Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie

Degiro for a newbie

Options
  • 05-03-2019 11:39pm
    #1
    solari
    Registered Users Posts: 1 ✭


    I recently decided to sign up to Deigro and looking for some advice (sign up first, ask questions later). Basically I'm looking for an alternative to gambling (and I know this is just another form of gambling) as I would spend (lose) approx 1k per year on sports betting. I'm fine losing this amount as it's my only vice but I'm thinking maybe I should be putting that 1k towards something else (as clearly I'm part of the 99.99% of gamblers out there).

    If you had 1k right now to invest through Degiro, how would you approach it? One share or multiple shares? Is trading frequently a good/bad idea with that level of investment vs the fees involved? Will trading cause headaches at year end when it comes to CGT if I decide to cash out?

    I had a look at other threads and read one from a few days ago regarding profit and paying CGT on it. Am I right in saying that if I invest 1k today and make a profit (highly unlikely of course) of 1k by the end of the year, and decide to cash out on 31 December, Degiro will credit my account and I don't need to file this with Revenue as it's below the 1,270 threshold?

    Thanks.


Comments

  • Options
    #2
    Bob Harris
    Registered Users Posts: 3,462 ✭✭✭Bob Harris


    For CGT your example is correct if it was the disposal of just one asset.
    If you made multiple disposals some profitable and some loss making, despite total profit being below 1270 I think you are then requried to make a declaration. I'm open to correction on this.

    As for substituting betting for investing - you're probably used to placing bets daily on today's events,
    buying shares can be very short term a few minutes for day traders but patience is generally the key.
    It could be weeks, months or years before an investment bears fruit or enough fruit to make cashing in worthwhile.

    If the price does fall, once you don't sell you don't crystalise a loss - if you do you've torn up the betting slip. There is some value there and it may recover. Warren Buffett is accedited with saying that the stock market is a great device for transferring money from the impatient to the patient. By and large that is true.


Advertisement