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How to Start a DIY Investing Journey
Written by The Inspired Investor team | Published on May 14, 2024
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If you’ve been thinking about getting started with investing or want to learn more, now might be your opportunity. RBC Direct Investing is hosting how-to webinars allowing users to understand its online investing platform better.
Recently, one of our writers attended a session and reported back. In her words, here are five takeaways she found useful.
1. The platform is simpler than I thought it’d be.
The webinar got me used to the platform and proved to me that it’s extremely easy to use. I was picturing scrolling through endless symbols, graphics, and finance jargon; instead, there are easy-to-read visual aids to show, for example, whether a stock is trading closer to its high or low. Once I decide to make a trade, I can locate the company using the universal search bar and execute the trade.
2. It’s full of information and resources.
The webinar demonstrated that information is everywhere on the platform but it’s up to me to consider and decide what’s the most useful; whether it’s literacy guides or specific details like real-time streaming quotes1 or analyst-built screeners to help narrow down my choices. Plus, right when I log into my account, it shows any recent events impacting my holdings.
3. It’s not just about trading stocks.
I thought online brokerages were just about trading stocks, but nope, the webinar showed me that I could DIY across the investment spectrum i.e., invest in stocks, GICs, bonds or other fixed income products, as well as options, mutual funds, and ETFs. There are multiple currency options as well. When I open an account, there is a CAD and USD side of the account at no extra cost.
4. It’s not just about TFSA or RRSP
I was thinking about investing within a TFSA, RRSP, or the new FHSA. These are great options, but I learned that there are two types of accounts – registered and non-registered. I could also make DIY trades and investments with a non-registered account, called a margin account, which has the possibility to allow me to act quickly on investment opportunities, and can provide increased buying power.
5. It’s for both experts AND beginners.
I learned that there are features that work for both new and experienced investors. For example, newbies like me can choose to start with a ‘Practice Account’ that is credited with $100,000 practice money to just try out investing. I’m looking forward to having some fun with it: look at companies, consider their dividends and see what happens without any real money on the table. Eventually, when I’ve found my investing sea legs, I can consider features such as real-time streaming and Level 2 quotes2, pre-market and after-hours trading and get much deeper into the market through the advanced Trading Dashboard showcased in the webinar.
For more ideas, you might want to check out the new Getting Started with RBC Direct Investing webinars and our onboarding guide that will help you on your DIY journey to investing success.
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RBC Direct Investing Inc. and Royal Bank of Canada are separate corporate entities which are affiliated. RBC Direct Investing Inc. is a wholly owned subsidiary of Royal Bank of Canada and is a Member of the Canadian Investment Regulatory Organization and the Canadian Investor Protection Fund. Royal Bank of Canada and certain of its issuers are related to RBC Direct Investing Inc. RBC Direct Investing Inc. does not provide investment advice or recommendations regarding the purchase or sale of any securities. Investors are responsible for their own investment decisions. RBC Direct Investing is a business name used by RBC Direct Investing Inc. ® / ™ Trademark(s) of Royal Bank of Canada. RBC and Royal Bank are registered trademarks of Royal Bank of Canada. Used under licence. © Royal Bank of Canada 2024.
1 Real-time streaming quotes are available automatically to all clients for exchange listed equities, ETFs and most over-the-counter (OTC) securities. Real-time streaming quotes for options and grey market OTC securities are available to all clients upon accepting the terms and conditions of all exchange agreements on the RBC Direct Investing online investing site.
2 Level 2 quotes are available on stocks and ETFs that trade on the TSX and TSX-Venture exchanges for all clients. Level 2 quotes are also available on stocks and ETFs that trade on the Canadian Securities Exchange and Nasdaq for Active Trader clients upon accepting the terms and conditions of all exchange agreements on the RBC Direct Investing online investing site.
Any information, opinions or views provided in this document, including hyperlinks to the RBC Direct Investing Inc. website or the websites of its affiliates or third parties, are for your general information only, and are not intended to provide legal, investment, financial, accounting, tax or other professional advice. While information presented is believed to be factual and current, its accuracy is not guaranteed and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the author(s) as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by RBC Direct Investing Inc. or its affiliates. You should consult with your advisor before taking any action based upon the information contained in this document.
Furthermore, the products, services and securities referred to in this publication are only available in Canada and other jurisdictions where they may be legally offered for sale. Information available on the RBC Direct Investing website is intended for access by residents of Canada only, and should not be accessed from any jurisdiction outside Canada.
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