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Right now is a great time to buy copper ore... and probably next
month as well. I want you to do a little experiment with me called
dollar cost averaging. It will teach you how to speculate long term on
an item with the basics behind the greatest way to grow your 401k in
Every single day, I want you to purchase 250 copper ore with a buy order that is 1 copper higher than the highest order. If you notice that there are fewer than 500 copper being sold at the highest price, then consider going a little lower to the next "wall" in the price listing.
For example, if I see copper at 31 copper for 100 orders and 29 copper for 5200 orders, I'm going to price at 30 copper instead of 32.
With each passing day, you're going to see copper ore going up and down a little bit but you will continue to buy one stack of 250 each time. Then, as prices rise (and they will once anyone younger than 23 goes on summer vacation or the Jewelcrafter patch, whichever comes first) then you're job will be to decide when to stop buying and start selling.
However, you're only going to sell 250 at a time, no more than three times per day. That way you'll take full advantage of the gradual rise in price without risking too much profit loss selling too early.
The entire purpose of this experiment is to mitigate risk over time both on the selling and buying end of things. Give it a try, and in the summer I'll be sure to sell next to you ;)
PS: The answer to my investment riddle will come tomorrow.
PPS: If you're new to this blog... please start getting caught up with posts like the Damn Gold Guide.