Okay guys here it is. I’m planning to take two fresh accounts, put 5k in each account. Through very aggressive and risky trade management I hope to turn 5k into 100k (or 10k into 200k). It’s not going to be easy, and may require some serious patience, sometimes the accounts will be up, other times down. If you’re Canadian we’re going to do this tax free.
How? First you need to setup a Tax Free investment account. You can do this as long as you don’t have a tax free savings account. In Canada, if you’re over 18, you’re allowed to deposit 5k into this account and trade the heck out of it with ZERO tax liability. You are ONLY allowed ONE account, so if you have one at a bank you might see about moving that to a trading account instead. So if you make a million bucks, it’s all yours to keep. IF you lose it, you lose it.
My goal is not to lose it. I’m starting this exercise next week, and I will share the progress with the premium members of BULLS. I will share specific trades and blog screen shots of the progress as we go. I may not trade it everyday — and I will probably do very few DAY TRADES, it’ll be mostly swing trades as I’m better at them.
I recommend you open this account at Questrade (if you’re Canadian). It’s easy to do and will take a few days for them to confirm. Get your $5k deposited and we’ll make our first trade next week. MAKE SURE YOU OPEN THIS UP IN U.S. DOLLARS! Even though we may play some Canadian stocks, we want to settle in USD.
Now if you’re American I don’t know how you can do it tax free, but you can certainly follow along – nothing wrong with turning 5k into 100k. BTW, I am opening one for my wife and one for me, might even do one for my mom.
So to recap – what is required?
– 5K in a USD trading account at Questrade (a registered tax free trading account)
– Big patience, do not expect to trade everyday, don’t keep asking for other stocks, don’t over trade.
– A Premium membership at Bulls, GOLD preferred you can chat with us in the Boom Factory and look for other trading ideas.
– Don’t deviate and take your 5k account and plug it with other stuff. I’m staying on course with this, not going to mess around too much.
– This must be money you can afford to lose. If we lose it all, it was better than blowing $5000 at the casino.
– We may not make the 100k mark, but it’ll be fun to try.