Biggest Mistakes In Stock Market

Many a time while watching the market news you hear the words like ‘Oh, the market is bullish’, ‘Sensex went up 100 points’, ‘Nifty banks are doing great this year’ etc. Then you see your portfolio and talk to yourself ‘Why the hell am I losing money?’

Don’t worry. This is not just your scenario. It is a known fact that about 90% of people lose money in the stock market. But do you know why? Why your portfolio is in loss when the market is upward, why most of the stocks you bought are underperforming; why aren’t you able to beat the market? If you go through all these thoughts, then you are one of those 90% people.

So, today I am going to give you top 6 reasons why most people lose money in the stock market. Be with me for the next couple of minutes to uncover this mystery.

6 Reasons why most people lose money in stock market

1. Not doing enough research and investing based on ‘TIPS’.

This is the first and the biggest mistake that people do when they start trading in the stock market. They easily trust the tips they hear from a friend, colleague or from a financial magazine that they just read. Moreover, most people blindly follow the recommendations from their brokerage firm which later turn out to be a major loss on their investment.

Now, you can argue with me that what’s wrong with taking tips and suggestion. Your friends and the brokerage firm has more experience than you and surely can help you in getting good returns. But if you think like that, then you are missing the point. No one else cares about your money more than you do. You can easily rule out the broker’s recommendations as they will only earn when you trade. They don’t care whether you awin or lose. They are getting their brokerage fee as long as you are buying or selling. Hence, they will always try to give you suggestions so that you can trade more and frequent. And the more you trade, the more brokerage fee they will gets.

Now, let’s come to the suggestions from the friends and colleagues. There are few things that a beginner should understand that no one is going to tell them. First, All your friends will always boast about their profits & returns. Second, none of your investor friends will tell you about their losses and bad investments. It’s sometimes a matter of pride. Overall, you will think that your friends or colleagues are doing always doing great, but they are not. You might take their suggestion thinking that they have researched a lot about that company and they are always right in investing. However in the end, you will end up losing your money.

Hence, the only way to invest intelligently is by doing enough research before investing. Moreover, it’s not tough to research the company on your own. Finding an undervalued stock is an art which you can develop with practice and patience.

2. Trying to make money quickly

This is the second biggest mistake that people make while investing in stock market. People are always in a hurry to make money. They always want to become rich quickly. Always want to be like ‘Warren Buffett’ – Rich and Powerful. However, what they don’t understand is that Mr Warren Buffett has made majority of his fortune after his 50’s. It’s a fact that he got more than 90 percent of his wealth after the age of 50 and has accumulated a large sum through his long term investments for a period of over 5 decades. Success in stock market needs time and patience.

But this is now how the people invest. They enter the market. Then select a stock which they heard from a news channel that ‘It has a huge growth potential’ and they invest heavily in it. Then they pray that their money becomes 5-10 times. However, it turns out that they lost 30-40% of their investment. So, out of frustration, they quit investing in stocks and start searching for another way that can make them rich quickly. This is how the non-achiever in stock market thinks and loses money in the market.

3. Sudden over exposure to market and non-diversification

This happens a lot of time in the stock market. A common person has accumulated a lot of savings over the period. Then he hears how his neighbor has doubled his money by investing in stock market. Suddenly he also gets interested in share market. He started thinking that if his neighbour who is a Salesman, can get so much returns from the stock market, then why can’t he? Hence, he decides to enter the stock market with a huge amount of money that he has saved during all those years of hard working.

And this is where he fails. The point is, you can enter stock market whenever you want; however, to enter the market without prepared it totally stupid. Think of this like going to forest without knowing how to hunt. You need to develop the art first. You need to understand the market and enter once you are at least little prepared.

In addition, non-diversification is also one of the biggest mistake that most people do. People are so confident about their stocks that they think it’s illogical to invest in multiple stock which may average out the profits. True, it might average out the profits; but it also reduces the risk. Remember, it’s always about minimizing risk and maximizing the profits. Like over-diversification minimizes the profits, in the same way non-diversification maximizes the risk.

4. Holding onto losses while booking profits early

Let us imagine a scenario. You have bought 5 shares. Three of them are doing great while two of them are under-performing. What will you do? Will you sell first? The shares that are doing great or the one who are defeating?

