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Flipping Exotics, Ascended Inscriptions, and Other Items

Received this email from someone wishing to remain anonymous. I believe they are three good questions, so here goes...

"Hi Markco,

I have been reading your posts for quite a while now, and have also been successfully making some gold of it.

I do, however have some questions:

1 - Exotic flipping: In your video about exotic flipping, I understand everything up to the part in which you say that I should try to make the buy order at -25%. I simply don't understand who would sell the item for such a price. I haven't tried this yet because of this. I always try to understand what I do first before actually doing it. Also, what does a slow flip mean? What do I have to be prepared for - a week to wait for the buy order to come through, or just 2 days?

2 - Ascended Inscriptions - similarly to exotic items, ascended inscriptions are very expensive (30g and above). Can I follow the same procedure as in the exotics market?

3 - Any items - I mostly try to flip crafting materials, since I know this market quite well now. However, I am actually not so sure how to experiment in new markets. If I look at a post on your forums, which says flip [name removed] for levelers, I am mostly stuck at the following question: How much should I buy? Should I start with 1? Do I simply have to experiment with this, or is there a way of knowing by looking at the supply/demand?

That was it for now.

Thank you for your time."



1. Exotic flipping is all about getting the buy order and then heavily undercutting the lowest sell listing. I think there's some confusion with what I meant by the -25%. I'm referring to 25% less than the lowest sell listing.
 
2. Yes you can. Just remember that these markets take so long to flip in most cases that they technically cost you more than you make in profits (time = money).

3. Experimentation plays a big part, but you can have this general strategy:

Try flipping one. Then two, then five, etc. Notice whether the market moves quickly or slowly.
Pay attention over the course of several days as to whether the market moved up and down in a volatile way.
Eventually you'll start to notice that the price can get higher or lower than the current value, so you act accordingly.
Biggest thing you can learn to do is to not ALWAYS decide that you're going to buy or sell before looking at the items. A lot of people get on in the morning to buy and sell at night, but they never consider that each market may require completely different strategies. I open up my trading post without knowing if I'm going to buy all of my markets, sell all my markets, or find a mixed bag because of the prices.

2 comments:

  1. Hello Markco, I've been following your blog and it has helped me quite a lot in my TP quest for gold.

    I actually had the same question as the person who sent you the email related to exotic flips.
    In your answer to question 1, you mention that you should place buy orders at -25% of the lowest sell order. This leaves a pretty small profit margin. Or do you mean that you should place your buy orders at -25% of the price that you think people will buy the exotic at?

    To be more clear, I'll take the example in your video. You state that people might "directly buy" the exotic at 6g, while the lowest sell listing at this time is 10g. Does this mean that the buy order should be 6g-25%=4.5g? Or 10g-25% = 7.5g?

    Thanks in advance!

  1. Markco said...:

    If an item sells for 10 gold an buys at 4 gold, I'm going to place a buy order at 4 gold 1 copper.

    After winning the item I will sell at 7-8 gold instead of 9 gold 99 silver 99 copper.

    That's the secret to flipping exotics.

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