Ah profitable trading. The ultimate goal of any man or women when they first start in the market. We read websites, blogs, magazines etc. and hear all about how you can make a lot of money in the markets.
Yes, this is true but what is difficult to understand is the reality of how hard it really is.
Most of us,(myself included in the beginning) are blinded by these claims and dive head first into trading not knowing what to expect other than overnight wealth.
Scammers, frauds, whatever you want to call them offer these fake claims of making millions and you can too. This is an unfortunate part of the business we endure day to day. Evil people preying on the less knowledgeable.
Disappointingly, it’s a common trait in many industries, not just ours. Some of you will read this and think you are or can be an overnight success and that’s great for you.
Unfortunately though, if you want to be in it for the long haul you will experiences many testing times. Just look at my own trading story as an example of that.
So now to the real question as to why you are here.
What is the truth of how long it takes to be a profitable trader?
The simple answer is it depends on the person. Okay, I know you will want more than such a broad answer but let’s go through some examples of what I’m talking about.
People are different. Not one person in the world is exactly the same. The time it takes to get profitable trading varies greatly from one person to the next. Let’s not beat around the bush here.
It takes the average person a lot of time. Anywhere from 1–6years is a marker. Now, don’t be alarmed. Some of you can do it in under a year but consistent profitable trading on average takes time to master.
You’ll see below how we can cut this time down substantially nowadays though ! So don’t be disheartened.
It can almost feel like you are in a hopeless situation learning nothing and just wasting time as you go through trial and error. I know first hand exactly what it is like because it took me time to get my trading consistent.
You wonderful (and obviously smart) readers are here because you are probably tired of hearing the overnight b.s. nonsense. I’ve been in your exact shoes. Sick to death of losing money and tired of hearing how easy and great it is.
Let’s think about it :
The average college degree takes 3-5 years
Learning a new skill can take 1-5 years
Mastery can really only be achieved after 10,000 hours ( Malcolm Gladwell Principle)
Don’t even think after 10,000 hours of practice you are all set to go. There is a very valid point that the way you practice is just as important as the length of time you practice.
Obviously if you are continually practicing bad habits, you will get absolutely no where so the important thing is to learn sound principles from the very beginning.
You can get started with a simple process and step by step here. Your foundation and principles will be better going forward as a result. Then, you will be practicing more efficiently.
In many sports or skills in life, there is the nature versus nurture debate. Academics and everyone in between will argue which makes more sense to them. In trading this debate is no different. In my opinion, some people have natural talent but don’t be discouraged by that.
For any of you who don’t know, the Richard Dennis story shows that trading can be taught to people that have little to no experience whatsoever in the markets.
So don’t be fooled by thinking you were not born with the right genetics for trading. That is nonsense and any single person out there reading this has the power through hard work to achieve their goals and become a consistently profitable trader.
What can cause you to take longer to become a profitable trader ?
There are many things that can slow down the process of consistency. Above we talked about not practicing efficiently. So let’s dig into some of the other ways you may be slowing down the time.
Not learning from previous mistakes
Not taking responsibility
Those are some of the most common reasons traders take a long time to overcome hurdles.It’s amazing how many errors us humans can make, even the most basic of ones can have such a big difference on our underlying performance.
Let’s dig into this a bit more so you can ensure you don’t fall victim to them and drastically slow down the time it takes you.
Self explanatory really ! All you are doing is putting trades on all the time for absolutely no reason with no plan for risk or anything. This is the worst case and needs to be addressed rather quickly or you will soon find yourself broke.
The gambling trader (although you aren’t a trader if you just gamble) is usually what happens at the very first stage a person enters the stock market. It’s an unfortunate part of the learning curve.
You make trading decisions because it looks like it will go up or down. What a load of baloney …
If you can read this and learn from it, don’t do this. Obviously if you are a complete rookie, set up a paper trading account and put on trades just to learn how the software works.
That is completely fine.
I must confess, this was a big thing when I started out. Literally, I could go through many different strategies during a month. From one to the other. Can you imagine the losses you could pile up doing this ?
It’s a surefire way to go broke fast !
Now, obviously when you are starting you need to experience the markets to understand the different trading strategies. But after maybe 3 months of studying, you should have an idea of what kind of strategy and style would work for you be it day or swing trading.
This is by far the most critical a mistake you can make. How can you improve if you have no real idea of what you are doing in the first place ? You need to write down EVERYTHING about your trading, entry, exits, risk, emotions etc.
Once you have this down to a tee, you will be able to notice patterns in your trading and start to develop remedies for improvement. This can speed up the time it takes to become profitable very quickly.
In fact, if you take anything away from this entire post., this is the most important. You need to track and write down all your trades. Heck, there is even journalling software that does it all for you.
