Nic.at published a look at domain name trading and referenced some words of wisdom from Rick Schwartz and contrasted them with a new trader starting out, Niels Buntrock.
From the article:
Several hours a week dedicated to domain trading
Schwartz has to be something of an outlier in this industry, though. In an interview with domain.com he shares a number of his hottest tips for people looking to get started: “You should start out slow and don’t quit your job quite yet” he says. “Domain trading can be the most rewarding hobby and a fantastic business, if you understand it.”
Trading domains as a hobby? This is where Niels Buntrock comes into the picture. A dedicated family man, he actually has a full-time job as a software developer. But the domain business has a hold over him. “I got interested in it early. I watch the market and keep on going back to buy domains,” Buntrock explains. He devotes several hours a week to his hobby at his home near Hamburg, sometimes more. “But that’s not all down to trading, there’s also admin and preparing for projects.”
Full article here
Tip of the cap to Lox
It is a stress reliever hobby too!! and best of all making money while watching “Mork and Mindy”
Nanu Nanu
“Don’t quit your day job” is not a “hot tip” That is sound, practical wisdom. Hopefully common sense, but who knows with some “domainers”
I really find Schwartz’s tips extremely basic, or they don’t apply to 99%, or they are narcissistic with unnecessary put-downs of new domainers.
Currently there are many tweets/posts recently about don’t quit your day job for domains – but who in there right mind is actually doing this? If there are masses of people quitting their jobs for domains, they’ll find out it’s not a great plan after a month when the rent/mortgage/car payment is due. People aren’t doing this.
Here’s the last bit of Schwartz “advice” I remember:
“I only look at domains via 2 buckets. One bucket that has domains w/ values that can exceed $100k. The other is a garbage can.” So, great. Thanks Schwartz for that.
Folks like Page Howe and Monte Cahn and others are the folks most domainers should listen to for real advice. Page understands that there is money to be made by taking calculated risks especially at the $xxx to $x,xxx level and the value of churning for both cashflow and re-evaluating risk (if sales aren’t happening) and Monte has built some great companies, he gives great and honest advice and can also see a future beyond .com.
I’d recommend folks watch Helmut’s recent interviews with Page and Monte if you haven’t seen them already:
https://www.youtube.com/channel/UCbv9ogcvpd6nXdikcgyoQLQ/videos?view=2&sort=dd&live_view=503&shelf_id=3
Your infatuation with Rick is amusing. Page Howe couldn’t hold Rick’s jock. But to each their own, I could care less what Page or Monte have to say actually.
Agreed Page is nowhere in Rick’s league but this guy trolls Rick everywhere. Those videos were a joke, wish I could get that time back.
I know all three of them and I have high respect for them.
The mistake some make, is that, there is only one road to success.
Besides Rick, Page and Monte, there are a lot of domainers that do very well but you don’t hear about them.