‘Sell the winners and hond on to the loser stocks’. The majority of the amateur investors follow this rule. They think that it’s safe to sell the stocks first which are giving them good profits and hold the loser stocks. In this way, the loser stocks will get time to recover and they might get their initial investment back. Moreover, in the meantime, they can get some profits by selling their good stocks.

However, this is the wrong approach. By this way, you are limiting your upper level and increasing your lower level. That it, you are limiting how much you can get profits as you have already sold your good stocks. But, you can suffer even great loss as the loser stocks are still in your portfolio.

If you want not to lose money in the stock market, then you should use the opposite approach. You should limit your lower level and maximize your upper lever. This can be achieved by holding to your winners and cutting your loser stocks.

5. Lack of patience

Patience is the key to success in stock market. The only thing that you need to do in stock market is to buy good stocks and give it time. This is the only way to make money here.

However, most people who lose money in the stock market do not have patience. Although many of these people are able to find a good stock but they aren’t able to get good profits from them. Why? Because they don’t have patience. They can’t even 2-3 year times to their stocks to grow. They want a quick result.

However, this is not the only problem with such investors. In some situations when their stocks loses 20-30% of its worth, they become highly impatient and sell their stock quickly. If just they have hold their stocks for a couple of months, they could have got good returns of around 40-50% on their investments. Here, the lack of patience misfires on their intelligence of choosing a decent stock.

6. Blindly following the crowd.

This is the last reason that I want to mention that why people lose money in stock market. BLINDLY FOLLOWING THE CROWD.

Imagine a scenario. Your neighbour bought a stock which increased its value by 50% in few days. Then you colleague bought the same stock and the stock has now rose to around 80% appreciation from its initial value. Everyone is talking about that stock and it’s making a lot of noise in the news. What will you do now? All your known people are getting great returns by investing in that stock. Will you invest in that stock too?

If you blindly follow everyone and buy that stock, then you are most likely to lose money. Everyone has some plans and strategies about their investment. You just can’t read the exit strategy of your neighbor. Maybe when you thought to buy, he was planning to sell the stock in few days thinking it as overpriced. But you just can’t know this.

What you can do is to read about the company’s fundamentals, its financial reports and figuring out why is it in news so much. And after studying the company completely, if you are satisfied, then only invest in that stock. NEVER INVEST BLINDLY FOLLOWING THE CROWD.

Analyzing Stocks For Long Term Investment

Before buying a stock 99.99% people see its current market price which actually should be considered as last thing while evaluating the stock.

Why warren reads 5 hours a day about the company before he owns it. There is no big deal reading the annual report of the company in which you want to invest after all its your money would be invested in another’s persons venture. Before considering the bottom line (net profit ) one should consider it from top line ( revenues ).

I mean while analyzing the annual report don’t jump to bottom line as company’s Net Income but start with the Top Line

Revenues
Then come to Gross Profit = Rev-COGS
Then EBITDA = GP - SG&A
Then EBIT followed by PAT and then come to Net profit.

To evaluate a company stock price you need to know about its book value, dividend yield with value of the dividend, debt, free cash flows and somewhere reserves which the company holds for future events.

There are certain aspects that Warren revealed in many of his interviews, articles that some of the major points that one should see before buying the stocks are as follows:

1. Company should be debt free or considerable amount of is acceptable
2. Valuation should be cheap : Suppose stock ‘A’ is trading 15 times of its FY17 earnings and an another stock ‘B’ of same sector which is trading at 17 times of its FY17 earnings so prefer ‘A’ because its PE would be less than or equal to its industry PE. ( PE is price to earning ratio that defines how much to ready to pay for every one rupee you earn from the particular stock )
3. Free cash value (cash that a company is able to generate after spending the money required to maintain or expand its asset base.)
4. Reserves (Reserves are amounts that are retained in the business and not distributed to the owners. Stockholders' equity, except for basic share capital, is referred to as reserves.)
5. Company’s future plans (being or coming hereafter future events like merger talks, raising money through debentures or acquisitions).
6. Quick ratio (Capability to pay its short term debts).

If you are ready with your table and chair finally decided to analyse a company on your own because you are planning to buy its stock then along with fundamental aspects like PE, BV, ROE, ROCE, DE, Financial ratios one should consider the charts to analyse its short/long term trend in which one of them is MACD.