Obviously, you need a journal to know the mistakes you are making. But you will slow down the time to get consistent if you are not learning from mistakes. It is hard to make certain changes but if you see that something is causing you to lose money, you should find it much easier to adapt.
Mistakes examples include :
Searching for the holy grail strategy ( there is none)
Risking too much
Not following your trading plan
These are just some common mistake. Trust me, when you look through your statistics, you’ll notice tons of them. Not to worry though, once you spot them you can go about fixing them and getting better. It’s all part of the growth of a trader.
Not Accepting Responsibility
This is another problem. You are blaming everyone and anyone for your losses and lack of consistency. Where will that get you ?
Absolutely nowhere !
So what can you do? Own it! Accept that certain things will happen both within and outside of your control over you trading career. Focus on what you can control and take full responsibility for it.
I guarantee if you don’t, you’ll get nowhere.
Top Traders And How Long It Took Them
Feeling like you are the only one out there not able to break the cycle into consistency. Don’t be discouraged. Some famous and well known traders took years to master the craft of becoming a profitable trader.
Here are just a few.:
Mark Minervini – Multi Millionaire market wizard took 6 years
Paul Tudor Jones – Took over 3 years and still had very big 60-70% losses before making it
Jesse Livermore – Came back from many huge losses
Just small example of traders who came back from losing to make millions. There are tons of modern day examples of similar stories so don’t be disheartened.
I know sometimes when you are following some traders on twitter it can feel like you are the only one losing but I can tell you that couldn’t be further from the truth. Many people out there are struggling and you are most definitely not alone on this.
How To Speed Up The Time It Takes To Make Money In The Markets
Well, the best way is to learn from my mistakes and others. Keep a journal, learn from your mistakes and take full responsibility for your results. That is the first and most important part of speeding things up. It doesn’t guarantee you will be profitable if you follow it but it puts you on a good path.
Another great way to fast track your learning curve is to find a mentor. In the modern day, there are tons of mentors willing to teach their strategies. The hard part is finding a good one. Unfortunately, there are lots of snake oil salesmen trying to sell you a dream when in fact they aren’t profitable traders themselves.
Again, it doesn’t guarantee you will become a consistently profitable trader but it can most definitely help.
Right, obviously by now you can see that learning to be a consistently profitable trader takes time. How long is entirely and souley up to you. If you can take some adivce from this, you may drastically speed up the learning curve.
Some of you may follow this and speed things up, others may not. But would you rather know in one year rather than 5 if you will make it as a trader or not ?
I know what I would certainly choose. Don’t be discouraged by how long it takes. Journalling can massively help and keep things moving faster. Some of you may get this after a short period of time.
For the rest of us, it’ll take some time as it did for me. If you really want it you’ll get there eventually. The very best of luck on your journeys.
Let’s face it, all of us are emotional human beings. Some more than others. So what’s the big deal? Well, one of the biggest factors contributing to our financial well being is our ego, yet it rarely gets discussed.
Picture the days in your school playground as a child. You arrive with new sneakers thinking these are the best only to find that your friend, let’s call him John, has a better brand. Enraged and upset, you cry and beg your parents to get you new ones. Does this sound familiar ? Okay, maybe not exactly but you get the point.
Unfortunately, this doesn’t stop at childhood. It manifests all throughout our lives for many of us. As we get older, the things we want usually get more expensive too!
So how can we keep things in check? Well, the first thing we must do is face reality. Take a look around your home. Are there any items you bought on an impulse because you wanted to ’one up’ a friend or family member?
If there are items you felt you needed to have because you wanted to appear successful, this too can be regarded as an ego purchase. These types of purchases aren’t restricted to the average person. Even billionaires and multi-millionaires have lost the plot and gone overboard on their spending.
Just take a look at the F1 Monaco GP weekend. Billionaires come with their yachts and there is always a competition on who has the biggest and most luxurious yacht.
For them however, they can afford it. For the rest of us mere mortals, losing the run of ourselves can really harm us financially. So let’s dig into what to look out for and try to fix it before it’s too late.
Above we said to look at your recent purchases. Well if the reason you bought for example the latest 65 inch TV was because Brad across the street had a 50 inch, you might have a problem.
This is just one example of many. A lot of ego based purchases are done on impulse too which is a recipe for financial disaster. These irrational ego based costs can really add up and eat into your finances over time.
A person suffering from an inflated ego will never be satisfied and always want more so it’s a never ending cycle of spending money.
Do you ever spend unnecessary amounts of money to appear wealthy or successful? Well, this can be a very dangerous thing. Before you know it, you will have a large storage of junk you don’t need.
