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Biggest Mistake You Make After Getting 100 Gold

Received this email recently which contained a great question. Getting your first 100 gold can be tricky, but the work doesn't stop when you pass it. I can understand why people have lots of additional questions even after hitting such a great milestone in your trading career. Perhaps there are a lot you out there in the same boat, so here goes:
 
"Hi Marcko! Name’s Skyr and I signed up for your newsletter and forum about 3-4 weeks ago. I’m absolutely thrilled to say I just reached my 100g milestone today! It might be a small thing for most, but for me this was huge as I had no idea how to play the trading post a couple of weeks back. So thank you so much for all your tips and guides!
 
I do have a question too, I’ve made my money playing mostly simple markets, armor, weapons and such, but I really struggle with getting into the crafting material and chef supplies markets, do you have any tips for starting out and discovering some of those more fast paced markets? 😊

Again, thank you so much, you’re doing a great job!
 
Signed, Skyr."
 
Crafting materials are all about conversions. Ask yourself, can I buy item X and convert it into item Y for a profit? In some cases, the mystic forge can help you earn a profit (look at what I did with claws in the forum under my ideas section). Now, in most cases, crafting requires you to convert material X into crafting material Y, for the purpose of creating weapon/armor/etc Z. The money, for most materials, is in converting them into the crafting material which other crafters will turn around and use to make the finished products (Z in this case).

You can also flip thousands of cheap materials, such as vegetables, without having to convert them. This requires that you do market research on gw2spidy in order to determine what's worth investing in. You should eventually graduate to using tools like GoldWars2.

I think that the fast markets is what you're after, so here's how I play them.

Step 1: Identify the Market

Remember this post on reading the graphs? Use it. Find markets that fluctuate frequently and for 1-3 copper profit. Make sure that there are thousands of items being bought and sold. You can also pay attention to the top 10 trading markets that you see on the right side of the trading post upon opening it.

Step 2: Test the Waters

This could take an hour or it could take days, since not every market fluctuates at the same rate. Purchase with buy orders 99% of the time and be patient. Sometimes copper ore will change 1-2 copper in a single day, or it will take a full week. If you did your research, then you already know what the average value has been in the past month, so you can make wise decisions about purchasing. Since you're using buy orders, you can place very large buy orders below the average amount and just wait for the market to reach that point.

Step 3: Selling in Batches

Try selling 25 of the item at a time. If that goes well, move on to 50, then 100, then 250. Get a feel for how quickly you can unload the items because cancellation fees HURT. It is very unwise to just dump all your stacks of 250 without knowing how the market will react. And here's my best tip: Don't sell the same day you buy these items. That is a huge mistake! Usually the market will go back up, and that means a lot more profit / less competition to deal with.

Step 3 is where most people make the huge mistake of trying to sell the same day they buy. Many people place buy orders and come back online a day or two later to sell off their stock. If your buy orders are getting bought the same day you place them, then in most cases you do not want to sell just yet!

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