Turning to Canadian investing forums is something many do-it-yourself investors make part of their personal finance routine. Every day thousands of Canadian retail investors tackle managing their portfolios, while simultaneously seeking out the answers to their investment questions in the many online investor forums now available. Even though investing can be fiercely competitive, it is interesting to see such a high level of collaboration and general helpfulness within the online communities themselves.
Two heads are better than one
The biggest advantage of investing forums is the “wisdom of crowds” factor. If you are just starting out, forums are a great way to find out what a community reaction or insight may be into the countless types of questions, concerns or issues you may have. What are other people’s experience with a particular discount broker? Is an ETF a better investment vehicle than a Mutual Fund? Where do I get started with investing? These are all great examples of the types of questions forum participants ask and answer on a regular basis. A second great feature of forums, especially the busier ones, is that many of the topics/questions investors often face have likely been covered and potentially categorized by the forum moderators/creators. Here, new investors can browse thousands of questions and answers all previously asked by other new investors.