High risk in TFSA

j8chan · 09-24-2009, 04:36 PM

Just curious to know if anyone out there is playing their TFSA account as a gambling account with high risk stocks/options.

I have been jumping around in the Horizons BetaPro Funds and am up 20% in about 3 months. How much is yours currently worth?

Also, I didn't create my TFSA until mid year, like June 2009. Do I have to wait til June 2010 before I can put another 5k in?

Thanks

Cal · 09-24-2009, 08:17 PM

Yeah, I would be curious to see what some people have their 5000 contribution up to in market value now....or down to for that matter.

high octane · 09-24-2009, 08:26 PM

Doesn't matter when you opened the TFSA, everyone gets another $5k contribution room on Jan 1st

I plan start trading with my TFSA in 2010

flayto · 09-24-2009, 08:29 PM

I'm using mine as a high risk gambling account. I started in January with a lump sum of $5000 and so far am up to about $7900.

The bulk of my winnings (about $2000 worth) have come from a single coal stock, PCX (which I got the idea to buy from a trader I was following on Twitter).

I've also been playing with Horizons BetaPro funds - namely HNU, which follows Natural GAs Prices. It was getting pretty tempting to buy as prices continued to go down, but I bought in a little early - $4.00 a share, ($20.00 post-reverse-split) and was down more than 50% at one point but after averaging down I'm almost back to even now. No idea how that will do in the next little while as there are strong opinions on both sides of the NatGas arguments about future prices.

It's scary to think I'm basically doing the same foolish thing people were doing back in the late '90s during the tech boom - basically buying anything some stranger recommended and doing well at it. With the way the market has been since March, it's been easier to find big winners than losers or sideways-moving stocks. This won't continue forever and I just hope I have the willpower and fortitude to pull out or at least be more diligent with my research on stock picks when this bull-run ends.

You don't have to wait until June 2010 to put in another 5k - Everybody get 5k new contribution room starting January 1 (or I guess technically January 2 since no brokerage or bank of any kind will process deposits on the 1st).

Rickson9 · 09-24-2009, 10:29 PM

Quote:

Originally Posted by j8chan

Just curious to know if anyone out there is playing their TFSA account as a gambling account with high risk stocks/options.

My wife and I hold stock in our TFSA but it is low risk.

Quote:

Originally Posted by j8chan

I have been jumping around in the Horizons BetaPro Funds and am up 20% in about 3 months. How much is yours currently worth?

We are up over 40% YTD so over $14K in our TFSAs.

We also don't like to sell so we are not taking full advantage of the tax-free benefits of the TFSA. We recognize that the return is nice (and likely unsustainable), but also understand that it's only $14K.

Quote:

Originally Posted by j8chan

Also, I didn't create my TFSA until mid year, like June 2009. Do I have to wait til June 2010 before I can put another 5k in?

I don't think so.

yyzvoyageur · 09-24-2009, 10:49 PM

My TFSA is spread over a couple of ETFs. Last I checked, it was up to $6600. I'm actually considering selling and throwing the whole lot into the BMO Monthly Income Fund along with next year's contribution. The 0.06/unit monthly distribution looks good and could nicely complement my all-equity RRSP and non-registered accounts. I'd definitely consider using it for high-risk trading, but at the moment I really don't have the knowledge or desire to get into that.

MoneyMaker · 09-25-2009, 08:11 AM

My TFSA is spread between two income trusts: inter pipeline and calloway REIT, doing quite handsomely right now.

lister · 09-25-2009, 08:33 AM

I'm likely going to take a few high risk chances with my TFSA to build it up. I haven't taken any just yet because right now I've got just WRK.UN in my TFSA which I have at an average price of $15. I'm up about $3000 not including dividends (a little over $400 for them.) Just have to decide when to sell.

I'll definitely sell if WRK gets up to $30 where I'll double my $5000. I'm kicking myself for not buying them in my RRSP at around $14 when I had the chance. DOH!

I haven't decided what my spouse's TFSA will have in it yet. Probably another REIT or KNA. No research done yet as I won't be contributing to her TFSA until the end of October. I probably won't play with her TFSA unless I'm dead certain on something.

Kinny · 09-25-2009, 12:31 PM

I started my TFSA back in Feb and have split it into two accounts. I basically put $2,500 into a mutual fund (Precious metals) and another $2,500 into stock trading. So far, i'm up $2,000 which isn't too bad.

I pulled out yesterday, because I feel the momentum of a rising US Dollar, which may lower equities and commodities. I'll get back in probably within the coming weeks.

