A great idea for a discussion - thank you
@Joseph David . I would echo, and made, many of the mistakes already mentioned in this thread.
Registered too many at the beginning,
let a portfolio get too large for me (what is right size depends on person and circumstances), acquire almost great (or
second best some would say) domain names,
too many domains that were very similar, acquire domains in areas I thought I
understood but really did
not at a deep enough level, and
expand into too many niches (so yes, made both mistakes there - at first too narrow, then too broad). I have
let go domain names I should have held, and
kept some I should have let go.
Priced too low.
Turned down an offer I should have accepted. I could go on, but you get the idea, I made a few mistakes!
I think mistakes are part of life, and while any of us can learn many things from reading, listening to others, etc., in a way, we all learn from our mistakes. At least, I hope we do. Reflecting periodically is really important in domain investing.
Here is what I find helpful in trying to avoid too many mistakes.
- Define who you are as a domainer before you start. Like is your goal to sell $$$$$ domains to big companies and make this your business, or you see this as a side gig and never want to lose money on this. Or simply a hobbyist finding this fun.
- Sleep on every acquisition decision. The vast majority of mistakes, had I waited longer, I probably would not have got them.
- Try to talk yourself out of every acquisition. I learned this on NamePros long ago, but forget from who. It is great advice to try to convince yourself that a domain name is not good, before investing in it.
- Limit yourself. I find it helpful to set limits - like only spend in domain names what you make from domain names, or set some other limit like one new acquisition per week or something.
- What are you proud of? I don't mean as a person, but that is good too , I mean if I asked you what are the 10 domain names that are in your portfolio that you feel are highest quality, you should know the answer, and why, and be treating those names with the respect they deserve in terms of getting a good price for them. The converse works with your worst 10.
- Emotions, emotions, emotions. In conventional investing emotions are what often separates successful investors. The same is true here. Don't feel you absolutely must have any particular domain name I recently listened to an interview with a person who we would regard as one of the more successful investors. Tons of great sales. He disclosed he never bids in auctions, cause too easy to get swept up and pay too much.
Best wishes to everyone, thanks for all the great responses, and thanks again for starting the thread.
Bob
