How to profit in coins?

crap I meant surfeit...thats what comes of texting too much.

 

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You could have blamed it on autocorrect

 

nope, I'm gonna own it...you lol and abbreviate too much and language skills atrophy just like anything else.

 

Personally I don't think it's too hard - just keep on buying and selling. Observe the market and make notes. Note that economy does play a big factor.

There will be times when you have to acknowledge that you might have sold the same coin at a profit or loss depending on market condition. But at the same time, this is where you should use this to your advantage. If you reckon some coins are selling a bit cheaper than you think it would be, buy and sell it at a later time. Timing does play a big factor.

You need to have a good instinct of what coins will be hot in the next few years. 10 years ago I predicted Russian coins will be hot - it wasn't back then. Bought a few mint sets and other coins and they are selling like hot cakes. 3 years ago I predicted Chinese coins will be hot. Some of them are no longer obtainable in the market.

The amount of inventory you have in stock should be a food of thought. Note that this is a rather tricky propositon you need to acknowledge - to make good profit, you cannot just flip and sell them unless you bought them really cheap to start off with. This will also mean that you will need to stockpile a fair amount of coins to make a reasonable profit. Let's do some easy numbers for the sake of argument. Take for example you buy coins that are 100 dollars each. You buy 1000 dollars worth of them. You sell them at 10% profit. That only leaves you with 100 dollars. If you want to make a reasonable living, let's say at least 4000 dollars a month and assuming that you are making 10% profit, you need to have 44000 dollars in capital. Sure enough, it means that you have that 40000 dollars worth in coins but this goes towards your inventory stock. This does not even cover any rental / electricity expenses.

Have some thought in it - buy and sell and work out the maths. If your maths and bookkeeping is not great, I suggest you try this as a hobby instead.

 

You know, for someone who is only 11 years old, you have a serious attitude problem. Nowhere in this entire thread did you mention a time period for investing. So, where do you come off chastising someone for their "hold on to it for 20 yrs" suggestion?

By the way, the appropriate reference would be "short-term investment".

Chris

 

One of the easiest things in the world is making a small fortune in coins or any other hobby. Just start with a large one.

 

That's what I was thinking Chris. I don't know why, but this kid has a chip on his shoulder. My daughter is 12 and is becoming sassy, but there's a good reason why.

 

Perhaps the part where your time frame is actually defined as speculation or flipping, rather than short-term investment. In comparison to the amount of time you've lived, even classical definitions of short-term seem like half a lifetime...

 

Look guys cut the gobbledygook and just tell me how to make money now! That's all I'm asking. Geez.

 

We can start by charging you money for this especially if you have trouble reading 6 pages. Oh wait, this is a "gobbledygook". Geez.

 

Yes this is not really helpful. What I would really like is just a link to a site where I can buy for X and then sell on Ebay for Y, where Y is at least 20% more than X. Just PM me those two things, otherwise don't post because it isn't helping. Thanks.

 

Read carefully - why should I provide it to you for free?

 

Lots of folks used to do that with Teletrade (x).......

 

Your sarcasm detector isn't working.

 

You could always build a manufacturing plant making toilet seats for the military. I hear they pay outrageous prices for them.

Chris

 

Yeah but don't forget I'm a coin dealer!! I don't know how to make toilet seats. And please no one send me the picture of the dumb toilet seat with coins on it. Man you guys aren't helpful at all.

 

I just had a great idea! How about making lavatory fixtures with the image of your "favorite" politician in the bottom of the urinal?

Chris

 

Sigh....I'm never gonna make any money at coins...

 

Now, that isn't true! You could get an exclusive contract with the US Mint to take photos of all of their new issues and then sue everyone who uses them for copyright infringement.

Chris

 

I'm only 11 though. And not good at picture making. Or toilet seats making. Sniff....I know all you guys are making tons of money buying low and won't tell me where!