Is this advice from a DNJournal interview good?

[TordB]

Hi.

I just read a interview with this very successful Isralian domainer. This is what he suggested:



<table border="0" cellpadding="0" cellspacing="0" width="100%"><tbody><tr><td width="46%"> "Next, learn with time, methodically:

• Commit a small amount of money to start, say a few hundred dollars or few thousand dollars. Whatever the amount is, divide by 180 days (six months). For example: If $6,000 is your budget commitment then it equals $1,000 per month (for six months), or $33 per day.
  
  
• Commit to spend your daily budget EVERY SINGLE DAY for six months buying domains. This helps because you will get tired of making mistakes and you will gain experience the hard way, by losing.

</td> </tr> <tr> <td colspan="2" width="100%">

• When you buy domains, whether you are flipping or monetizing, monitor your success and your failure and learn from it.
  
  
• Once you get to a point that you make $1 profit, you've figured out a system. Do the same thing a million times and you have a million dollars.

</td> </tr> </tbody></table> This system worked well for me with Google Adwords but it can work for domains or anything else you wish to learn in life. Just as you would not start climbing mountains with the highest mountain in the world you should not do the same with business. Start with small mountains, small challenges, figure them out, and advance.



Would it be smart to follow these tips? $6000 is too much for me though, what about $3000 instead?

 

[Theo]

You define your own budget. All investments involve an amount of risk.

 

[accent]

I do not like it very much. Maybe because I am more spontaneous. I do not think domains can be bought successfully on a schedule. If you make a dollar you haven't made jack in this business, and you will never be able to repeat anything you do here. Each domain is completely unique, and each buy and sell opportunity is unique.

First I strongly recommend that new domainers limit themselves very strictly. A very large percentage of your early purchases you will regret - so do not make them. Knowledge is what is needed in the early days, the good deals will wait for you. Study this and the other forums, follow your interest, don't make it a chore where you force yourself to do stuff. Far better to learn from others' mistakes than your own. You will make mistakes, anyway. Let them go and move on.

When you feel that you have a general idea of what the people here are talking about go ahead and start buying - but no more than one or at most two domains per day. Try several approaches, but stick to .com. It is a WHOLE lot harder to make money in the other extensions, leave them for when you are a lot more experienced.

The problem a lot of people have is that they see that $3000 they have (or whatever) and feel pressured to invest it soon, so they can start earning with it. Opportunities increase with your knowledge, both the number and the quality of opportunities. Be patient.

 

[katherine]

I would not advise to spend money like that.
The purpose of this forum is to share knowledge and help you avoid repeating the mistakes we've been through.
Do not take the advice literally.

If you register domains on a daily basis for low amounts (like fresh regs) you are likely to end up with a pile of junk that makes no money. It's quality vs quantity.
Don't get me wrong, there are still nice names available for reg fee, but what's your plan ?
Are you going to flip, develop, hold... ?