Rickson9 · 09-25-2009, 01:47 PM

Although I understand that the TFSA's advantage is being a tax-free account, it still shocks me that some people use it to trade securities (ie turnover times less than 1 year). Are the trading profits from this really that compelling? Come on now...

09-24-2009, 04:36 PM	#1
j8chan Junior Member Join Date: Apr 2009 Posts: 4	High risk in TFSA Just curious to know if anyone out there is playing their TFSA account as a gambling account with high risk stocks/options. I have been jumping around in the Horizons BetaPro Funds and am up 20% in about 3 months. How much is yours currently worth? Also, I didn't create my TFSA until mid year, like June 2009. Do I have to wait til June 2010 before I can put another 5k in? Thanks

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09-24-2009, 08:17 PM	#2
Cal Senior Member Join Date: Jun 2009 Posts: 471	Yeah, I would be curious to see what some people have their 5000 contribution up to in market value now....or down to for that matter.

09-24-2009, 08:26 PM	#3
high octane Senior Member Join Date: Jul 2009 Posts: 172	Doesn't matter when you opened the TFSA, everyone gets another $5k contribution room on Jan 1st I plan start trading with my TFSA in 2010

09-24-2009, 08:29 PM	#4
flayto Junior Member Join Date: Apr 2009 Location: Toronto, ON Posts: 19	I'm using mine as a high risk gambling account. I started in January with a lump sum of $5000 and so far am up to about $7900. The bulk of my winnings (about $2000 worth) have come from a single coal stock, PCX (which I got the idea to buy from a trader I was following on Twitter). I've also been playing with Horizons BetaPro funds - namely HNU, which follows Natural GAs Prices. It was getting pretty tempting to buy as prices continued to go down, but I bought in a little early - $4.00 a share, ($20.00 post-reverse-split) and was down more than 50% at one point but after averaging down I'm almost back to even now. No idea how that will do in the next little while as there are strong opinions on both sides of the NatGas arguments about future prices. It's scary to think I'm basically doing the same foolish thing people were doing back in the late '90s during the tech boom - basically buying anything some stranger recommended and doing well at it. With the way the market has been since March, it's been easier to find big winners than losers or sideways-moving stocks. This won't continue forever and I just hope I have the willpower and fortitude to pull out or at least be more diligent with my research on stock picks when this bull-run ends. You don't have to wait until June 2010 to put in another 5k - Everybody get 5k new contribution room starting January 1 (or I guess technically January 2 since no brokerage or bank of any kind will process deposits on the 1st).

09-24-2009, 10:49 PM	#6
yyzvoyageur Member Join Date: Apr 2009 Posts: 44	My TFSA is spread over a couple of ETFs. Last I checked, it was up to $6600. I'm actually considering selling and throwing the whole lot into the BMO Monthly Income Fund along with next year's contribution. The 0.06/unit monthly distribution looks good and could nicely complement my all-equity RRSP and non-registered accounts. I'd definitely consider using it for high-risk trading, but at the moment I really don't have the knowledge or desire to get into that.

09-25-2009, 08:11 AM	#7
MoneyMaker Member Join Date: Jun 2009 Posts: 85	My TFSA is spread between two income trusts: inter pipeline and calloway REIT, doing quite handsomely right now.

09-25-2009, 08:33 AM	#8
lister Member Join Date: Apr 2009 Posts: 44	I'm likely going to take a few high risk chances with my TFSA to build it up. I haven't taken any just yet because right now I've got just WRK.UN in my TFSA which I have at an average price of $15. I'm up about $3000 not including dividends (a little over $400 for them.) Just have to decide when to sell. I'll definitely sell if WRK gets up to $30 where I'll double my $5000. I'm kicking myself for not buying them in my RRSP at around $14 when I had the chance. DOH! I haven't decided what my spouse's TFSA will have in it yet. Probably another REIT or KNA. No research done yet as I won't be contributing to her TFSA until the end of October. I probably won't play with her TFSA unless I'm dead certain on something.

09-25-2009, 12:31 PM	#9
Kinny Junior Member Join Date: Apr 2009 Posts: 22	I started my TFSA back in Feb and have split it into two accounts. I basically put $2,500 into a mutual fund (Precious metals) and another $2,500 into stock trading. So far, i'm up $2,000 which isn't too bad. I pulled out yesterday, because I feel the momentum of a rising US Dollar, which may lower equities and commodities. I'll get back in probably within the coming weeks.

09-25-2009, 01:47 PM	#10
Rickson9 Banned Join Date: Apr 2009 Location: Mississauga, Ontario Posts: 702	Although I understand that the TFSA's advantage is being a tax-free account, it still shocks me that some people use it to trade securities (ie turnover times less than 1 year). Are the trading profits from this really that compelling? Come on now...