Moving average convergence divergence (MACD) is a trend-following momentum indicator that shows the relationship between two moving averages of prices. The MACD is calculated by subtracting the 26-day exponential moving average (EMA) from the 12-day EMA which resembles with signal line which is 9-day exponential moving average (EMA) of the stock.

I have drawn it for TCS

Some of the people who fail to analyse stocks in proper manner end up saying
 ‘You can never predict the stock prices’. There are millions of traders/Investors are sitting tight and discovering and finding our new ways to analyse market movements and fortunately it works.

Why Do 90% People Fail To Make Money on Internet

Well, I’ve been working online for the past several years and I can tell you exactly what the problem is.

Most people fail because of a combination of the following; unrealistic expectations and the lack of proper education, support, and training.

Let’s face it, most everyone would love to be able to make good money online.

To have the freedom of being able to work from home or the ability to work and travel is incredible. Not to mention avoiding some of the hassles of of the daily 9 – 5 grind.

To get to this level of freedom in ones life, let’s take a look at the reasons people fail to make money online.

3 Reasons People Fail To Make Money Online

Unrealistic Expectations #1

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What I see with most wannabe online entrepreneurs is unrealistic expectations for the amount of time, effort, and dedication they are willing to put into their goal of being able to work and make money online.

Most people want to make money right away, and although this is a natural way of thinking when entering into a job, this is highly unrealistic when entering a new career.

When we take a typical hourly wage job, we know the deal. We go to work at a set hourly rate and work X amount of hours per week.

It’s a simple and straight forward process.

But when we start a new career, we need to enter an educational system in order to learn the career.

Makes Sense

And so we enroll in a university or training program not expecting financial compensation, if anything, we expect to lose money from the cost of tuition as well as loss of income from not working while attending classes, studying, etc.

So before one decides to see if working online is the right fit for their life, they need to go into it with the same expectations as if they were going to go to college to learn a new profession.

Unrealistic Expectation #2

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When people enter the online money making business, they think that it’s something that’s going to be easy, that they’re going to make money at it right away.

This is exactly what Online Scams prey on. Everyone wants to make fast and easy cash online. People who fail to make money online do so because they fall for these types of scams that advertise things like..

Make $9,700 per Month with Our Automated Income System! (Learn more here)

This is what we want to hear, so we check it out. Usually it involves some sort of ridiculous monthly fee or huge one time payment only to enter the scam program and be bombarded with up-sells and bogus systems that don’t work.

People are then left bitter and angry and leave their online money making dreams behind.

The reality is that to become a website developer, internet marketer, or create your own unique website that makes money, you need to understand that it’s going to take time to develop your skills and knowledge.

But the cool thing about making money online that’s different from a traditional education is that you can begin to make money online while you are learning.

You can usually start to make money online within 3 – 6 months while your are attending your school or educational program.

This is much better in my opinion than going to university and waiting 2 – 8 years before being able to earn ANY kind of money from your desired profession.

#3 – Lack of Proper Education, Support, and Training

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This is probably the most important factor as to why people fail to make money online. There is so much bad information along with poor educational programs on the internet these days.

I’m talking about Online Scams, MLM’s (multilevel marketing), and Pyramid Schemes out there that provide horrible information to people.

They prey on peoples lack of education or strong desire to improve their personal financial situations by making fast and easy cash online.

I know a ton of people who make awesome online income and each one of them has a one thing in common.

And that is..

They have the ability to create websites that provide a beneficial service to someone. If you can create a website or online service that helps people accomplish something, you’ll be very successful online.

Think about successful online companies that you know, what do they do, what service do they provide? If you take a moment to think about it, you’ll find this to be true.

And when you look at traditional courses at Universities you’ll find over priced educational systems that are typically taught by someone who knows the theory, but has never really made there own successful online business.

News Flash: You want to learn how to make money online from people who have already been successful at creating their own online business.

Have you ever heard the saying, Those who can, do; those who can’t, teach. Just a little something to think about.

How To Make 1000$ Online Per Month

So you have to make $1000 per month?

Would $1000 per month extra income make a difference in your financial well-being? These 12 people have a side gig that adds to their salary or self-employment income. Each of them earns an extra $1000+ per month from their side gig.

1. Real Estate Photography

David Filipi’s main income comes from his custom mix cereal business, but because he and his partner and co-owner, Klara, need extra cash, David also has a side gig of doing real estate photography. David is enthusiastic about his side gig. He comments, “When you build some network, you do not have spend for advertising and all you need is the camera and some skill. I have no boss, I do what I love, and the hourly rate is reasonable.”