All this to improve your image with people that are probably not even your friends. When you take a step back and really look at some of the ridiculous things we buy to appear successful, it really can be an eye opener.
Many ego based purchasing decisions are made because people believe they are entitled to spend large amounts of money on themselves. If you have the money to do so, great! But a sure fire way to go broke fast is to buy deprecating luxury assets on credit.
I only wear designer clothes
There is no other option
I deserve this at any cost
Unfortunately, if any of the above statements ring true, you might want to re assess. Self-entitlement mixed with finance can be very toxic so keep a very close eye on this.
Too Much Pride
When you have too much pride, your ego won’t allow you to shop at thrift stores or bargain hunt. Did you ever say to yourself that you are way above shopping for bargains or at a thrift store?
If you have then Houston, we have a problem! But not to worry because the very fact you are reading this article means you are on the right path to eliminating these negative thought processes.
Refuse Any Help
This is another big one. Your ego is causing poor decision making and you refuse any help. This can be especially devastating because it usually ends in eating humble pie.
Never be ashamed or let your ego get in the way of receiving help when needed. Some of the greatest people in the world openly admit to asking for help at one time or another in their life.
Top Tips To Stop Ego Based Expenses
Great! If you made it this far, you acknowledge you may have a problem and want some tips on dealing with it. Well do not fear because these are some useful tips to implement straight away.
Identify the main culprits for ego based spending
If you are around a friend that always has the newest handbag/gadget etc. and there is a feeling you must beat them, it’s probably best to reduce your time with this person or at the very least explain the situation to them. If they are truly your friend, they will understand and respect your decision.
Leave cash/credit cards at home
This is a quick fix hack to stop the irrelevant purchases. If you haven’t got cash on you, you obviously can’t waste money. A simple trick is to only bring enough cash for required expenses. Give your partner or any loved one the credit card and extra cash you might have. This acts as a protection against yourself
Some of us may really struggle with curbing our spending and always in a state of competition with others. There is no shame in this. It can be a problem. We are all humans and can really get emotional at times. A trick is to sit down with your family and talk it through. Then work out how you will move forward. There is also some great free resources out there. Just look at your local counselling services.
Get New Hobbies
Find alternative activities that you may enjoy doing. That means you will have less time to spend pampering your ego. It also can be great to have some fun things to do.
Always Ask This One Question
Did you intend to buy this item or you buying it because you need to get the newest one to appear better than others? If you answer yes, put the item down and leave the store. You don’t need it.
What we mean here is set yourself a goal like going on a dream holiday you’ve always wanted. That way, whenever you attempt to buy the newest thing to be better than others, think about how much better that money would be saved for that beautiful trip.
What to do now that your ego is in check?
So you’ve figured out you were buying to feed your ego and have fixed the issue, Great! You have some extra cash lying around now. As mentioned above, you can go on a dream holiday. Alternatively, you can start saving the cash you normally would spend on silly things.
There are some great money saving apps that may help you now that you aren’t overdoing it on spending. Overtime this can add up too! A brilliant task you can set yourself is to go through your bank statements.
Add up all the costs you have from silly purchases. You may be surprised with how big that figure is. If that is you, now think of having that money in your bank account for a rainy day. That will be sure to put a smile on your face.
Alright, you know what to look out for. Always keep a good eye on yourself. The above examples are what can happen if we let our egos run wild. While you may not bankrupt yourself with irrational purchases, you can still make a large dent in your financial well-being.
Use the tips above for simple tips that can get you back on track. While some of you might be okay with this, others may not even realize the damage their egos are doing to themselves.
Never forget how out of hand things can get. If you do a simple audit of your finances, you might be surprised how much money is going on things to feed the ego.
Be true to yourself, otherwise you will continue the same cycle of buying unnecessary things to appear better than others. It won’t always be easy to resist at the start but over time you should be on a good path to normalizing expenditure.
If you ever struggled with ego based spending, just remember you are not alone.
After Bitcoin, thousands of new cryptocurrencies (altcoins) came to life taking advantage of the technology is introduced, the Blockchain. Nowadays, there is a whole specific market for them that, despite showing similarities with the regular exchange market, pose significant peculiarities unparalleled by anything that came before.
Cryptocurrencies are intrinsically linked to the technology behind them. Thus, new cryptos may have their value appreciated if they are able to offer a solution for a new and significant problem of the society or the market.
Once you start learning more about each cryptocurrency technological perk, you’ll start getting accustomed to the market surrounding them.There’s a wide range of tools that any newcomer can easily use to buy or sell cryptocurrencies, to learn about them and to aid in decision-making.
Here’re the 10 basic tips essential for anyone who wants to effectively start trading cryptos.
