Gyooooooooooodamn!!!!
My trade account is like..
Trade account getting wrecked right now.
Anyone investing heavily this year??
- Thread starter rph2005
- Start date
Trade account getting wrecked right now.
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Called my financial advisor this morning & asked him to close out my mutual funds (in RRSP portfolio). Had them for many years at 90% medium / 10% high risk. Just wasn't worth the headache anymore when you would have a glimmer of hope, followed by some substantial losses. We had both agreed a few months ago if things dropped to a certain level, we'd explore other options (low risk) instead. Going to call him back on Monday & discuss that. Peace of mind is worth more than the stress.
Do you play any positions yourself or do you just follow in passing? Some really expected the bleed with a good way to go so they just been waiting on the sidelines for quite some time now. I'm more a crypto guy, but I look for long-term stocks for my kids. I don't trade. We can sink a lot lower than the 20-year average, so I'm just waiting.
That's an awful way to look at the market.
Mostly in stuff like global growth, health science, science & tech. Mutual funds that I’ve had in place for many years. I let them be, and let the advisor assist on decision-making. Also have a GIC which is around $27,600 in there, and a couple of 50k GICs with a separate bank outside of the portfolio. Still need to make better choices with the money sitting in formerly “high interest savings” account, and an additional grip in the TFSA (tax-free savings account). Need that to perform better.
I was getting fed up with the losses. Especially the goal being to save for the future. 1 step forward, 2 or 3 steps back.
How are the long-term stocks doing for your kids, GC?
Did you also sell during the covid shut down sell off? Unless you don't believe int he US economy there is no reason to sell especially if it is money wont wont need for another 20 years.
If you can't stomach seeing loses a better strategy would be to give your advisor a specific target for eg. if your portfolio drops 10% in a uncertain market sell before you have any substancial losses
I see. Most people seem to be like that and let financial advisors handle things.
My kids are suffering through the downturn like everyone else. I"m so happy they get to go through this and see folks reactions. The panic. The selling. Relatives asking about shit because they heard shit on CNN. Meanwhile, I told them how this would play out. They knew what was coming last year(PAIN), but experiencing it is something else and they had to see what losses look like on paper. Can't be and adult and get shook if they going to do this for real how I want them to. Learn now.
Now my youngest is just starting school, so she always got me picking up roblox for her all the time. If that ain't a good play for her in 10-15 years, fuck it. It is what it is. But I think it could be a monster. Ain't added shit else but her roblox in stock or crypto for anyone since I gave them all 10k worth each for xmas right after the new year.
?? I made no comment about the market
If your trading account is wrecked is that a reflection of the market or a result of you cannot trade?
2020 was definitely a shitshow. I left it be, and let it recover. Things improved over time, but recent months have not been kind and the losses were piling up.
42 now, and I was previously hoping to retire by 60-62, but can see myself retiring by 55yo. Have played things carefully with other accounts and investments and can combine that with MPP and CPP in retirement.
Advisor and I were ok with the losses, but agreed if it dropped to X amount I was out. It dropped to within $100 of that before changing plans w/ the portfolio.
Sounds good and props to you on teaching financial savvy to your kids.
Yes, this advisor is good. He is calm and walks you through the available options. Previous advisor I had was not a good experience. Like talking to a robocall robot.
Re: financial knowledge. One of the nicest things my late grandma used to do for family members was buy those old-school 5 to 10-year or whatever GICs and Canada Savings Bonds. Back when interest was great. 5, 7, 10, 12, even up to 19% way back for some older relatives. Her gift to people to help boost them up financially. Got people into buying them for themselves to. I mostly got the smaller interest ones, but heard some wild stories from dad, aunt, and uncle on their 12% returns on money they had forgotten about.
0.1 - 69k in 13 years
Wow. That’s amazing ...
Btc first spiked at $20K back Dec in 2017, then again May 2018....it didn't start sitting at and above $20k til I think late 2019 ..... but to see how much it has fallen ($30K in 5/6 months).......when it was projected by some to hit 100k this year......wow
back in 2017 it was around $2,500.
i exited all of my crypto plays a long time ago.
waiting for the bounce before i jump back in........
Pre-covid when I would be at house parties, friends would be talking Btc and crypto, etc. Encouraging me to get into it. I don’t know the first thing, so I would sit there and quietly listen and try to process what they were saying. I was more helpful when it came to the real estate talk, as some were looking to get into the market, others had just bought, and others in the 10 yrs prior. It was interesting talking about how the market had changed. It is so overpriced now.
whats the point in bitcoin since it no longer allows you to be anonymous and it will be taxed?Bitcoin at $19k.
i'm not tripping on the taxes because if you hold it a year and a day then you pay long term capital gains tax as opposed to short term which is damn near half
the point is that even with bitcoin drawing down to 19K, over the last 13 years there is no stock, crypto, precious metal, bond or real estate that can compare to bitcoin in terms of how much it has appreciated in value.
now is that sustainable? who knows but at the least bitcoin has over a decade track record of results that we can look back at to make decisions off of
That's one of the issues locally re: real estate. Values have gone up too much. Bought 13 years ago in April 2009. Assessed value hovered up & down for the first 5 or so years. Then took off upwards for 5 years, then down slightly for a year or two, then back up again of late. Assessed value now is more than double what was paid in 2009.
If I remember correctly, the highest years of appreciation on the property = up 21 and 23% respectively.
I didn't make any trades. My Account dropped by 3K because the value of the holdings I had dropped, I only mentioned this to commiserate with an earlier poster, but please continue.
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