STOCK MARKET Thread

[Gerbs]

A little recovery today. I think if it bombed today as well. We'll be in for a super volatile month.

[Ulic Qel-Droma]

Originally Posted by SiRV

Friend of a friend of a friend is now on suicide watch. Made 200k in options trading over the past few months, over the last week, lost 700k, wife is threatening divorce

making money is easy in the markets.

losing money is 10x easier.

sometimes the right trade is to not trade at all. Being able to handle and navigate the internal hell that the markets puts one's psyche through is the true trader's skill.

[MelonBoy]

Anyone else try to buy snowflake today?

I set my order limit at $130.. thinking it was going to start around $110. But stupid thing right off the bat jumped to like 240-250$. Lame lol.. All dem insiders buying it up before us peasants even get a taste

[BlackV62K2]

SNOW down 11% today. Wait for the IPO hype to calm down

[CRS]

Waiting for SNOW to go back to initial IPO range before even thinking of buying.

[Hehe]

I hope no one is in NKLA.

They just ousted its CEO... going to be an very interesting morning as soon as pre-market opens.

[blkgsr]

oh man what a shit show for that stock.....i was in at 27, should have sold at 93 but didn't...idiot

got out a while ago

[winson604]

Originally Posted by Hehe

I hope no one is in NKLA.

They just ousted its CEO... going to be an very interesting morning as soon as pre-market opens.

Interesting thing it was me randomly reading about Nikola stocks post GM deal and pre all the news came out that got me wanting to start playing with stocks. Having absolutely zero knowledge Nikola was the first one I was eyeing. Without a doubt EV seems like the future and Tesla stocks are too rich for my blood. Thankfully in the few days it took me to setup my account and have money transferred all the news broke. I'm starting small, a couple hundred each pay check and so far mainly buying NIO and XPEV and a little APPL. All long term for me.

[yameen]

I might sound like a douche but wanted peoples' opinion. So when I first started stocks earlier this year my close friend who's experienced made fun of me when I asked him basic questions of why you would sell a stock on resistance (he sold shopfiy last year) but he would give me snide comments that I dont get it when all I wanted to know was why he sold a stock that had growing potential.

Then he said he should ask me when I'm selling a stock so that he can buy or if I'm buying a stock so that he can sell because I buy at high's and sell low (a bit of humor but also him just sounding cocky). Anyways, fast forward to now and I told him that I'm looking for the next amazon (which i believe i might have found), and he says that if I find it to let him know. So what do you guys think? He's a close friend but when I asked him for stock advice he just made fun of me and now he wants me to tell him what I invest in. I think if I ever become a millionaire off this stock I just wont tell anyone that I made it big. I do believe I found the next big thing though...just maybe lol.

[Spoon]

I don't talk about investment with friends. Nobody will thank you if things work out, but everyone will blame you when it doesn't.

[yameen]

Originally Posted by Spoon

I don't talk about investment with friends. Nobody will thank you if things work out, but everyone will blame you when it doesn't.

That's a great statement and I will go by that. If it doesnt work out I wouldn't want to be blamed either. Thank you!

[Razor Ramon HG]

I have a stock trading group with my friends and that's where most of the talk is.

But the real question is - what is this stock you are looking at

I own shares of SE and I know some people think it could be extremely big one day.

[tiger_handheld]

Originally Posted by yameen

I might sound like a douche but wanted peoples' opinion. So when I first started stocks earlier this year my close friend who's experienced made fun of me when I asked him basic questions of why you would sell a stock on resistance (he sold shopfiy last year) but he would give me snide comments that I dont get it when all I wanted to know was why he sold a stock that had growing potential.

Then he said he should ask me when I'm selling a stock so that he can buy or if I'm buying a stock so that he can sell because I buy at high's and sell low (a bit of humor but also him just sounding cocky). Anyways, fast forward to now and I told him that I'm looking for the next amazon (which i believe i might have found), and he says that if I find it to let him know. So what do you guys think? He's a close friend but when I asked him for stock advice he just made fun of me and now he wants me to tell him what I invest in. I think if I ever become a millionaire off this stock I just wont tell anyone that I made it big. I do believe I found the next big thing though...just maybe lol.

