Two years ago, I started a self-directed Questrade account to buy stocks, on the recommendation of a friend, B.*. I bought a few property and resources stocks, but then locked myself out of my account when I entered my password incorrectly. Since April 2015, I haven’t touched my account at all and have been getting dinged $25/quarter. That means means I’ve lost $150 over just from letting my money sit there. I’d also incurred additional losses from not managing my stocks.
It’s not my proudest moment, yet all of us have something we put off, ignore or procrastinate on. Sharing my confession on my blog means that I hope others won’t make the same mistake!
This morning, 18 months later, I finally called in and reset my password. I’d considered closing the account altogether, since I am still extremely uncomfortable trading on my own. Yes, I’ve had a handful of female friends tell me it’s easy to learn and do, blah blah blabbity blah, but what I really need is someone to sit with me if I am going to go through it at all. It’s a huge weakness of mine, something of which I’ve been aware of for the last 8 years, but I still haven’t figured out how to get over it yet. Just because my late father worked in finance doesn’t mean I have any skill in it as his daughter!**
To my surprise, the Questrade clerk on the phone suggested that I could get my investments managed instead – unaware this service even existed – through Questrade Portolio IQ. The minimum to start is $2000 and of course, you have to pay management fees. I decided to throw down $2000 from my TSFAs, because fuck it, I need all the help I can get. If it means paying 0.007%, $14 is nothing.
As you put in an application in, you go through a series of questions in a survey that helps determine how much risk you’d like to take. It also asks you how knowledgable you are in trading. I decided to be honest:
Anyway, that is all that’s happened for now. I’m still waiting for the application to go through and to see what portfolio they’ll suggest to me after having stated that I’m interested medium-high risk investments.
I may start going through a Udemy course I’ve got on reading pricing charts, because I really do need to get back into the swing of (managing my financial) things.
*I also got a $25 bonus for using her sharing code.
**Although in many ways, we are quite similar. I suspect that he may also have been an INTJ or a similar MBTi Personality.