1. Understand How The Cryptocurrency Works
Try to understand, as much as possible, how the cryptocurrency works before deciding to invest in it. You can start that using a document called “whitepaper”, which is available on every crypto’s website. Whitepapers are documents released by cryptocurrency developers with a detailed technical explanation about them.
If the whitepaper looks too technical, you can look up this information in the FAQ on its page as well. Consider: Does this currency bring any relevant innovation or is it more of the same? Does it have a practical potential for adoption? If the answers are positive, then it’s a good sign that it can be a good investment.
2.Check The Historical Price Chart Of The Cryptocurrency
Abrupt highs and lows can indicate a good opportunity to invest but can also be a sign that a group is manipulating that market. In general, analyze the price chart to check if there is something suspicious and incongruous at that timeframe. For instance, a cryptocurrency price may be rising steadily because the team has released a very popular update.
On the other hand, its sudden appreciation may be a result of some financial scheme. A popular site that shows the price chart of all altcoins is coinmarketcap. Here’s an example of the popular Bitcoin price chart.
3.Find What People Are Saying About The Cyptocurrency
They won’t always be right, but if you can perceive a certain consensus then it’s very likely that they will be. You can use sites specialized in technical analysis, like tradingview, or search for the crypto name in Reddit.
If there’s anything suspicious, they’ll probably be talking about it. At the same time, you need a keen eye to identify what is real and what is just FUD (“Fear, Uncertainty, and Doubt”), so research as much as possible using different sources before missing a good opportunity.
4.Check What Exchanges Trade These Products
Sometimes the crypto will only be available in exchanges that you cannot or do not want to join. In this case, even if it’s a crypto that piques your interest, you won’t be able to effectively negotiate it.
5.Check the Cryptocurrency trade volume
You may have trouble dealing with a crypto that doesn’t have enough trading volume. You can use a website like coinmarketcap to check how much of that cryptocurrency is being traded in a timeframe.
6.Open An Account In An Exchange
You need to be registered in an exchange in order to buy and sell cryptocurrencies.
7.Check If You Meet The Requirements To Open An Account
Most exchanges have restrictions, like accepting users from a selected list of countries or about which payment methods they allow. Some may require things such as a picture of your ID or other personal information.
Be careful who you send your personal information to and always do your due diligence.
8.Look For Information About The Exchange’s Reputation
How long has the exchange been in operation? An older exchange is more likely to be a legitimate business than one that has just shown up. Do a search about them on pages like reddit and check if people talk about it there and what they say about it. If there are not enough people mentioning the exchange on Reddit or other social media, you should be extra cautious about it.
9.Check If The Exchange Has Liquidity
If the exchange does not have enough liquidity, your buy and sell orders can take too much time to settle. You can look at its order book and see if it is active, with a good rate of buy and sell orders being placed and liquidated. You can also check which exchanges have the highest volume traded in the last 24 hours using some sites, like coinmarketcap volume.
Have a look below
10.Evaluate The Rates Charged By The Exchange
Every exchange will charge a fee for transactions facilitated by it. In some cases, even if the exchange seems really good, the price it may be unfeasible, especially for small transactions.
Trading cryptocurrencies can be a very lucrative business. The trader should have in mind that to achieve the best performance in this market, as in any other type of investment market, they should devote themselves to research as much as possible.
Getting started in this can be a daunting task when starting at. The most important thing is to avoid scammers and common pitfalls. Always check exchanges credibility and as mentioned look through Reddit and other forums to get an idea of what is safe.
However, even some people in these forums and social media platforms are promoting questionable stuff so keep that in mind too. Keep an eye on all the fees associated with trading these products as they can be the difference between a profitable and losing trading strategy.
The very best of luck
About the Author
Morshed Alam talks all things Crypto on his own site KingsofInvesting. He teaches how to quickly avoid the common mistakes that investors make with the King of Investing’s free training videos, strategy guides, and tutorials, Don’t Spend A Fortune When Investing In Crypto, so you know exactly what you need (and what you don’t) to build your fortune.
Lets start out with this simple question, is selling stuff and making money on eBay dead? While it may be much harder and more competitive and with the growing popularity of Amazon over the last few years, you may be forgiven for believing it’s next to impossible. But don’t be discouraged! There are lots of people out there making a living on eBay.
While you might not get rich overnight, it can be a great way to bring in some additional income. And some of the stuff you can sell might be lying around your house right now gathering up dust. So why not get the few extra dollars?
That leads us on nicely into the first step…
1.Sell Your Unwanted Or Used Items
Ebay is a great place to sell your second hand stuff. Start out by simply listing old items around your house on the site to get started. This way you can really learn how it all works and not jump right in at the deep end. After selling a few items, you’ll start to get an idea of what is selling and what isn’t.