A month or so ago I saw a headline that said "click hear to read on the next Amazon"... I also read it.

[Euro7r]

Originally Posted by yameen

I might sound like a douche but wanted peoples' opinion. So when I first started stocks earlier this year my close friend who's experienced made fun of me when I asked him basic questions of why you would sell a stock on resistance (he sold shopfiy last year) but he would give me snide comments that I dont get it when all I wanted to know was why he sold a stock that had growing potential.

Then he said he should ask me when I'm selling a stock so that he can buy or if I'm buying a stock so that he can sell because I buy at high's and sell low (a bit of humor but also him just sounding cocky). Anyways, fast forward to now and I told him that I'm looking for the next amazon (which i believe i might have found), and he says that if I find it to let him know. So what do you guys think? He's a close friend but when I asked him for stock advice he just made fun of me and now he wants me to tell him what I invest in. I think if I ever become a millionaire off this stock I just wont tell anyone that I made it big. I do believe I found the next big thing though...just maybe lol.

Don't know why you would consider him a close friend unless that's the only friend you have. Sounds like a complete dick. Aren't close friends suppose to help one another? You are trying to learn and he's putting you down. It also sounds like he's acting like a know it all, so why is he even asking you what you are investing.....

[mikemhg]

Let me prefix I know dick all about stock trading, but I'm looking to dabble a bit here.

I have a fair sum sitting in my RRSP account with Sun Life, and I'm thinking of moving some of it out in order to invest into some stocks. I'm assuming I'd have to do that through a TFSA?

Am I able to move funds out of RRSPs into another registered account to invest in stocks? If so, what's the best bank or system to do so?

I know I sound like a newbie here, so bare with me.

[CivicBlues]

Originally Posted by mikemhg

Let me prefix I know dick all about stock trading, but I'm looking to dabble a bit here.

I have a fair sum sitting in my RRSP account with Sun Life, and I'm thinking of moving some of it out in order to invest into some stocks. I'm assuming I'd have to do that through a TFSA?

Am I able to move funds out of RRSPs into another registered account to invest in stocks? If so, what's the best bank or system to do so?

I know I sound like a newbie here, so bare with me.

You don't need to buy stocks in a TFSA, although that would be the best way to do so if you have contribution room. You can just open up any trading account at any financial institution and either buy stocks outright (you'll be taxed on profits when you sell) or buy one and hold them in a TFSA (you won't be taxed on any gains).

If you're thinking of moving RRSP funds --> TFSA, that would count as a withdrawal and there would be tax implications. Any amount you "move" to the TFSA would count as income for the year, so your taxes may or may not go up accordingly. So I would suggest you find money to put into a TFSA from elsewhere and leave your RRSP alone.

You can look at opening a self-directed RRSP account (so current RRSP --> new self directed RRSP) to do your own trading and do an in-kind transfer to that new account. That would not count as a withdrawal and you wouldn't be taxed for doing so. Unfortunately I don't have any suggestions to make as to where you should open up a Self-directed RRSP, but I'm sure any bank will do it for you. Maybe check with Sun Life first if they have that option.

[GIZZ]

When does the CRA look into your account TFSA account and decide to hit you up for taxes? There needs to be clearly defined criteria for what is and isn't allowed. It's pretty dumb, they should let you do what you like.

[DGN23]

Originally Posted by GIZZ

When does the CRA look into your account TFSA account and decide to hit you up for taxes? There needs to be clearly defined criteria for what is and isn't allowed. It's pretty dumb, they should let you do what you like.

You don't pay tax on a TFSA.

[6793026]

Originally Posted by DGN23

You don't pay tax on a TFSA.

So yeah... this is false (to an extend, esp, if you invest in stocks that's not canadian) and no one told me this until my family made a few mistakes.

1) People at banks are all junior reps kept asking my parents / grandma to put shit in TFSA and they didn't check their limits... so it was a gong show when they over contributed at different banks.