2. Blogging

Daniel Packer works full-time in online advertising. For a fun side gig, he started a blog, SweatingTheBigStuff.com about personal finance. For 6-8 months he wrote content without having any plan to earn income from his hobby. Then someone offered him $50 to run the first ad on the site. Daniel recalls, “Until that point, I had no idea that you could even earn anything blogging, so it was a very welcome payment, and things have taken off from there. In 18 months my earnings hit the $1000/month mark, and earnings have stayed there for over four years.”

Daniel spends about 3-4 hours a week on the actual blog, but he also spends 2-3 hours per week networking with people on Twitter and commenting on other blogs. Daniel adds, “One of the great things that has developed from this is that now that I am confident in creating websites, I like to build other sites for fun and profit. My most recent one is Serious Babies, pictures of babies doing serious things. This one doesn’t currently earn any income (and likely won’t), but people seem to love the idea and if it makes people smile, I’ll take it!”

3. YouTube Entrepreneurship

Lue Nuwame has a full-time job is as a conveyor operator assistant at a major retailer’s distribution warehouse. As a side gig, he runs a YouTube channel, The Homemade Game Guru, that generates a second income ranging from $500 to $1200 per month. Income is generated through Google ad revenue and via licensing (one of his videos is used in a California anti-smoking television commercial).

Affectionately named by his viewers, “The Madman of Cardboard,” because he makes crafts and inventions out of cardboard, Lue runs his YouTube channel out of his basement and living room. His channel started as a hobby in 2008 and he has created everything from a outdoor cardboard swimming pool (that held water) to a cardboard Christmas tree. The side gig has been good for Lue not just for money, but personally as well. On one of the videos on his channel, Lue credits the imagination and creativity it takes to make games with helping him to overcome a severe bout of depression.

4. Teaching English As A Second Language

Vannessa Wade is the founder and CEO of Connect the Dots PR, but she also bring in extra funds by teaching English to non-native speakers. Vannessa teaches English by using music, watching movies and talking about events. Vannessa started out as a volunteer when someone asked her to help with a class. It was planned to be very short-term but it soon expanded so that Vannessa was working for several different programs.

Vannessa reports, “The teaching led to private tutoring opportunities, too. I never had to actively seek clients because they literally came to me. I enjoy that there is money to be made, I can create my own hours, and I am helping other to achieve the skills they need to be successful citizens.”

5. Web Page Development

Lily Starling is a massage therapist in Davis, California. She is also a marketing and business coach for holistic service providers. In addition to running her two businesses, Lily has a side gig earning money in a way she never imagined she would: helping businesses by building sales pages, landing pages, and other fancy web design to support big online launches. She says, “If you had told me three years ago that I would be running a side gig like this, I would have laughed and told you that I didn’t know the first thing about coding or websites.”

Flash forward three years and Lily has taken on some big web design projects. She says she still doesn’t know much code but that knowing code isn’t required. She explains, “Technology has advanced so much in the past three years, just about anyone can take on a support role helping other business owners outsource the work they don’t need to and shouldn’t focus on. I take my existing skills around marketing and apply them to someone else’s business and along the way I’ve developed a good dash of technical know-how.”

This month, Lily’s side gig income was $1250. She advises, “Basically, your skills can always be applied to a support gig for someone else. Look for a business owner that is overwhelmed and figure out how you can step in to take projects off their plate.”

6. Ghostwriting

Sarah Rickerd is Director of Marketing for funeral industry consulting firm Frazer Consultants. Her side gig is ghost writing blog posts and other content for small business owners. Sarah likes the synergy between her company, Arbor Business Writing, and her day job because she says her ghostwriting helps her to stay on top of business and marketing trends. Sarah started her freelance writing gig in 2007 when she was building and selling websites. One of her clients liked her writing style and he hired her to write for multiple websites. From there, her business grew via word-of-mouth referral to a core group of 2-3 business owners that she works for today.

Sarah recommends three resources for prospective or current freelance bloggers who want to grow their business:

– MakeALivingWriting.com

– BeAFreelanceBlogger.com

– LeavingYourWorkBehind

7. Face Painting and Balloon Twisting

Amie and Jason Mount live in Aberdeen, South Dakota. Jason’s main job is finishing concrete floors and he has done that for 14 years. Amie works in customer service. On the weekends, Amie does professional face painting and Jason does balloon twisting and decor.

