Today I start to publish daily reports on my attempt at the WealthSimple $100 to $30,000 challenge.
My name is Victor and I live in Toronto Canada. Sometime early this month, I stumbled on the WealthSimple investing challenge — it involves opening a WealthSimple account(for free), start investing with $100 (trading is also free!) on the app (available to persons in Canada and USA), grow this portfolio through small loose change investments. One can scrape these funds through simple lifestyle changes (e.g. stop smoking or drinking, but invest the saved change into your WealthSimple portfolio), follow the community and keep your investments for the long term. See the YT page that started it all for me here: https://youtu.be/0ER1xVGqdhg
So about 2 weeks ago, I opened an account and put in $100 in my new account, it took about 3 business days for the funds to be made available for trading. I bought 100 shares of WeedMD (WMD) at $0.73/share and then bought some HIVE Blockchain shares for the remainder. The plan is to hold these positions for the long term (No Day Trading!). WealthSimple makes it so super easy for newbies to start investing while the community at Rye’s youtube page (linked above) helps provide great support as well as tips on stocks that hopefully would grow one’s portfolio over time. I followed the daily videos as well as went through the comment section to see how other community members were doing.
My first week results were awesome — my stock picks of WMD and HIVE were on a rally, WMD jumped to $0.98 but eventually did have a market correction and the price fell but my overall portfolio was still up by about $15 due to HIVE’s incredible 120% increase — wish I’d bought more. (I learnt first hand, the value of diversifying one’s portfolio here).
I hope to do the following now:
- Increase my portfolio weekly through carefully selected picks that I believe would be profitable in the long run (I have been learning how to spot these). My current watchlist include: HIVE, WeedMD, CanadaAir, Roku, American Lithium and
- Provide daily updates on my picks, and how my shares are doing (I want to keep myself accountable and not chicken out when the chips are down): You can follow my updates here: https://www.youtube.com/channel/UCb7cZu-UuLJvXLNzJLGOhGA
- Continue to learn about the stock market and how to take advantage of the growth investments — I will share my findings with the community at Rye’s page as well as mine. Hopefully we can help each other grow.
Use my referral link to get $10 to trade with free!— https://my.wealthsimple.com/app/public/trade-referral-signup?code=YMYLIQ
You can join the WealthSimple Challenge by visiting the WealthSimple website or downloading the WealthSimple app on IOS or Android.