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What are some key things to know as a self-directed investor with TD Direct Investing?
Whether you're a novice or experienced investor, knowing about these 5 concepts could help with your investing decisions.
1. Different order types: These include Market, Limit, Stop Market, Stop Limit, Trailing Stop Market, Trailing Stop Limit. The most common are Market and Limit orders. With a Market Order, you pay or get the price available when the order is made. Limit Orders, let you set the limit or the maximum price you're willing to pay for the security. Your order is only filled if market conditions allow it.
Watch our video to learn more about Market and Limit orders and the difference between Stop Market, Stop Limit and Trailing Stop Limit orders
2. Research is key: Researching a company's financial position can help identify and choose the right investment. You can access research reports, in WebBroker, from the Research tab in the top navigation, by selecting Reports below Markets.
Watch our TD Direct Investing's market data and research tools video
3. Dollar-cost averaging: This concept involves buying a security on a regular basis regardless of it's market price. It can help build savings over a period of time and reduces decision making on the best time to buy.
Watch our dollar-cost averaging video to learn more.
4. Dividend Re-Investment Plans (DRIPs): offer eligible shareholders the chance to reinvest their dividends to purchase new shares, sometimes with savings. Learn more about the benefits of participating in a DRIP program.
5. Currency conversion between U.S. and CAD accounts for dividends: If you hold a stock in the Canadian dollar component of a TD Direct Investing account that pays dividends in U.S. dollars or vice versa, you can avoid automatic currency conversion by transferring the stock to the U.S. dollar component of that account. Learn more.
Please note that the answers to the questions are for information purposes only for the products discussed. Individual circumstances may vary. In case of discrepancy, the documentation prevails.