Amie recalls, “The very first job we did was volunteering at the local Boys and Girls Club of Aberdeen. We went in and did 208 balloons for 208 kids at no cost to get our name out there. Soon after that we were hired from a parent who saw a flyer we had posted in town for a birthday party. We did a lot of free advertising at first such as flyers and Facebook posts. As soon as we got enough response, we made a business Facebook page and got some business cards. Our first year was spent doing a lot of vendor type events on a pay per face or pay per balloon basis and we handed out hundreds and hundreds of business cards.”

Amie and Jason are now a year and a half into our side business and are hired and paid on an hourly basis for all kinds of events in South Dakota, Minnesota and North Dakota.

Amie concludes, “We love our side job it has been a great extra source of income, and even better than that, we create smiles everywhere we go.”

8. Parking Lot Clean Up

Brian Winch was a full-time shipper and receiver for a large sporting goods retailer. The job wasn’t providing enough income, so Brian started a side gig after hours doing parking lot clean up. Soon he was making more money from his side gig than from his full-time job. Via an operations manual that he sells online at CleanLots.com, Brian now teaches other people how to launch and run their own service business doing parking lot clean up.

Brian emphasizes that there is little risk because this business does not require specialized education or expensive equipment and it can be done in combination with a day job. Especially for people who hate the idea of spending more time in an office inside, this business idea is excellent.

9. Freelance Writing

Nick Whitmore is CEO of an ecommerce company. When it was in the startup phase, it didn’t pay enough for Nick to survive. He remembers, “I had to find a side gig or lose my home and go hungry, so I started doing freelance writing via Elance. After 18 months of doing freelance writing, I realized that I could turn writing into a business, too, so I started a writing business, ContentWriter.co.uk. It earns more than $1000/month.

To launch his own writing business, he says he took the confidence he gained from working at Elance and took a leap of faith and a few hundred dollars to build and market his writing website. Nick describes how he started with Elance, “I completed five jobs for very, very low pay. It was hard work but I got five amazing five-star feedback comments as a result. From that point onwards I bumped up my rates and found clients easier to come by because I had great feedback.”

For anyone wondering how to get started with freelance writing, Nick recommends, “Take the plunge and sign up for a site like Elance, Guru, oDesk or PeoplePerHour. There’s no risk involved whatsoever – the only investment you need to make is your time. If you have a laptop or computer and a working internet connection, you’re 66% of the way to earning a sideline as a freelance writer. The remaining 34% of the equation is a willingness to succeed.”

10. Comedy

Dan Nainan is a high tech investor. As a side gig, he also works as a professional comedian who tours the world doing “clean comedy.” Dan has earned as much as $20,000 for performing at corporate events. He has been hired to do comedy in Aruba, Australia, Canada, England, Hong Kong, India, Ireland, Japan, Malaysia, Mexico, the Netherlands, Panama, Qatar, Scotland, Singapore, South Africa, Tanzania, Trinidad/Tobago, Turkey, and the United Arab Emirates, including a TED conference two TEDx events, a Toastmasters International conference, and an event at the Kennedy Center.

Dan got his start in comedy when he was working as an engineer for Intel. He took a comedy class to get over his fear of public speaking as his job required giving technical presentations with Intel’s Chairman in front of very large audiences. Dan’s coworkers saw a video of one of his routines and they invited him to provide comedy entertainment for a company event of 200 people. This led to an invitation to perform at an Intel-sponsored conference for 2,500 salespersons. From there, Dan’s career skyrocketed. President Barack Obama called him “hilarious” and from the looks of his schedule on his website, his side gig has exploded into something very successful.

11. Music and Worm Sales

Jon Colgan is the founder of CellBreaker, a consumer protection tech company that gets consumers out of cell phone contracts with no early termination fees. CellBreaker uses a web application to automate the repeatable decisions necessary to break cell phone contracts pursuant to the carrier’s terms of service.

At night and on the weekends, Jon plays music at bars, restaurants, weddings and corporate events. He says he will even busk on occasion. He comments, “Music as a side gig is a nice complement to my cash flow as I’m bootstrapping CellBreaker. It’s David vs. Goliath by day and David on the harp by night.”

