Project management: Purchase preparation of Canadian oil stocks

 August 23, 2020

Introduction

It is interesting for me to think about how to manage a project with $70,000 Canadian dollars, short term or long term project. If I can make short term profits for 5% to 10%, then the gains will be same as my full time monthly income or more. I should take it seriously and do more research before next Monday. Remember I am a 53 years old, but still a beginner to invest on individual stocks. 

Project management

I do think that it is not so easy to save those $70,000 Canada dollars over 10 year full time job. I did not purchase any real estate in Canada after I came to Canada in 2010 April. 

I have to take some risk and learn the importance to invest. Focus on long term, not short term result. 

Here are ideas to prepare better for this purchase:

1. Go over all oil stock from fenviz.com, and put together a Yahoo finance portfolio, so I can spot trend of oil stocks in one place;
2. Evaluate how many more dips after August 21, 2020, should I wait for another 3 to 5% dip? 
3. How to find more oil stocks and then purchase together to add more diversification?
4. How to take risk if market crashes in next week? 
5. Make plans for long term - 3 to 6 months as oil stock holders. 
6. I do believe that I will have chance to get my capital back if market crashes next week. I need to be patient. 
7. Prepare an Excel sheet for my July 31, 2020 purchase. Work on my last purchase, and find weakness and strength to work on. 
8. Stay confident, and allow myself to make mistakes. 

Fenviz -> Screener -> Sector -> Energy -> top 110 stock with capital > 1 Billion

I manually typed those 110 stocks and added those stocks to Yahoo->finance -> portfolio. 

Actionable Items 

 

August 24, 2020

Next time make sure to enter all those orders into TFSA. When I tried to place order, the market already went up. 

It is better for me to find time and place no pressure, enter those order into Questrade.com, not just Yahoo->Finance-> My portfolio. There is risk and concern every time the project is a big one. If there is no order, then nothing can happen. 

It is important to understand myself as a risk taker. I have to make this happen as a beginner. It is best to enter those orders before I go to bed in Sunday night.