Time to fix the flow - looking for feedback

[MartinB]

Hi folks, It's been a while I'm working hard on this affiliate thing. I'm very happy I managed to get out of the "fog in my head" feeling and I'm running a few profitable campaigns which are doing something between 5$ and 10$ per day.

I'd like to fix what I think I learned so any feedback is more than welcome. Here I come, please let me know if I'm getting it properly:

1. No matter what kind of offer we are running in terms of payout, the most crucial part is finding the right offer. So we need some budget dedicated to testing that we are ready to lose.
2. Once we find an offer which some potential is it a good idea to run it straight on our white list or is it better to start from a broad targeting and than narrow?
3. How narrow is it good to go? Do you end up with running the same offer on like 5 campaign where you end up targeting for example one city with one carrier?
4. The profits we make are directly linked with the budget we are ready to spend for running the campaigns. For example, if