If you think you haven’t got any items around your house to sell, think again!
You can sell anything from new items to completely broken stuff. Here’s an example.
So that old damaged Xbox can bring in some dollars. Does that sound good to you rather than having it laying in your house? Okay you still don’t have any stuff laying around the house, then what?
Well you can go to your local flea market or yard sale and find cheap stuff to flip online. This can really get you started at a very low cost. Have a look at the video below of a guy who makes his living doing just that.
The opportunities are endless when starting out. Again, the goal is to learn the ropes. We are not jumping straight into a business. Instead, we can build up our eBay reputation and customer feedback.
That’s very important for trust. The better the score of your reviews, the more customers will trust you and what you are selling.
Above is an example of the rating of a seller. You can see they have a 4.5 star rating which is great. Would you rather buy your headphones from that seller or someone with no ratings?
I think I know what I’d pick. So get those positive reviews coming in from the start.
2. Check Ebay, Shipping & PayPal Fees
Yes, I know! Who likes paying fees right? They suck but are something you must take into account. Not just ebay fees but paypal, shipping etc. Now, I’m not going to get into all the fees but needless to say you most definitely need to check out the total cost.
Have a look at ebays help page for all fees to get an idea of how much it will cost you. Another important factor is shipping costs. This can really eat into your profit margin.
Alternatively, if you prefer a quick fix, this fee calculator is a useful tool to help you out. Here’s a quick view of how it looks with sample figures input.
So yes, the fees can add up as you can see from the example above.
A simple tip here is to try sell items that are smaller in weight and size. This makes shipping so much easier. It’s not a requirement obviously but when starting out, it might be something to consider.
Bubble wrap (depending on products you’re selling)
Marketing material ( if selling from an eBay store)
While on the surface these might not seem like a lot, they can over time add up. A simple hack here is to check Craiglist or eBay for packaging material. You’d be surprised what you can get for dirt cheap or even free.
Marketing material is more relevant if you set up a store and want to create your own brand. This can be a lot of work at the start but it can pay dividends down the line. You can make your own prices once you show you are a reputable brand. Just look at Nike, Apple.
While you may not be the next Nike or Apple, you get the idea of the power of branding.
4. Pick A Niche
Okay, you’ve sold a few things from a yard sale or lying around the house and now you want to get serious about it. What’s next? Well, you’ll want to pick a niche.
Now the sky is the limit here. But it’s very important to do your research. If there is little to no demand, you won’t sell very much. And if the profit margins are too low, it might not be worth your while.
So dig into all the different markets and also what you might like to sell yourself. You can check so many metrics and study them. Let’s look at an example.
Google trends is a cool free tool where you can see the search history over a selected period of time. So using the example above, if we were researching vegan diet related products, we can see how much demand or interest there is over the past 5 years in this specific example.
This is very good tool because you know so much more information about the demand for a product then just guessing. When you go through a few different niches, you might spot a trend i.e. something you can exploit and make money with.
Don’t brush over this step. So many people love to just get straight to the eBay store. But this is very important. Picking the right niche can make a huge difference.
5. Decide Your Business Model
Okay, now things are getting interesting. Once, we have our niche picked and have done some research, we now want to pick how we will source our products to sell.
There are so many different models available to us. Drop-shipping, Private Label, Wholesale, Manufacturer etc. When starting out, drop shipping can be the best option as it’s the easiest and cheapest.
The great thing about dropshipping is you don’t have to pay for the products up front. Instead, when a customer makes a purchase through your store, you then put the supplier directly and they’ll ship it to the customer.
Where can we go about doing this? Well, there are lots of places but the most popular are:
Let’s have a look at the pros and cons of each.
Alibaba is a great place to find suppliers around the globe for almost any product. The benefit here is they will manufacturer and ship for a cheap price but you must buy in bulk usually. On rare occasions, if you contact the supplier directly, they will allow you to buy smaller amounts to test.
Instant Access to Global Suppliers
Can manufacture and brand your products
Can be language barrier especially dealing with Chinese Suppliers
Products can arrive faulty or broken
Some suppliers are just bad in their list (so do your due diligence)
Aliexpress is part of the Alibaba group but is tailored more to drop shippers specifically. Many new dropshippers start here.
Easy to get started with little to no cost
Massive amounts of products available
Dropships with ease
Delivery time can be long ( more than 2 weeks to ship to customer)
Customer service can be a nightmare
Language barrier can be terrible too
Some suppliers are just rubbish (so again do your due diligence)
An online platform linking wholesaler to retailer, Salehoo is another popular business model for eBay stores.
