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Speed, Profits and Assets

"I've been following your blog for 3 weeks now, and it's provided me with great insight on the TP. As a result of reading it, I've found a steady market that provides me with decent returns, however, it is highly competitive and I rarely see my buy orders ever fully going through and I constantly have to re-list them in order to keep up.

As of now, I am investing most of my money into somewhat expensive markets that yield about 3-5 silver for each flip.

I understand you recommend investing in items such as chef components that buy and sell rather quickly with less yield, but I don't think the orders for items I've personally tried move as fast as they should, provide enough profit, or are cheap enough to buy in bulk. Do you have any more recommendations?  For items that you buy in bulk (1000+) how much profit should I be aiming for in each flip?

I've read your niche markets page as well and I'm going to try flipping some rare rings. One thing that confuses me though is that I'm never sure how long it will take to sell some of these due to their awkward stats, for example "carrion" or "cleric" or "valkyrie" rings. Are those worth it? 

I'm considering a subscription to GoldWars2 as well. How easy is it to learn/use? 

How do you make such huge buy orders at once? Buying stacks of 250 at a time is much too slow...

Thanks a ton,
Drake"

Hey Drake, thanks for the great question which spawned the following response post. Yes, GoldWars2 is easy to use, try it! Now, let's look at your current problem. Do you even know what it is?

Allow me to make things a little clearer for you; what you're trying to do right now is optimize your gold making operations on the trading post. This is excellent! I work very hard to get people to where you are currently positioned, because moving on from here is all down hill. You're aware of how the trading post works, the fees involved, and are willing to put the work into discovering your own niche markets.

I want you to try the following tips for optimizing your gold:

1. Don't expect buy orders (or sell orders for that matter) to be completed in a few minutes, hours, or even a day. Leave them up for longer, but experiment with how many you leave up at a time.
2. Avoid walling yourself in with buy and sell orders. Less is more!
3. Diversify not only your items, but the way you buy and sell them. Start tracking the prices of items throughout the day, along with how successful your buy/sell order attempts were.

Let's look at your rings. I would look up the previous price values on gw2spidy as well as my own notes for each one. If the ring was currently profitable and I knew it was likely to go up in value within the next 48 hours, I would place buy orders of 3 for it. Within a day I would check back on the buy orders and take note of how many were purchased. Then I would put in more or less buy orders depending on whether they sold. I'd also try putting one up for sale. If that sold reasonably fast, 2 or more rings would end up on the trading post next time I listed this item.

This is your own living/breathing case study in the Trading Post. Yes, the first few items you do this for will be a little tedious, but as you get better these decisions will become mechanical instead of forced. In many ways, you'll be able to rely on instinct for most of your decisions; utilizing the experiences you've gone through to make your calculated moves on the trading post.

See the title of the blog post? Speed, Profits and Assets. You must juggle how fast you want to buy/sell with how much profit you're after along with the amount of gold/items on hand. The formula to success is unique to each individual because of these three factors!

Hope that helps!

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