once I am comftorable. The question is, how do I judge the different investing websites in choosing which one to join? I would appreciate your advice on anything related to this, specifically, which sites you use and got started with.

Thanks

I'd suggest starting with a practice account with the broker you intend to use so you become familiar with the interface.

The problem with a practice account for me is that there is less motivation to care since it's not real money and you're willing to risk more.

I think it's best to put up a minimal amount of money that you can afford to lose ($1-10k) and play with it, acknowledging the fact that you may make dumb mistakes and lose it. You'll learn from your mistakes if they actually cost you.

I've started an investing blog at http://tsxtrader.com and am planning to put up a lot of articles soon. If there are things that you have questions about let me know and I'll try to do a write-up for you.

[davidI]

This should probably be moved to the Real Estate & Finance section too.

[coupesx]

Thanks for the website. Would using TD investing be a good option?

[davidI]

TD has good research but very expensive commissions ($30) whereas trades with Questrade are usually $5-10.

I can't remember if TD has a paper-trading platform either. Questrade does.

[dezmarez]

You can go to investopedia.com,

They have a "stock market simulator" which you can buy and sell.

Pretty fun, but like the poster above, it is all fake money, which means you are more likely to take on more risk.

[ZenOps]

You could always just do metals.

The TSX is about 13% gold miners anyhow, and since the Canadian government changed the rules back in 2005 to re-allow physical gold and silver in an RRSP (but not the paper type) you get added tax benefits.

Or nickels. If you truely want to invest in Canada as a long term saving, nickel is what our dollar is (7.0 grams of it, in loonie form) If you want to invest in the US, pornography and social media software and hardware.

[skandalouz_08]

Originally posted by davidI


I've started an investing blog at http://tsxtrader.com and am planning to put up a lot of articles soon. If there are things that you have questions about let me know and I'll try to do a write-up for you.

Just curious, I checked out your site and it looks good. Where do you get your info from? And what financial designations or education do you have?

[davidI]

Originally posted by skandalouz_08


Just curious, I checked out your site and it looks good. Where do you get your info from? And what financial designations or education do you have?

I use IB for charts and the rest is just research, research, research. Corporate presentations, SEDAR, insider reports, crunching numbers and whatever research I can get my hands on.

I haven't done many posts in recent months as I was completing my dissertation on Foreign M&A in Canada's energy sector.

Most of my stock education is self-taught. Been trading for 7 or 8 years now. I have a BComm and MSc and have reviewed the CFA Level 1 materials and done the Wall Street Prep financial modeling course.

Right now I'm trying to decide if I want to pursue a CFA or MBA in the coming years and try to break into I-banking or equity research...

[skandalouz_08]

Wow, that's good for you. I'd say the main difference between the MBA and CFA is what you're going to do with it. While an MBA looks good isn't the CFA more of an industry requirement depending what position you're looking to get into?

Best of luck in whatever you decide to do though. Both are smart ways to go.

[davidI]

Originally posted by skandalouz_08
Wow, that's good for you. I'd say the main difference between the MBA and CFA is what you're going to do with it. While an MBA looks good isn't the CFA more of an industry requirement depending what position you're looking to get into?

Best of luck in whatever you decide to do though. Both are smart ways to go.

Most bankers I know feel the CFA is useless but they're still expected to have it. I think it's more important for equity research / credit analysts.

The thing with an MBA is you really need to get in a top 10 school for it to really take you anywhere.

My current vision is me traveling the world for a couple more years while knocking off the CFA. I don't think I'll be able to 'settle' into a job again unless it's 80-90 hours a week to keep me busy so it would be the perfect transition. Just not sure if I will have the devotion to my studies when hot Colombian girls in bikinis want me to judge a jumping jack competition.

[skandalouz_08]

Originally posted by davidI


Most bankers I know feel the CFA is useless but they're still expected to have it. I think it's more important for equity research / credit analysts.

The thing with an MBA is you really need to get in a top 10 school for it to really take you anywhere.

My current vision is me traveling the world for a couple more years while knocking off the CFA. I don't think I'll be able to 'settle' into a job again unless it's 80-90 hours a week to keep me busy so it would be the perfect transition. Just not sure if I will have the devotion to my studies when hot Colombian girls in bikinis want me to judge a jumping jack competition.

I hope you mean Investment Bankers and not just general bankers. Your average banker (financial advisor) won't have more than their PFP/CSC and are not required to take any additional courses after that.

I however will volunteer to come judge the jumping jack competition so you can study :drool:

[nzwasp]

Originally posted by davidI


Most bankers I know feel the CFA is useless but they're still expected to have it. I think it's more important for equity research / credit analysts.

The thing with an MBA is you really need to get in a top 10 school for it to really take you anywhere.

My current vision is me traveling the world for a couple more years while knocking off the CFA. I don't think I'll be able to 'settle' into a job again unless it's 80-90 hours a week to keep me busy so it would be the perfect transition. Just not sure if I will have the devotion to my studies when hot Colombian girls in bikinis want me to judge a jumping jack competition.

I have a friend with his CFA level 2 I think and he works for a equity research firm and he is off to some exotic country all the time to assess companies. So far this year hes been to the caribbean, colombia, albania, egypt, and india i think. One of those jobs would be pretty sweet. I think he also makes close to 100k.

[davidI]

Originally posted by skandalouz_08

I hope you mean Investment Bankers and not just general bankers.

yes. ibankers.

[nonofyobiz]

Originally posted by davidI


I'd suggest starting with a practice account with the broker you intend to use so you become familiar with the interface.

The problem with a practice account for me is that there is less motivation to care since it's not real money and you're willing to risk more.

I think it's best to put up a minimal amount of money that you can afford to lose ($1-10k) and play with it, acknowledging the fact that you may make dumb mistakes and lose it. You'll learn from your mistakes if they actually cost you.

I've started an investing blog at http://tsxtrader.com and am planning to put up a lot of articles soon. If there are things that you have questions about let me know and I'll try to do a write-up for you.

I have a question for you or anyone else that wants to answer.
I've never invested and basically have no savings, I do want to start though and learn how to do it. anyways, what amount of money do I need to start trading stocks? I've been told that you should have at least 10k before u start in on the stock market just because of the fees involved. Also you recommend quest trade for a site with low fees?

[davidI]

Originally posted by nonofyobiz


I have a question for you or anyone else that wants to answer.
I've never invested and basically have no savings, I do want to start though and learn how to do it. anyways, what amount of money do I need to start trading stocks? I've been told that you should have at least 10k before u start in on the stock market just because of the fees involved. Also you recommend quest trade for a site with low fees?

I'd say that you should start with an amount you can afford to lose. Given how low trading fees are these days comissions shouldn't be a huge consideration. You can dabble with $2-3k as you're learning things and although the commissions may eat up some of your profit, you'll learn the real game of trading. The isuse with paper trading is that you're not subjected to the same emotions as you are when you're playing with real money.

Every online broker has its positives and negatives. I do recommend Questrade for a newbie since it is an easy to use interface, you can get snap quotes for free, and it is cheap.

I love Interactive Brokers charting software, but I have to pay for streaming quotes (no such thing as snap quotes) and they provide no research.

I use TD for research, but trades are usually $30 vs. the $5-$10 with IB and Questrade.

[ExtraSlow]

For anyone just starting out in investing, fees are a major consideration. There are several places that charge under $10, which should be your benchmark.