Day 2: WealthSimple Challenge $100 to $30,000
This is day 2 update on my adventure through the stock market in the WealthSimple Challenge. If you are wondering what that is, I mentioned it in my previous post here. It is an investment challenge where we learn about investment in the stock market by making small weekly deposits (loose change investment by cutting down on activities like smoking or drinking and ploughing the saved money into our portfolio). Wealthsimple makes this possible and easy by offering a zero commission and no fees charged for every transaction performed on its platform. For those interested: Get $10 free to Invest
I bought 2 shares of Air Canada (AC) yesterday — at $24.15 each, by the end of the day that value had increased to about $25. I also bought 5 shares of HIVE technologies x $5.63 — HIVE dropped value by the end of the day mostly due to the downturn in the cryptocurrency markets. Bitcoin and Ethtereum losing value has been expected following the unreal climb of the last couple of weeks. Lastly, I bought 7 shares of CloudMD at $2.81each. The value of CLoudMD stocks also dropped to about $2.68 by end of day as well.
Per previous existing shares, I had bought 100 shares of WeedMD at $0.73 each. WeedMD as well as most other Cannabis stocks had been on the rise based off the speculation that the US Congress was going to pass some Cannabis legislation at the national level. That hasn’t happened yet, so it seems some speculators who had rushed cannabis stocks in the hopes of cashing in when the law was passed have now withdrawn. This has caused a price correction (at the time of typing this WeedMD is at $0.48, yikes!).
I’m not the least bothered by the price correction in the market that seems to be affecting some of my picks — I’m in this for the long term so price fluctuations do not affect my overall strategy. I am looking at investing in American Lithium, Standard Lithium as well as Galaxy Digital.
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