Jon also studied sustainability in school and he became enamored of using worms to compost. As a third revenue source, he sells worms. He describes his worm business, “I discovered that happy worm populations double every 90 days. My worms are always happy. So, I started selling worms and vermicompost on Craigslist and by word-of-mouth.”

Jon sums it up, “I’m an entrepreneur by day and musician by night. Plus, I sell worms. Contracts, music, and worms. Pretty unique combination, eh?”

12. LinkedIn Profile Writing

Juli Branson works full-time creating written communication to help experts gain more exposure in their field. Usually this takes the form of assisting with speeches, books, and blog posts, but recently, Juli discovered a lucrative new niche that serves as her side gig: writing LinkedIn profiles.

Juli elaborates, “While you could say it’s part of my day job, it really is not. Experts pay me thousands of dollars to help them develop their career, and only recently have they started to realize how important LinkedIn is. They don’t have time to take a class in how to effectively write a LinkedIn profile…they would prefer to pay me $500 per profile to do it.”

Juli writes 2-3 LinkedIn profiles per month, grossing an extra $1000-$1500 per month. Juli adds that when she had a couple of friends who were temporarily unemployed and really needed cash, she taught them how to write LinkedIn profiles, too. Now when she is too busy, she sends clients to those friends and they pay her a referral fee, adding to her cash flow.

How To Start A Successful Online Business

Here is a short guideline to building your future successful online marketplace:

1. The Idea

The internet is flush with what seemed like great ideas but were not properly vetted and thus failed. (How many apps do you have on your phone now that you never use? ...Exactly.) You need to know your target audience well and the study supply and demand in this area.

Assuming you have a good idea for a marketplace a good rule of thumb to start with is "Would you use it yourself and if so, how often?" If you cannot honestly say you would use it often enough that once scaled it would be profitable, you need to realign your offering or abandon ship now before you burn through your friends' and family's money. If you are confident that you are, in fact, on to something big enough that you won't need to hide from Uncle Harry when he asks how his investment is going, then proceed.

2. Co-thinkers/co-founders

You can omit this step if you already have a team or if you decided to build everything on your own. But if you do need a partner—choose very carefully. This person should be really involved and share your point of view on the core issues. If you need technical cofounder, try these services founderdating.com , cofounderslab.com.

3. Detailed business plan.

A well done business plan includes:

·         General information: description of the business, market description, main competitors description

·         Sales and marketing plan: promotion, advertising, distribution, pricing

·         Operating plan

·         Timetable and action plan

·         Summary: brief summary on the project, financing required

·         Financial plan, including cash-flow budget.

4. Tech team

While finding a seasoned (available) top developer is not easy, putting together the right mix of developers is a really BIG deal. It’s a talent in and of itself. Get it wrong and it will cost you dearly. We finally have our dream team together but it was a serious process. Because we work with start-ups, it was critical to get top-notch people who are both talented and creative/flexible. The payoff has been great though. Team compatibility has created a true lean mean machine allowing us to be very flexible in tackling all kinds of development projects. It's definitely something I think more people should inquire about before hiring a development team.

5. Wireframe

This can make or break you. If you don't get it right from the start, you will be plagued with costly work arounds, rebuilds, and the like.

A. You must know your market and how you see the user experience being must be clear.

B. Then you need to work with a pro info architect who specializes in marketplace development.

The wireframe serves as your requirements doc. NOW is the time to nail down the details. It is a lot easier to erase a line on a blue print of a skyscraper before it is built than it is to move the building 1" to the left after it's built. Do your moving now before the programming starts. Trust me on this one.

6. Funding

While filling out the profile is no small task, you realize in the doing of it that what they ask is, in fact, important you have lined up before asking for money. Once you have done that you can leverage your answers to go to other funders.

7. Development phase

Depending on the option (off-the-shelf or custom built platform) you choose it may take 1 week – 12 months of development, with Campus On Fire it will only take 2-3 months.

8. The Launch

After you have tested and QA'd the site and are confident that it is ready for prime time, it's time to leave the development site and it live.

9. User acquisition

And you thought building the marketplace was the hard part. ;) While now is the time to acquire the users, you want to start planning for this during the first phases of development so that you can hit the ground running on launch day.

10. Success!

It's a process more than a destination. You want to watch user behavior, listen to their feedback—both those who love it but especially those who don't and look for opportunities to iterate and make it the best damn marketplace in the space!