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Too Much Time, Not Enough Profit

Mike writes...

"Hi there, thanks for an awesome blog sacrificing your time to help out us! You have taught me so much!

I am just mystified as to how you manage to make 40gold from 50 gold per 1-2 days because the 'quick' flips you often talk about are failing miserably for me. I am diversifying my gold investments to TONNES of fine/masterwork low level armors, various vegetables and other crafting materials etc etc.

But after 24hours I havent even filled a quarter of those, and the ones I list become undercut in the next couple hours..

For example: buying 6,000 of a grape pie filling (or equivalent) for 10-20gold and then flipping it in the same day for a 2 gold profit is hardly making 50 gold a day :/ and that takes a considerably long time for those orders to be filled with everyone undercutting.. and all the while that gold could be invested elsewhere

Am I just being impatient or am I missing something?
Thanks again! Keep up the good work!"

Well, Mike, the nice thing is that you don't have to baby sit any of these auctions. Instead of posting the whole stack that you've collected, you could post a small amount each day. After a week you'd exhaust your stockpile and be able to place new buy orders. This strategy greatly reduces the amount of time you spend on the trading post each day and it's something I've recently gotten into. Give it a try! Place one big set of buy orders, leave them up for a few days, and at the same time only list a small portion of your auctions at a time. When you go to list each day, cancel anything that has been undercut too much.

This way you turn into a store kind of. Walmart doesn't sell all of their eggs in one day, but they keep a big stockpile in the back that they pull from whenever enough are purchased. Make sense?

3 comments:

  1. Phil said...:

    Hi Markco!

    I have been reading you blog and learning a lot from it for about two weeks now. I have read most past entries and all the new ones that have come out since. I am having fun with the TP and also earned about 80 Gold so far from the 3 Gold I started with two weeks ago.
    I am posting this because I am stuck in the exact same spot as the guy who mailed you and I do not quite understand your answer, I think.

    How does selling things at a slower pace, bit by bit, accomplish faster profit? If I buy thousands of Grape pie fillings and relist them for a higher selling price they will get sold once all stacks posted before for the same price me are sold. Is it just because I will get undercut more often if I list bigger stacks? I am probably just missing something here.

    Keep up the good work!
    Cheers
    Phil

  1. Markco said...:

    Let's say you get undercut by 10 people.

    If you posted 10 auctions and they didn't sell, then you have to cancel 10 auctions to repost, right?

    Well what happens when you list 250 auctions and 10 people undercut you?

    You lose 5% of the cost to list ALL 250 auctions, instead of just 10.

  1. Phil said...:

    Ah thanks, I knew I was missing some rather obvious point!

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