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Why do the fast flips have to be that fast?

Great question incoming from Jayhawk, which I believe many of you are getting stuck on:
 
"First off, thanks for the responses and featuring some of these on your blog....glad to know I'm asking the right questions.
What are some indicators that you've picked a good market and related to that, how do you know when a market has gone bad or at least is trending downward?
A good market for me is if it sells fast. I'll usually start with a small buy order (5 on non-stackable items, 10 for everything else) and if they sell relatively fast (undercutting by a copper), then I'll buy more. I use GWSpidy and GW2TP to see if there are many more buy orders than sell orders but I don't know if that's what makes for a good market? High demand with a relatively low supply would lead me to believe they'd move quickly...and prices would go up if my economics are right.

When you recently mentioned moving stacks and stacks of an item, I was astounded. Every time I acquire a lot of non-stackable armors, weapons, whatever, they take a good deal of time to move and usually require me having to "remove and re-list" (eating the 5% fee) despite having undercut the lowest seller. Even the stackable crafting materials and cooking ingredients I've gotten (iron boot lining and zucchini) don't sell immediately, again, having sold them both for the lowest price.
Again, thanks for all your help, great blog.
-Jayhawk"

I think I may have a little more patience when it comes to selling my stacks. For me, stacks will never sell the same moment that the buy orders are profitable. They sell later when the buy and sell orders shift to the point where my pricing is a deal for the consumer. Does that make sense? Fast flipping does work, but it is no where near as profitable as large stacks (since you can then sell and buy in your sleep over the course of hours instead of camping the trading post, relisting, etc).

By having a knowledge of how high or low prices will end up for various markets, you can play over the course of days instead of hunting for profits in the next five minutes. When I buy a few thousand of an item that is going to make me 1-3 silver profit per item, there's no way in hell that's the scenario at the time that I'm buying them. Instead, I might actually be losing money to sell as soon as I buy! So what do I do? I know that the price is going to rise much higher and I list at that amount or I wait until I'm online and the price has gotten to that point.

I think that people are getting a little addicted to selling as soon as they buy an item, instead of cautiously listing at prices that are high now, but will be low in a few hours to a few days.

3 comments:

  1. Anonymous said...:

    I was also having the same problem as Jayhawk, and still do on certain items. I've expanded into several different items and the result is the same, I'm constantly getting undercut to the point that my item is waaaaaaaay down the sell list despite having put my item at the lowest sell point initially. The item will then sit in the TP for days on end, often going into weeks of not selling. This particularly happens to me when trying to flip high level rares and exotics, and armors of all levels and rarities. I usually end up taking a slight loss, just breaking even, or barely gaining a profit at all, such as turning 3 gold into 3.0001 gold.

    I think you've been giving some great sound and solid advice, but there are some markets that are just too volatile.

  1. Markco said...:

    So you may have placed a listing when the height was at its highest selling point, and now it's going to be a while to come back. Play the market longer, it's not like it goes down forever right? A volatile market means up and down, so now it's your job to figure when each happens.

  1. Anonymous said...:

    Ahh, that's an excellent reply! The exotics I've tried have really been an up and down market that's something fierce. I really feel like I almost have to babysit the TP when I try exotics. Anyways, thanks again for the advice. Great stuffs!

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