Traders who pinch pennies make pennies
Canada eliminated the penny a year ago and all cash transactions are now rounded.
This oldtimer tracked all his purchases to see whether he was losing money or coming out on top.
“Here, for example in April, I was up five cents,” said Roger Guitar. “In February I was minus-23 cents.” “Here, we bought some flowers for $11.48. They charged me $11.50, so I lost two cents.”
After a year, he came out 89-cents richer due to the favour of the rounding gods.
Guitar sent his study to Canada’s finance minister who thanked him for his calculations.
The finance minister must have been like, who is this joker and how did he get my address?
Anyway, I give him credit for tracking his costs. Old friend Sean Lee had a great post earlier today about the biggest mistakes retail traders make. One of them is overtrading and that’s something where spreads and costs can eat up your profits.