Great Customer Service
Great product lists
Quicker delivery for dropshipping products
Prices are more expensive
Profit margins not as good
Hard to create your own brand
So weigh up what model you want to have and what suppliers you prefer to use. This can take some time so do proper research on supplier and email them for more information before placing an order.
6. Set Up An Ebay Store
By now, you will have a basic idea of how Ebay works and what is selling. You’ll also have gained some experience selling and dealing with customers from the stuff you sold at home or from the yard sale.
It’s time to move onto setting up an eBay store.
Why do this?
Well, there are so many benefits to it. Increased visibility, lower fees and a lot more. Ebay puts more weight on stores as they tend to be more reliable than private listers who can disappear. As a result, you can get more traffic to your listings.
You’ll need some legal documents when setting up the store. (tax info etc.) Once you have the relevant documentation or need more information on ebay stores, check out ebays info. page and follow the instructions.
7. Improve Customer Service
Yes, that’s right. Boring and tedious work ! But be good with your customer service. You need those good reviews so helping out your customers with whatever questions they may have is a very important task.
If you scale your business, you can hire people to do this but for now, we want to be answering any emails as fast as possible to put the customers mind at ease.
And trust me, there’ll be times you want to literally smack some of the people that email you. But always be polite and professional. It pays to be nice in the long run and for every one ignorant or rude customer, there are 100’s of nice ones.
8.Grow Your Ratings
This can tie in with the customer service step but it’s always smart to ask for feedback. Asking your customers how their experience was can massively increase the odds of positive reviews.
Because it shows that you care for them. And the higher you are rated, the more sales you will make. It’s that simple. It will give you an edge over your competitors.
Think for one moment you and your competitor are selling the exact same product for the exact same price but you have a higher rating on ebay. Who do you think the customer is more likely to trust?
Obviously you ! So get building your reputation right from the beginning.
One other thing to keep in mind is you will not please every customer. No matter what you do, there will always be a small few who just love to complain and moan. Don’t let it get to you and instead focus on the positives.
9. Keep Good Records
This is a tip that it worth remembering. Be smart with keeping all emails from customers, receipts etc. This can all add up so filing them diligently is a good idea! Again, do this from the start. You’ll be glad you did.
Unfortunately, there are people in the world that try and get items and then claim they never received them to get their money back.
Also keep good records for any eBay disputes so you have proof that items were sent and/or delivered. This will offer an added protection should the unfortunate scenario arise where you come across one of these people.
10. Understand Why Other Ebay Sellers Fail
You might be wondering how knowing why other eBay sellers fail is relevant to you and your ambitions to making money on eBay. Well, let’s get into it. If we know why others are failing, we can learn from their mistakes and try not make the same ones.
This can obviously speed up our own learning process. Now don’t get me wrong, we all make mistakes and you more than likely will too. But here are some common mistakes failed eBay sellers make.
Try and focus on these and make sure you don’t make similar mistakes when you begin selling. Some have been discussed briefly above but let’s dig into a little more detail.
Poor Feedback:Yes, I’ve talked about building your positive feedback because it really is important to build trust. Sellers fail because they neglect to get their customers happy and up to date with any questions.
Not Knowing the numbers: You see the eBay fee calculator above, make sure you use it! A $30 profit can decrease pretty fast when all fees are applied so know exactly what your costs are.
Poor Product Images/Titles: This is another common reason sellers fail. They put up crappy images and use really poor titles. You need to be as descriptive as possible and list out the benefits a customer would have using your products.
Not Studying Your Competition: If you don’t know what your competition is doing, you will more than likely fail. Check out what prices your competition is selling for and see can you do something better or different.
These are the most common reasons for failures in the eBay selling community. I’m sure there are many more but if you focus on these starting out, you should be ahead of most people who neglect it.
Bonus: Ebay Success Stories
Now, getting started on eBay and making a living from it wouldn’t be the same without showing some examples of what can be achieved. Here are just some success stories to show that anything is possible and offer some inspiration for all you aspiring sellers.
I’ll show examples of people who make a good living to some sellers who made millions.
She began selling on eBay in 2013. The majority of what she sells comes from thrift shops. Her main focus is women’s clothing. Now she makes net profits of $3k a month while working at home. Not too shabby eh ?
I’m sure she would agree if she can do it, anyone can do it and how many of you wouldn’t mind building up your own business like this?
Claire Haines & Melissa Burton
These two ladies made millions selling lingerie on eBay. They started out selling bras in 2009 from a garage and now sell exclusively on ebay. They now have over 20 staff to help run their business.
He started out selling mobile phone accessories from his parents garden shed with very little money, as of 2016, his business turned over $75 million dollars in 2016. (not all of this came from eBay)
So there you have some small success stories and there are many many more. So I hope you get inspired and go on your own journey.
