Hooray, Hooray, It’s Royalty Day!
October 29, 2009
It’s now been 3 1/2 years since The Essentials of Trading was released by Wiley, and something like 4 1/2 years since I actually started developing the book. I’ve been on a wild ride since that time. It’s been amazing how much having a book in print from a well respected publisher garners attention and respect. In some cases people have practically been in awe of the fact that I wrote a book. Part of me can’t help but wonder at that, but then I do realize that it’s not an easy thing to accomplish as there’s a lot of time and effort involved.
Today I received my latest royalty payment, which really isn’t saying very much. This happens twice a year, or as often as there’s enough accumulated to meet the minimum threshold for payment. This royalty is already gone to pay for some much needed new clothes. Needless to say, I’m not exactly flush with cash thanks to my book sales, or anything like that.
Only a tiny, tiny fraction of authors makes any real money from their writing. You need to sell a whole bunch of copies - like 10s of thousands – to get into that level of income and the vast majority of published books don’t even reach 4-digit sales volume. A lot of people don’t realize that, but it’s a regular topic of discussion when I meet up with fellow authors like Brett Steenbarger, who has three trading books in print.
So if you’re thinking about writing a book, make sure you’re not just in it for the money because you’re very likely to be sorely disappointed.
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