2) As per my investment agent: TFSA is an incentive provided by CANADA, why they fuck would they allow you to gain from buying stocks in say US?

Had to do some digging... but yeah... so apple, MS, facebook, visa stocks etc.....

U.S. blue chip stocks, are subject to withholding tax in a TFSA. Whether you own U.S. stocks directly in your TFSA or you own a Canadian mutual fund or exchange-traded fund (ETF) that owns U.S. stocks, the result is the same.

[GIZZ]

Originally Posted by DGN23

You don't pay tax on a TFSA.

Generally. CRA can look into your account if you are doing too well or trade too much and decide to tax you. CRA threatens too many trades in their eyes and you get taxes, yet they don't give you a number.

[DGN23]

Originally Posted by GIZZ

Generally. CRA can look into your account if you are doing too well or trade too much and decide to tax you. CRA threatens too many trades in their eyes and you get taxes, yet they don't give you a number.

Never heard of this before in my life. Had a TFSA for 15 years.

[CRS]

Originally Posted by 6793026

So yeah... this is false (to an extend, esp, if you invest in stocks that's not canadian) and no one told me this until my family made a few mistakes.

1) People at banks are all junior reps kept asking my parents / grandma to put shit in TFSA and they didn't check their limits... so it was a gong show when they over contributed at different banks.

2) As per my investment agent: TFSA is an incentive provided by CANADA, why they fuck would they allow you to gain from buying stocks in say US?

Had to do some digging... but yeah... so apple, MS, facebook, visa stocks etc.....

U.S. blue chip stocks, are subject to withholding tax in a TFSA. Whether you own U.S. stocks directly in your TFSA or you own a Canadian mutual fund or exchange-traded fund (ETF) that owns U.S. stocks, the result is the same.

I feel like there should have been some personal accountability here. Would you not look into what you're putting your money into instead of blindly following someone else's advice with your money?

[lowside67]

Originally Posted by 6793026

So yeah... this is false (to an extend, esp, if you invest in stocks that's not canadian) and no one told me this until my family made a few mistakes.

1) People at banks are all junior reps kept asking my parents / grandma to put shit in TFSA and they didn't check their limits... so it was a gong show when they over contributed at different banks.

2) As per my investment agent: TFSA is an incentive provided by CANADA, why they fuck would they allow you to gain from buying stocks in say US?

Had to do some digging... but yeah... so apple, MS, facebook, visa stocks etc.....

U.S. blue chip stocks, are subject to withholding tax in a TFSA. Whether you own U.S. stocks directly in your TFSA or you own a Canadian mutual fund or exchange-traded fund (ETF) that owns U.S. stocks, the result is the same.

1) The reason that no bank is willing to take any liability about how much your parents contribute to a TFSA (and they are SUPER clear about this fact), is because there is literally no way for them to do this. Even CRA only has a ledger well after the fact because of all the time delays of reporting to CRA.

It is 100% your parents' responsibilities to monitor their contributions and it is a cop out and weak excuse to say that a junior rep at a bank was SO convincing that your parents were misled into over contributing.

2) The TFSA is a savings mechanism that is designed to provide an incentive for people to invest for their futures so people don't run out of money in retirement and become a drain on the various support systems. It makes 0 difference to the Canadian government whether you hold cash, Canadian stocks, or US stocks in it - it's not like they "get a cut" if you held Canadian stocks but not US stocks.

The simple reason why there is a withholding tax on US securities held in a TFSA and not an RRSP is actually nothing to do with it being a TFSA. There is a withholding tax on US securities in ALL types of accounts with the exception of the RRSP. The TFSA did not exist when this exemption was penned for the RRSP, otherwise it undoubtedly would have been negotiated at the same time.

-Mark

[Euro7r]

I thought CRA was going after the extreme cases of TFSA where portfolios were like over $1 million? (can't recall where I read an article of this). CRA don't got the resources to go after the regular Joes for taxes within the TFSA (not that I personally have heard or know of anyone).

[GIZZ]

Originally Posted by DGN23

Never heard of this before in my life. Had a TFSA for 15 years.

you mean 11 years