So there you have it. A guide on how to sell on ebay for beginners and make a living. I hope some of you are inspired by the success stories and get started yourself too.
Ebay can offer wonderful opportunities if you are smart about it. And who doesn’t like a little extra income every month? With the vast amount of suppliers and dropshippers out there today, you can get started in almost any market.
Just do your research and understand all the weaknesses so you don’t get a nasty surprise. Even when starting out, just sell a few items here and there. You can earn an extra few bucks doing that and it’s always great to get started this way.
So with that being said, all the best on your journeys and would love to hear from you in the comment section about your experiences with your own store.
From the outset, it’s important to understand the meaning of peak performance. According to the dictionary, peak performance is “a state in which the person performs to the maximum of their ability, characterized by subjective feelings of confidence, effortlessness and total concentration on the task”
Now imagine for one moment you have ambitious goals in life. You need to perform at your best in a sport, job, whatever it may be. Performing at your best and in a totally focused manner can result in massive improvements both in your life and in whatever you set out to achieve.
So how can you go about performing at an optimal level?
One thing is certain, it will take a lot of hard work and discipline to get to that level. However, once you are there, as the definition states, you will feel confident and all you do will become effortless and second nature.
Do you get into your car and drive without even thinking about it?
Well, if you’re driving for even just a year, you more than likely do. It’s second nature to us. But imagine when we were learning how to drive. Everything became a focus. The pedals, handbrake, steering and the other vehicles around us.
Through practice and experience, we can drive as easy as we breath and never think twice about it. This is the ideal situation to be in for anything we want to perform our best at.
So let’s dig into the nitty gritty of the steps required to achieve peak performance and mastery. Following these step by steps can really start to make an impact on your life.
How To Achieve Peak Performance
1. Goal Setting
From the beginning, we need to understand our goals. Writing down a clear list of goals we want to achieve is paramount. Without it, it’s like driving blind. Never a smart idea!
Be truthful to yourself, how many of you have a written list of goals or even a single goal? We need something to aim for and having a concrete list of goals can be a great target. No need to reinvent the wheel. Just simple and to the point!
Now most people will leave it there. Their goals are written down and they are ready to go. There is only one problem. How on earth are they going to achieve these goals?
This is where we are different. We want to ultimately achieve a high performing state. We need to be very specific on how we set out to achieve our goals too. Here’s an example to illustrate the point.
Instead of writing a goal like this :
I will become the greatest manager in my job
We would instead write :
I will become the greatest manager in my job by reading two leadership books per month and applying what I learn
You notice the difference? A clear goal outlined with clear instructions on how to achieve it. This is all part of the peak performance formula.
2. Structure Your Day
We perform best when we are alert and fresh. Most commonly, this occurs in the morning after we are up and ready to go. Because of this, structure your most important tasks for this time period as you will do the most work and get closer to the all important goal.
Peak performance will only happen by taking small steps in the right direction. By structuring your day to be doing the most important tasks when you are the most alert and energetic, you are moving at a faster rate to a state of peak performance.
I get that this can all be a bit overwhelming at the beginning but you may be surprised how fast you get into a routine. Remember what was said about driving above?
Eventually, the goal is for anything you do will become second nature and you eventually won’t have to think twice about it.
3. Health & Exercise
I’ll start this by saying I’m in no way a health or exercise professional. However, extensive studies show the benefits of exercising. If we can become more productive through exercise, it’s always very important to get a good run or gym session in to keep the body fresh and alert.
In order to be performing at our best, we need to ensure our mind and body are performing at a good level and what better way to mind yourself than some good old fashioned exercise?
I don’t need to repeat what the majority of the world already knows. Exercise is very beneficial. Train your mind and body to cope in tough situations and you will be at a very big advantage.
4. Focus & Concentration
Seems like common sense right? We need extreme focus and concentration on the task at hand to achieve optimal performance. But so many of us get distracted by things. Our everyday life with iPhones & tablets means we are procrastinating quite often.
Obviously, extreme focus is necessary. But how do we go about staying focused? Here’s a quick video with some useful tips and tricks to get the ball rolling.
Once we are focused on the task at hand, we can become unstoppable and achieve things we thought was never possible.
Want to be great at something and perform at the very best? Well you’re reading this article so yes, you obviously do! But one very important factor to remember is having passion is almost half the battle.
Basically, you need to love what you are doing. If you hate or even dislike something, do you really think you will stick at it for the long haul? You will experience many setbacks on the path to success and without passion, you may give up.
How many top level people in the world hate what they do?
I would very much doubt the worlds peak performers in any field, from sports to business, hate what they are doing. Sure, they might dislike the process of getting there but the success once there is more than enough to make up for any ill feelings.
