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| CMC as of September 13, 2018 |
Why? It's a very personal and non-financial reason. A long time friend of mine happens to hold some stock in this company -- the only stock he has. His dad used to work there, and he even worked there for a short time. So my reasoning was essentially for social reasons. I wanted to track a stock together with my friend, and go through the highs and lows of it all. It's just another connection that we would have to talk about. Of course, I looked into the company's business and historical financials, and made the decision to do it. I still have to go into these things with my eyes wide open!
I had a small amount in an RRSP I had been holding for over 10 years, and decided I would just add it to my existing RRSP trading account and to buy the shares. In mid-August, I sent in the forms to transfer the funds to my trading account. Once it finally arrived (about 3 weeks later), I put Norbit's Gambit to work. I bought as many DLR.TO shares as I could afford, and then contacted Questrade to journal it over to DLR.U.TO. It takes about a week to process when you include waiting for the trade to settle (a couple of days) and then waiting for the transaction to the US version to complete (another few days).
Well, Monday, the transaction showed up in my trading account. I sold my DLR.U.TO to obtain the US funds, and then did something ridiculous without much patience or understanding. I eyeballed the stock price of CMC for the next 10 minutes -- I mean literally followed it refreshing the page like a complete ignoramus! I wanted to catch the price on the way down. A few days later, I realize that was a complete waste of time and emotion. After caving in and buying at $20.65, it was down by $0.40 the next day. And I say what lots of uninformed traders say... "If only I waited." -- though I'm sure I'll learn that's not a good strategy either.
Well, the CMC stocks are now in my possession, and seem to be doing fine, despite a small initial hit after purchase.
TODAY'S POSITIONS
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| As of September 13, 2018 closing. |
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