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When to Cancel Buy and Sell Orders

When to Cancel Buy Orders and Sales Listings

My general rule of thumb is to wait at least 24 hours to cancel buy orders (no penalty) and one week for Sales Listings (5% loss each time).

If you EVER accidentally list an item for gold instead of silver, sometimes it isn't worth it to even bother cancelling it. This is because the 5% penalty is based on whatever you listed the item for.

Now, why do I wait so long to cancel sales listings? Obviously there is a 5% fee, but the real reason comes down to a weekly cycle that the game naturally goes through.

Every Thursday prices across the board, prices tend to drop, particularly in the morning (my time is EST). Then Friday night the prices rise going on into Saturday. Since it takes a week for this cycle to complete, I usually cancel my listings after that time period is over. If I post on Friday and it doesn't sell by the end of next Friday, then there have been two great chances for the item to sell but it didn't. That means it is time to cancel.

I rarely, ever, have to cancel sales listings. Buy orders however, I cancel about half because they don't get fulfilled. I usually over place the buy orders since I'd rather some didn't get fulfilled than miss out on opportunities.

Hope that helps!

Markco

8 comments:

  1. Anonymous said...:

    The 5% sale listing fee triggers as soon as you list an item (hence the name: "listing fee" not "cancel fee"). No need to not cancel a wrong placed sell order - you have already lost the 5%.

  1. Markco said...:

    I would argue that you lose the money only if you cancel.

  1. Anonymous said...:

    http://wiki.guildwars2.com/wiki/Trading_post#Fees ;-)

  1. Markco said...:

    I'm not arguing with you as to when you lose the 5%.

    I'm simply stating that its an investment until you remove the item. Then it's a loss. Understand my reasoning now?

  1. Anonymous said...:

    I would have to agree with u markco, leaving it for a week can pay off.

    Archangel

  1. Anonymous said...:

    Okay, now I see what you mean - although I do not agree.

  1. Anonymous said...:

    I think my situation is a good example of when to cancel a Sell order. About 10 days ago I crafted two level 80 rare rings to sell on the AH. Each one would get me about 40s of profit, so it's totally worth it. Unfortunately, I was undercut about 15 minutes after posting them. Here we are ten days later, and their listing price is now about 30s below what the rings are going for on the TP. I doubt they'll sell any time soon, and right now they're really just 4g50s sitting there, doing nothing.

    When the choice is between 95% of what the item is worth, or sitting on it for two weeks or more, you have to look at the utility of that money. 4g50s isn't as much as the 5g they might eventually sell for, but I can use that 4g50s right NOW to make more gold. A week is, IMO, plenty of time to allow a sell order to process. After that, you're really just crossing your fingers that eventually the market will trend back down to your price, and there's just no guarantee of that.

  1. Anonymous said...:

    Whoops, I should mentioned that I meant EXOTIC rings. About 2g20s in mats to craft (using buy orders of course!) and selling for 2g60s.

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