Look at a great quote from Muhammad Ali
“I hated every minute of training, but I said, ‘Don’t quit. Suffer now and live the rest of your life as a champion.”
Ali wanted to be a champion. He had a passion for boxing. He didn’t enjoy it at times in training but knew if he suffered now, he’d live his life as a champion. And he must certainly did achieve that!
6. Accepting Failures
If we want to perform at our very best, obviously we are going to encounter failures along the way. Don’t be too hard on yourself when you suffer through this. Because it will only make us grow stronger and better overall.
If we know what not to do, we can focus on what to do. And then it snowballs and our performance levels and ability just compounds at a very fast rate. Many successful people in different industries all attribute part of their success to learning from their failures.
So don’t try to avoid failure. Embrace it! Look at it as a simple learning experience to become a better you.
Peak performers know the power of visualization. Through it, they imagine themselves achieving whatever they set out to do. This can be very powerful. If you familiarize yourself with what you want to achieve, it becomes much easier to do as you already have mentally rehearsed it.
Don’t just take my word for it. Have a look at this guide and practice how to use it to your own benefit. Top athletes, corporate executives and other high performers do this every day to get the most out of themselves.
And you can too! Imagine how much better you would be having already practiced what you want to do.
8. Take Responsibility
So many of us go through life blaming others. What do you think would happen if we took responsibilities for our actions?
Well things would get done. Once we take full responsibility, we can learn and adjust from our mistakes. If we are always blaming others, where will it ultimately get us?
You guessed it, absolutely nowhere!
An easy way to remain accountable for your actions is to make a journal. There will be times when it is tough but you will notice patterns over time. Do not underestimate the power of the journal, it can be a blessing in many different cases and you will improve with one.
9. Take A Vacation
Wait, what? Take a vacation? Well yes. And here’s why. We are all human. We need to recharge the batteries every so often. I’d rather miss a week or two of work and recharge mentally and psychically than not take any holidays and only work at 50% of my capabilities.
So schedule some me time to help yourself out. You’ll be glad you did this. This will also help with the all too common burnout problems which plague peak performers.
It’s all about finding the right balance. If you know yourself the required time you need to take for vacation, you will really boost your overall results once you freshen up.
10. Get A Good Nights Sleep
It is also very important we start the day having slept properly. This is crucial as without proper sleep, we are way less productive. There are countless benefits to getting a good nights sleep from memory performance gains to overall energy levels.
You simply cannot afford to be running on little sleep. It will effect you negatively and we don’t want that. So when you are getting started with achieving peak performance, make sure to get a proper nights rest.
You’ll be grateful you did when you wake up fresh and ready to go.
11. Start Listening
Yes, you read that right. Learn to listen. We are all in so much of a rush nowadays that we can sometimes forget to stop and actually listen. Listen to mentors, educators, peers, anything or anyone that can help you achieve your goals.
Don’t have a naive view that you are able to do it alone. Some of the most successful peak performers in the world have mentors or learned their skills through others.
And you can too!
The great thing about today is there is so much information and people willing to share their knowledge, the only question is are you willing to listen to what they have to say?
12. Strong Mindset
As has been mentioned many times above, you will encounter setbacks along the way so having a strong mindset is very important. You will need it to remain disciplined, passionate and extremely focused when the going gets tough which it inevitably will.
So how do we create a strong mindset?
This article on 5 tips to build a strong mindset can help with the process. Just remember, all this will take time so be patient. You’ll be glad you did when you look back with a smile having reached your ultimate goals.
13. Self Confidence
Now. let’s get this right. I’m not talking about being cocky individuals that think you can do no wrong. On the contrary! But we need to have confidence in our own ability. It is crucial. If you can’t believe in yourself, who else will?
If you struggle with self confidence, don’t worry. Everyone has to start somewhere. Prepare, prepare, prepare. Once you build the right structure and prepare properly, confidence will start to increase.
And with a little success, it snowballs from there. It’s so very important to believe you can do it.
Okay, I get that reading all these steps can be somewhat overwhelming. However, don’ be discourage. One small step at a time and before you realize, it will easily be second nature to you.
These steps are applicable in all different walks of life. Whether you want to achieve peak performance in fitness, work, school, business, whatever it may be, just starting with the first step can be a great foundation.
And don’t underestimate the life changing effects of performing at a high level. You will sky rocket your quality of life, both personally and professionally. Most good things in life take time. You will experience setbacks. To be the greatest at anything will see you go through many ups and downs.
But following the steps will ultimately guide you in the right direction. Set your goals, go forth and become peak performing superhumans ! The very best of luck on your journeys .