Investing Truths: Investors' Tips for Getting Started

Placing your first trade can be intimidating, but you don't have to go it alone. Many self-directed investors have come before you. Some of them are pretty new, while others have been at it for decades. To be an investor is to be a forever student, so we asked some RBC Direct Investing clients for their best takeaways for beginners. What would they tell their earlier investor self? Here is what they had to say.

“A key lesson is invest early," says 59-year-old Carl¹. “Pay yourself, save some money and invest early in the market."

Start slowly, suggests 46-year-old Mario¹. “The best thing is to learn from other people's mistakes, not yours," he says. Or, as 51-year-old retiree Stacy¹ suggests, practice before you begin: “My favourite bit of advice to give is just set up a practice account," he says. “It doesn't cost you a dime. With a little bit of time, you'll get a really good idea."

Barb¹, 68, had a friend show her the ropes at the onset and then took control of her investments gradually. “It was helpful to me to have someone hold my hand," she says. “That may be something that some people may wish to have. Those who are perhaps already more financially literate, they can just kind of dive in." (To boost your investing knowledge, be sure to check out our Investing Academy.)

“Anyone can do it," says Brenda¹, 56. “Just do your research." Linda¹ agrees: “If you really want to invest, you have to keep up to date. I think probably everything that you need to know could be obtained from RBC Direct Investing or just the internet. I'm old, so I read books. But you don't have to!" says the 66-year-old.

“Don't make emotional decisions when investing," says 27-year-old Alex¹. “Be confident in your decisions and understand why you're making them, why they're the right choice for you. Stay rational."

For 44-year-old Marco¹, there's room for some emotion in investing: “It has to feel right," he says. “My gut has to feel, like, 90 per cent sure, but I complement that with research."

And how about when things don't go to plan? “There are some winners and some losers," says 29-year-old Luke¹. “You've just got to have a big-picture perspective. It's not a sprint, it's a marathon." Carl thinks long-term, too, which helps him keep calm through volatility. “Don't panic when the market goes down," he advises. “And enjoy life!"