Newbie interested to start stock trading

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Mercury
Member since: Aug 05

Posts: 234
Location:
Post ID: #PID

Posted on: 09-05-10 17:41:16

Folks,
Before I get into Questrade or something like that I need to get my concepts clear.

Can anybody point me to the right information in CD or suggest me something like a 101 book, which is simple to understand and widely used?
-Mercury

irock
Member since: Jan 08

Posts: 344
Location: Toronto
Post ID: #PID

Posted on: 09-05-10 19:01:17

I don't have any kind of books for you to suggest, but being in the American markets for some time now, I would suggest following points to you

(1) Open an dummy account on any of the brokerage websites & try dummy trading for couple of months before actually putting your real money. Questrade also has a dummy account facility on their website.

(2) Try concentrating on one sector first like technology, commodity (select one : oil, natural gas, gold), financials etc. As you go on in future try getting knowledge of other sectors as well

(3) Try considering the history of the particular share. Viewing charts is the best thing to do. More thing you will learn on your way in future like 200 day moving average & 50 day moving average. They say charts are the best friends of newbie traders.....

(4) Questrade, being one of the cheapest brokerage firm also has lots of hidden fees & charges as I have heard. But I could be wrongs also. I am with CIBC investor edge from last 3 years without any problem & having a simple flat fee of $6.95 per trade.

happy trading !!!!!!

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i..........rock........!!!!!

Mercury
Member since: Aug 05

Posts: 234
Location:
Post ID: #PID

Posted on: 09-05-10 23:45:02

Thanks irock,
I will b e in touch with CIBC investor edge and start dummy account. I know it is not the real thing but atleast will give me a feel about it. I will post my experience after some practice.

Any suggestion if I should start using RRSP or TSFA account? or mpney from some savings.

-Mercury

mitsaus
Member since: Mar 09

Posts: 39
Location:
Post ID: #PID

Posted on: 08-07-10 22:23:09

Say, I buy 100 shares of Canadian Tire at $55 and sell at $60.

I bank with TD Waterhouse which charges $29 per trade.

So my cost is $5529. When I sell its $5971

1) My net profit would be $442. How much tax would I pay?

2) Am I able to include, $29 (which I pay twice), before profit is calculated (hence pay lower tax) ?

Thanks

john26
Member since: Jan 07

Posts: 167
Location: Calgary
Post ID: #PID

Posted on: 09-07-10 10:02:29

What is the best trading site to use in terms of minimum charges

AshwaniG
Member since: Jul 04

Posts: 1484
Location: Convinient
Post ID: #PID

Posted on: 09-07-10 10:04:46

http://www.interactivebrokers.com" rel="nofollow">LINK

Quote:
Originally posted by john26

What is the best trading site to use in terms of minimum charges

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Growing Old Is Mandatory ..Growing UP is Optional

dimple2001
Member since: Apr 04

Posts: 2873
Location: Western Hemisphere
Post ID: #PID

Posted on: 09-07-10 10:20:33

Quote:
Originally posted by mitsaus

2) Am I able to include, $29 (which I pay twice), before profit is calculated (hence pay lower tax) ?

Thanks

Yes, you can deduct the cost from your profit.

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Dimple2001

Contributors: birentoronto(7) ftfl(4) Mercury(2) man_krastogi(1) irock(1) mitsaus(1) pratickm(1) john26(1) AshwaniG(1) dimple2001(1)

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