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What to do when sports card prices drop
Here are some sports card investing and trading strategies to help you make it through stressful downturns in the market.
The economy is BOOMING!
Were in the midst of a 10-year bull run.
Something has to give right?
Not necessarily. Trying to time a downturn is impossible and not worth trying long-term.
BUT a downturn will eventually come!
So what should you do once card prices start dropping?
Don’t Panic
Sit down. Take a deep breath. And remember this is normal in any kind of investing market (including the sports card market).
If you need to stop paying attention to the markets and immerse yourself in another hobby.
Have a Downturn Fund
This is super important!
Set aside a nice chunk of money and have it ready to invest during a downturn in the market.
Depending on your budget have anywhere between $1,000 to $50,000 in a savings account that can be put into action quickly.
Start Buying
Once the stock market is down anywhere between 10% to 15% begin buying cards again!
Look to buy blue-chip sports cards (i.e. Jeter rookie, Cobb T206, MJ Rookie Cards) as these are the safest bets.
Once it is obvious that the sports card market is back you can start taking chances on 1st and 2nd-year rookies in short term flips.
Bottom Line
Baron Rothschild, an 18th-century British nobleman and member of the Rothschild banking family, is credited with saying that “the time to buy is when there’s blood in the streets.” He should know. Rothschild made a fortune buying in the panic that followed the Battle of Waterloo against Napoleon.
Downturns are a great time to buy stocks and it is no different with sports cards.
If you are serious about investing in sports cards you need a plan just like you do in the stock market when a downturn hits.
If you follow the advice in this article you should be well ahead of the sports card investing game and keep your ROI very juicy! 🙂
If you have any questions or would like further explanation about anything discussed in this article please email info@goldcardauctions.com.