So far, no news for my public offering in Horizons Gold Yield Fund (HGY.UN). I call TD Waterhouse today as I had been promised a call back today but never got a call... It's always like that with TD Waterhouse, they always promised to call you on this or this and never return the call. If it wouldn't be for the super smooth-strong teddy bear voices of some of their male brokers, it would had been a long time ago that I would had left the Canadian online broker TD Waterhouse... lol... But hey, nothing to worry about. I won't leave TD Waterhouse anytime soon for many reasons. One of the reasons being that at 9.99$, TD Waterhouse trade commission is one of the lowest - this commodity trading broker offer one of the cheapest online trading. Overall, as a commodity trading broker, TD Waterhouse had been very good to me. I have all the credit products I needed and requested with TD financial. I basically never been refused anything. I am not looking to get the moon, just a few things of my own.
As with this public offering for Horizons Gold Yield Fund (HGY.UN), the units trade at 10$ each, minimum investment needed being of 1 000$, commission free! That's right, there will be no I want to invest 2 000$ using the margin of my online stock trading account. I should know for sure by tomorrow if I can move on with my direct public offering proposition or not. Ok, it could sound silly, but it's not. Why? Well, because of the minimum required of 1 000$. At 1 000$ any investor living next door can participate in the public offering of Horizons Gold Yield Fund (HGY.UN). And really, those TD Waterhouse brokers need to work so I am giving them some work to do. No work, no job right? I am the one giving TD Waterhouse discount commodity brokers business.
And talking business, the business is going well. My online earnings continue to go up. We are not talking about hundreds of dollars per day here, just a few bucks, but that's enough for now. I am still without any metro pass. I am a New Brunswick girl, use to cold weather... I am doing ok without my metro pass for now. I am just very happy to be able to keep that 70$ (price for a metro pass) in my pockets. also, Idecide not to purchase a new pair of winter boots to save more. I am still working on my HubPages. I have many articles subjects on the way. Finding time to write is not that hard, but what is hard is to write. Does that sound strange just like for all of the rest? Anyhow, I am just loooking forward to save more money and stop purchasing sushi and other foodssss. During the last couple of months, I didn't pay to much attention to my budget but now that I have that stock margin account, I want to save more because I want to pack my non registered portfolio of more units and stocks.
As for the online investing business, the overall of what I hold at the commodity trading broker TD Waterhouse is now at 97 462.04$. I am now very close to the 100 000$ in my broker account and having all that money at TD Waterhouse just show you have much I feel secure at TD. But no matter how much I like TD, seem that lately, I am experiencing some technical problems, following the apparition of my stock margin account in my non-registered Canadian account.
The problems started when I first received my latest Just Energy Income Fund (JE.UN) dividend. I had received the dividend in my cash account, which was not related to by now stock margin account. The dividend (7$) left over and the 5 units earn of the DRIP where lying in there all alone, in the cash account. So I call TD Waterhouse, and they proceed with the transfer from cash to the stock margin account, so the 5 new Just Energy Income Fund (JE.UN) units can join the rest of the units... I was able to get this done over the phone. One problem that occur also was that I was able to see, in my overall view, that I had received 80$ in my cash account, but when I click on the link, I wasn't able to access the account...
On date on today again, I have a 8$ in cash (in the cash account) that I want to transfer over my credit line, but I cannot proceed with the transfer. I had been trying in 2 different occasions now and its just not working. Also, remember that I plan to pay my 5 000$ TD Canada Trust credit line at 8.75% using my stock margin account? I was about to proceed with the transfer from my stock margin account to my TD credit line. But while selecting my stock margin account, I saw the amount of my investment (73 000$ and a bit more) instead of the amount available on the stock margin account (something around 40 000$). At the end of what, confuse, I did not proceed with the transfer. So I guess I will have to call TD Waterhouse again tomorrow see what's going on and ask them to proceed to the transfer for me.
Holding a stock margin account is even more dangerous that what I first taught!!!
Following the application of my stock margin account, TD Waterhouse send me a charming little kit containing all the information related to margin. I read all the information related to my newest stock margin account of course and well, find it discouraging to even use my stock margin account. Why?
Well, it seem like TD Waterhouse had the right to sell any of my investments without giving me a "margin call", without any notifications. Depending of the stock market conditions, TD Waterhouse reserved the right to sell investment in case of a drastic loss of assets value.
Previously before, I was told by a TD Waterhouse broker that there was a 3 days delay to put the account back in standard and that there was going to have a call before anything being done. But it appears that none of this is true! When it come to investment, I am not even sure if anyone of TD Waterhouse know what they are talking about. Really to that point. And yes, sometimes, I hate TD Waterhouse. I really do. I am frustrated.
Can you explain to me how am I suppose to use margin than? That's exactly here that come the 30% rule I guess, coming from another TD Waterhouse rep I spoke to. This mean that to play safe and not be stock on a non-authorized assets sell, better not to use more than 30% of the money available in a stock margin account. 30% or even less. It's all experimentation at this point but I won't use more than 30% of my margin money and also, I plan just to do a one time investment deal using my margin money (the 2 000$ in Horizons Gold Yield Fund (HGY.UN)) and pay off my 5 000$ credit line at 8.75% and I think that after that, it will be all. I won't use more of my margin money because I am now a... margin chicken (and not margin sexy, not anymore). Not all all. Margin is not sexy at all.
Despite the margin suffering, I had receive a surprise: Quebec province send me a 149.50$ cheque! That's nice, especially before Christmas. With the money left on my line of credit (160$), it make a nice little extra. I just received my paycheck, and even after paying my laptop, I have an extra 623$ available: for a Louis Vuitton monogram wallet (lol) or... a new investment. I am thinking about my next investment, but no specific idea yet. I could simply keep the money in my banking account for once. And it could be what will happen because I won't be working at my weekend job until middle or end of January so in the meantime, having a couple of extra hundreds of dollars available just in case of need won't hurt. But to say the true, I would like to invest again in silver through the Sprott Physical Silver Trust (PHS.U). One thing I don't like about the Sprott Physical Silver Trust (PHS.U) is that no matter how good the investment is, it won't bring any dividend in. I have to say, I am very tempt to invest again before the end of 2010, no matter how little the dividend.
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