E-Trade Account
I finally settled on a new online broker, E-Trade. I decided to go with E-Trade because they allowed me to trade Canadian stocks without any hidden fees, even though the per-trade rate was a little higher than the competition. In stark comparison to FirstTrade, I was able to open an E-Trade account and enable bank account access in a few minutes.
Although sending money to my new account was easy, their policy is a five-day wait until you can trade with it. So I won’t be able to do any trading until Monday. I went ahead and set up a “watchlist” with my favorite Uranium stocks though, and something exciting happened. Overnight, my watchlist went up 7%. The next day, it went up another 10%. I was pretty aggravated that no real money was in play, since this would have been a huge initial win.
Then the Shanghai stock market crashed, taking the Dow Jones with it. Yesterday, the Dow dropped over 400 points! My watchlist is now down 10% from where it was two days ago. The downfall of the American markets affected Canada in a big way, apparently. I guess I have until Monday to see where this downward trend is heading. The US markets are already recovering, so I remain hopeful.
With any luck, I’ll be able to jump in at the bottom of it and ride it back up. The watchlist was up 17% from the beginning of the year, so even at 10% down, it’s still 7% ahead in the first quarter. I’ll be “backing up the truck” as soon as I’m able to invest.
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