90 Days To $10k In Watch Trading Profits – A Quick Start Guide For New WTA Members
Today marks the 90th day of my journey as a watch trader and here are some quick stats.
- Number of watches purchased – 37
- Number of watches sold/traded – 30
- Numbers of fake/replica watches purchased – 2
- Average hold time for sold watches – 18
- Average profit margin per sale/trade – 11%
- Total loss dollars on “bad” trades – $351.71
- Total profit – $10,510.44
That’s right… despite not knowing the first thing about watch trading three short months ago, I have been able to turn this new skill into a profitable “side-hustle” – even though I made quite a few mistakes.
So if you are just getting started, here is the gameplan I would recommend that you follow so that you can maximize your profits in your first 90 days.
Week 1 – Training Time and an Introduction to Watch Trading
Welcome to the world of watch trading!
Now jump into the WTA membership area and start diving into the training modules. PJ and Cal have TONS of super-valuable information to share with you that will not only help you to become a better watch trader but will also help set your mind right as an entrepreneur/business owner. Note – Pay EXTRA CLOSE attention to the module on Bottom Cash Value. I promise if you TRULY understand and implement the teachings in the module you will have an unreal ROI on your investment in the Watch Trading Academy. I am a slow learner and I had to re-watch it 3-5 times to REALLY understand what PJ was meant, but again, once you TRULY understand BCV and make purchases based on this principle, you will never lose.
It will take approximately 8 hours (maybe a little less if you speed up the videos with a plugin like Video Speed Controller) to go through all of the course content in Part 1 so I would STRONGLY suggest you create a plan to finish all of Part 1 in less than a week….
As you come to the end of the training, make note of Cal’s training on the “Top 10 Watches to Start With” as this will play a critical role in Week 2.
Week 2 – Research and Time To Meet Your Fellow Watch Traders
Now that you have finished the training, it is time to put your learnings into action!
First, take a moment to introduce yourself to the FB group.
In the WTA FB group, there are THOUSANDS of fellow watch traders who will welcome you with open arms and treat you like family! Unlike other businesses that a very competitive, for the most part, your fellow watch traders in the WTA community are here to cheer you on and support you on your watch trading journey.
Now on to research…
Remember Cal’s training on “Top 10 Watches to Start With”? Go and re-watch that training and make note of those watches. You will spend the rest of the week learning the nuances of the different sales platforms – eBay, Facebook, watch forums, etc. My advice is to select 3-5 of the watches that Cal recommends (It’s best to choose ones that you would like to wear) and spend at least one hour per day searching for those watches across the different sales platforms. Get really familiar with these watches, their model/reference numbers, what all comes in a complete set, and ultimately try to understand what makes these watches so expensive.
During this week, I would even so far as to make offers on these watches at prices BELOW what Cal recommends. Yes – most people won’t accept your “lowball” offers but if people respond to your offers, it will help you get a better understanding of the true market price of these watches while also getting you comfortable with the sales platforms.
P.S. – Make sure to check-in on the WTA FB at least once per day for regular live training and to stay connected with the community.
During this part of my journey, I had the goal of making 10 offers per day… and then, finally, one of my offers was accepted… which brings us to Week 3…
Week 3 – Time To Buy Your First Watch!
At this point in your watch trading journey, you have already completed the WTA Part 1 training, spent multiple hours researching a small handful of watches, become familiar with multiple sales platforms, and made A BUNCH of offers, so there is NO reason why you shouldn’t be ready to “pull the trigger” on your first watch!
As Cal says, “You can’t be a watch trader if you don’t have any watches to trade.”
Week 3 – Getting Ready To Sell Your First Watch
So now you have your first watch, it is time to list it for sale!
If you haven’t done so already, go ahead and create profiles on all the sales platforms – eBay, Chrono24, etc as well as IFS (since you might need to ship your watch once it sells). As you are doing this, notice similar listings for your watch on these platforms and try to “one-up” the other sellers by offering a slightly lower price, better pictures, or anything that will give your watch an edge over competitive listings.
My opinion on your first trade is that if you followed the training, spent a week researching, bought a watch near BCV, marketed it appropriately by listing it on all the sales platforms and “one-upped” the competition, you should be able to sell it within a week and for AT LEAST 2-3% profit margin.
Please know that I am not suggesting that this is the business model (Personally, I almost always make double-digit margins or at least $500 on all my trades) but for your first trade, your goal should be to make $100-$300 (or even break-even) while learning the fundamentals of watch trading.
Now on to Week 4….
Weeks 4+ – Repeat The Process, But Now Find Retail Buyers….
Make no mistakes – The way to maximize your profits with watch trading is to buy at (or near) BCV and then sell to a retail buyer.
However, it is unrealistic to expect to have a network of BOTH retail buyers and wholesale dealers on day one (or even within the first few weeks) of your watch trading journey. But with each trade, you will start building both.
As you will hear, over and over again, in this business your word is your bond and your reputation means everything. So with each trade, you will build upon your reputation and both buying and selling become much easier.
So that’s it! There really aren’t any “secrets” to watch trading (at least none that aren’t revealed in the training) and as long as you put in the work, buy close to BCV, and maintain a flawless reputation, you will be able to have a profitable watch trading business, all while wearing some of the most expensive and desirable watches in the world.
P.S. – Okay there MIGHT have been SOME unique tactics I used that allowed me to bring in over $40k of inventory, at zero percent interest, and without an investor, but I will save these tactics for my next article 🙂
Best wishes to you on your watch trading journey,
If you are not a member of Watch Trading Academy yet, and want to start earning some extra cash while wearing incredible time pieces, click here to join our community.