Want to know the #1 reason people fail from what I’ve seen coaching over 1,000 watch trading students?!?
People underestimate what they’re capable of!
It’s insane, and yet so simple to overcome. But it impacts almost every student I work with when starting out. It’s like it was programmed in our nature to understate what we want, and what we can achieve.
Success stories are not rare. But many think their own success is unattainable for some reason. So, I collected all of the data I’ve learned over the years coaching students, and boiled down whether someone fails or succeeds into 3 things you can’t afford to miss!
I’ll always start coaching by asking a few questions to get a sense of where their head is at regarding what they’re hoping to achieve. Almost every person comes in with answers that are vague, humble, and/or oriented to what they think I want to hear. Very few respond with a clear, concise, and powerful goal in mind.
For example, I’ll ask, “what are you hoping to turn watch trading into in your life this year and going forward?”. The typical response sounds something like, “I’d like to do 10 trades by year end, and make enough money so that I can prove to myself this is something that works”. This may sound reasonable, but it’s not game-changing or exciting. To help give them some ideas about what is attainable, I’ll share previous success stories of other people who were similar to them and what they made possible:
Case in point, I’ve helped an 18-year-old make more money (+$250K) in a year trading watches than most adults ever have on salary by the time they’re retired. I’ve coached an ex-school teacher who now makes over $100K a year traveling the world with his family and drives a Lamborghini. And I’ve even guided a retired father of 2 to a place where he is generating passive income of $20K+ per month enjoying Rolex, Patek Philippe, and Audemars Piguet when he had never even owned a luxury timepiece before!
Every single one of them checks 3 boxes.
If someone checks all 3 of these factors, 90% of the time they get to the point where they’re making the income they desire by watching trading. They’re getting access to amazing new contacts in their network, and living a lifestyle beyond what they thought possible. If they don’t check 1 of these, they can usually start with some momentum but get stuck, or get distracted and never reach their full potential. The good news is, these are relatively simple to build. If they miss 2 or more of these, they usually don’t ever overcome their own worst enemy… themself. I know that’s an unpopular response, but the data doesn’t lie!
So what are those 3 factors in this very simple formula to success? – i + r + t = (s)uccess
(i) – Inquisitive
Definition is unduly curious about a person or subject matter. I like this definition because it’s always those students that ask the most questions about how I handle certain situations or how the process works that take away the most from the training. They’re like a sponge soaking up everything they can get their hands on. I think of them like a young kid who just can’t get enough of the new info, so they keep asking “why?”. This characteristic is important because there will always be things that people know they don’t know, and then things they don’t know they don’t know. Reread that if the line confused you. Basically, by asking questions and not assuming the answer, it unlocks the forum for me to explain answers that I haven’t even thought of before. It also serves as a way for the student to hear new information that they didn’t even realize before. By opening up that new thought in their mind, a pathway of new ideas on how to execute watch trading can hit them. For example, I had a gentleman who learned how to qualify buyers before engaging in a sales conversation with them. This not only helped him save time by avoiding tire kickers, but he saw how it would benefit his other software business. He’s now pre-qualifying partners and customers in an entirely different industry.
(r) – Resourceful
This goes well with the previous trait, as asking questions is wonderful, but not ones that can be easily answered with the resources at your fingertips. Being resourceful means finding clever ways to overcome difficulties. Again, I like this definition, because it speaks to how someone behaves when they get stuck. Many feel it’s easier to get the answer straight from me. And although I’m able to provide it, I will always push back on giving answers that don’t teach people how to do it themselves. So most will ask “what is the retail MSRP price for this watch?” I’ll say “What does Google tell you?”. Or “What do you think a good target price and BCV number is for this Rolex Submariner?”. I’ll respond: “What does your market research tell you?”. This may seem counterproductive, but it’s not. It actually helps people realize these are already there to be answered and they just need to be better at finding HOW. Resourceful individuals will have already Google searched for the watch model, found a similar reference number, and architected what they think they should target for the watch buy price. This is based on searching the insider Facebook group posts, tapping into the bottom cash value charts, and coming up with a great answer on their own. This feedback loop allows me as a coach to show them what they’re doing correctly, and where their thinking wasn’t aligned. Helping them master the process 4X faster. One can adapt to resourcefulness even if not born with it. It’s the opposite of laziness, and it’s how I can tell who will succeed no matter what.
(t) – Trainable
Those who are easily coachable aren’t defined by age. It’s not a case of “you can’t teach an old dog new tricks”. I find there are strengths and weaknesses in everyone. For example just because you’re young and coachable doesn’t mean you aren’t naive or egotistical which is where mistakes are made.
Being trainable means someone has an open mind to let those who are experienced with proven results in the craft guide them to where they want to be. Trainable people are flexible in their approach, and understand although they may have a different way they like to do the process, the veteran coach knows best. This doesn’t mean students shouldn’t question a process or coach. It just means those that think they know everything, or only want to do things their way, when they haven’t been there before tend to fail. Versus those students that allow someone who can see further into their own path than them to guide them. These students avoid key issues that could make others tap out of the watch trading completely. For example, losing $10,000 on a watch. It also helps them shortcut the results as they’re leveraging the time put in by their coach to adapt new processes that would otherwise take people a decade to figure out alone.
So, now that you know what I know, answer honestly… do you have all 3?
s(uccess) is defined as the accomplishment of an aim or purpose. This again is a fantastic definition as it speaks to the intent before the “how” is pursued. If you set your goals and the purpose (reason you’re watch trading) ahead of time, then you have a north star to follow and the coach can show you how to get there 10X faster. Hopefully I’ll see you soon along the path of your own watch journey. And I can foster your growth to be your own success story next! What are some of your goals and experiences with watches and a coach? Feel free to share below, and if you’re interested in learning more about the lucrative art of watch trading, join our community of over 10,000 enthusiasts making