Key Takeaways from the 2019 WTA Workshop
If you were at the final meetup and workshop of the 2019 calendar year, you know how much of a game-changer it was.
Not only was it one of the most attended events to-date for our robust community, but the information that was shared from multiple top-skilled traders was extremely vital. Whether it was Camden who shared how he broke $100K in Profits this year leveraging his specialty brands and managing clients, to Parker who continues to elevate his Rolex prowess and explain to others how he diversified his portfolio of brands to multiply his per trade ROI, or Luis breaking down the mentality he needed and we all need to go from a position of -100 to 100+, there was plenty of wisdom to gain.
Whether you were just starting your watch Trading journey, or were looking to take it up a notch to master level, there was something new for everyone to digest and apply immediately to their own trading style.
Here are the top takeaways from the workshop and meetup that you should apply to your own game:
1.) Show Up… – You Win!
This seems so simple but it is one of the most valuable attributes of successful people (not just successful traders). The common theme among those traders that were reaching their financial goals and those that will do so very soon were that they all “show up”. Whether that’s physically to networking events like this, whether it’s on weekly calls they’ve invested in the knowledge for, or whether it’s just a phone call with a potential new watch buyer. When they commit to something they show up. And they understand that the value from being present is not just a 1-for-1 realization financially. It doesn’t go, I spent $X and Y time to do Z, so I need $XYZ back within a week or it wouldn’t even make sense to do.
Instead, the value permeates into multiple realms of their life and business by being present. Sometimes it’s in the form of doing a trade with another member and making more profit on that watch then they would have otherwise. Sometimes it’s the sale of their watch(es), or a great deal on a watch they wouldn’t have gotten otherwise. Other times it’s the names they’re putting to faces and the relationships they’re developing with their WTA peers. This trust built alone can pay dividends down the road when you each want to do business and benefit from each other.
Also, there’s something valuable about the commitment one makes to themselves when they are present for the purpose of attaining knowledge. They re-assert to their own subconscious that they are getting better, that they are worth the investment in their own time, and that this can work well if they continue to show up.
Those who show up play the long game, not the quick win. And they almost always get what they’re aiming for.
2.) Resourcefulness Solves Every Problem and Excuse.
I did an entire 2 hour presentation on the breakdown of the process of being resourceful, and how it applies to every step of the watch Trading game.
Being resourceful starts with a state of mind, and permeates back/forth into the inputs (research), and directly correlates to the output you get (results).
I made people start questioning why they weren’t getting the momentum they wanted Trading, and assess exactly what steps they were taking buying, selling, and marketing to see if it really was the most effective.
One example I used that resonated well with everyone was the misconception that they needed money to market their watches effectively.
Also that they needed to be applying their time and energy on certain social platforms/selling platforms because everyone else who seemed to be a big player in the game was doing so. Both of these are a fallacy, and until you can breakdown your own reasoning as to your “why” you should be spending time/funds these places you’re only doing yourself a disservice. The 80/20 law of cause & effect was applied to the watch trading process to help people understand if they focus on where they can WIN, and lean into those strategies they can beat the competition every time being more efficient with their own money and time.
Resourcefulness is the difference between those who always think there’s never enough resources to get what they want, and those that make positive results happen with less than, equal to, or more access to resources (doesn’t matter).
3.) You Can’t Be a Watch Trader without Watches.
This may seem like an obvious statement. And there is some truth to that. The extent of it however needs to be reiterated over and over and drilled into the minds of everyone who is Trading no matter what skill level they’re at.
“Stagnant money and scared money makes no money”
This line is saying what being a watch trader without watches means. You need to be buying at least some deals at all times to be constantly a.) Rotating inventory which equals making constant margins. b.) growing your customer base and nurturing your existing customer base on a frequent basis c.) Making deals happen to build and command strong reputation in the market.
You can’t get familiar with and master this game if you’re just sitting on the sidelines waiting for the perfect deals to plop in your lap.
4.) Relationships and Trust are More Valuable than Money
This may seem like a difficult concept for some
to grasp. But the essence is the relationships you form can be some of the most rewarding, mutually beneficial, and lucrative engagements you ever foster as a person.
Relationships built on trust are what allows PJ to be able to go into any dealer he knows and ask for multiple Richard Mille timepieces on memo, and walk out of the store without paying to show them to clients. He is able to close 5 figure profit margins on watch broker deals he doesn’t own or need to pay for because he has established that relationship with those people over time.
Luis, can get access to Rolex sport models that almost no one else can nowadays because of the relationships and trust he has established with key dealers and brokers across the world. They will give him allocations and access to watches people have been waiting for for decades because of how much he has shown he will continue to harvest his relationships with these people and continue to provide value to them.
Camden is able to move hundreds of Breitlings, Hublots, and under $15K watches a year easily because he has done an excellent job managing his client relationships through his own unique process and applying the CRM strategy taught in the Knight Watch Training Course.
When you start understanding the true value of relationships that are worth your time, and nurturing those, you realize the money compounds and follows quickly thereafter. And it’s not the opposite way around.
If you missed this event, the good news is we’re having the big annual conference early next year in 2020, and 4 more additional meetups across the USA planned too.
I highly encourage you to make one (at least) if not the annual conference and one meetup, to exponentially grow your skills and in-turn your results. The above is not rocket science. It’s tried and true methodology that put 6 guys in the $100K club this year and one in the $1Million Dollar Club.
… so tell me. What’s your excuse for 2020? Or are you ready to kill it!?