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Making 100 Gold Per Day? Is it Possible?

"Hi Markco,

First of all, I'd like to thank you for your Gw2 blog. I found it some months ago and I've learned a lot from it. Before, the best I managed to get from the TP were 8-10 gold per week with some low profit flip, now my calc spreadsheet say I earn 90-100 gold per week.
Of course there is still a lot I have to learn, I also need to diversify more since I sell only 3 or 4 type of items.

But let's look at my question: I read on different websites about people that state they can have a profit of 100 gold each day. They said the most important thing is the quantity: the more you sell, the more you'll earn.
But is this really a good thing? Despite the time it requires, is investing hundreds of golds each day really a good idea or the risk is too high? I currently put on the tp something like 50 gold each day.

Well, I'm definitely satisfied with my current income, but I like challanges. If someone can gain more than me, I want to do it too. But I also think that recklessly investing a lot of money just because I want more is a little hasty.

I'm not sure if my question is clear, unfortunately I'm not that good with english xD.
But well, thanks for reading my email and again, thanks for your work, I think it can be really useful not only in Gw2, but in our everyday life too. At least for me.

Best Regards,
Mirko."

Our names are confusingly similar... haha people are going to do a double take thinking that I wrote this to myself. You're great with English, and I always crack up at how non-native English speakers appear to have a better grasp of the language than the people they speak to.

Making that much gold every day is not guaranteed. You can farm a decent amount of gold while playing the trading post, but even then 100 gold a day is really lucky. Time invested isn't everything, as you need people to actually want and purchase the items you provide while hoping not to run into too much competition for these products. Crafting can make you a decent income, but it's a lot of time even after you set up some decent spreadsheets to help do your calculations as well as make use of various online tools.

You also need to acquire the goods you're hoping to sell, which isn't always guaranteed either. I wouldn't trust someone who says they make 100 gold every day. I would, however, trust someone who gives you a range of gold per day, like 25-75 which is what I try to aim for usually. I know I'll have ups and downs, but even on bad days I can pull in about 25 gold. Some days I only buy, other days I only sell, but the average is up there.

Try not to look at everything in terms of how much gold you make per day. Think instead of how much you make per investment. For example, ask yourself what % return you getting in a reasonable amount of time flipping dyes versus sigils. Is it worth it to do both? Perhaps one is so much better that it makes the other a waste of your time? I also try to break people of following the idea that they will log in to buy and then log in an hour later to sell. What I do is log in and review prices before deciding whether I will buy more or sell some (not usually all) of my stockpile for an item.

There's a lot of buyers and sellers in GW2 with millions of players, so there's plenty of room for you to make that 50-100 gold per day. Just take your time getting there and work on the diversification as well as better buying practices. Monitor prices like a hawk and you'll notice distinct highs/lows for various items. Play the long term speculations with your extra cash, but focus hard on your day to day activities for making gold.

One last point... some people try to sell and buy more of something in order to make more gold, but that doesn't always work. The bigger your buy and sell orders, the more competition you bring into your market. Better to keep things modest and spread yourself out then to attract the other sharks.

5 comments:

  1. Cygmund said...:

    Yeah, I think you're only limited by the amount of time/effort you're willing to put in, as well as the initial investment you sink into it.

    I pull down a fair amount of gold/day, (30-70, all depending on variable things like whether I get bids sniped right after i post em, since i have 150-200 buy orders at various quantities), but sometimes it's almost too much to the point that I cut a market shorter than optimal, shorting myself on potential earnings.

    If I were willing to spend the whole day watching orders (and especially just the volume of stuff I have to claim/repost/melt in forge for upgrades) I could make more, but it's a matter of finding a level of work:reward you're comfortable with.

    I'm working towards crafting a few legendaries (would rather craft than just buy outright, feels a bit more "earned" that way, personally. Not taking anything away from anyone who's bought theirs, that's alot of work in it's own right.) So I'm spending more time with orders than I'd like to, but there's plenty of gold out there.

  1. Anonymous said...:

    I have very limited time to play so I average 1-5 gold a day which is not at the same level as you guys. But it allows me to deposit 14 gold every week in my personal guild bank. So I dont touch it, which is how it worked before they made changes to the way gold is kept.

    Anyway. I do some crafting and sell in very small quantities, 1-2 each type and what I find.confusing is when I see 25 listed by one seller. Does that actually work? Because I'm going to come along and list mine 1 copper below and sometimes others 1 copper below me.

    Other times, the person must have no clue how the TP works, because they undercut to the negatives were talking -10 silver or more and they do sell at a loss, and you can tell its the same person because they usual list the same price range.

  1. Anonymous said...:

    It seems like many people on the TP are just straight out retarded. Sorry to sound so harsh but I just can't explain it otherwise. Yesterday one of my investment materials shot up hugely. Like 400% in a matter of 1 hour and the profits were HUGE.

    I tried to sell some of my savings as fast as I could but a lot of people started doing this but undercut not just a few copper but many silvers, so the price dropped by 300% in the next 2 hours. I can still make profit by selling it for the actual price but ALL people could have made much more money if they didn't ruin it with undercutting.

    This would have been a huge opportunity for a lot of people to make a lot of money but instead they choose to ruin other peoples and their profits. How can you be SOOOO stupid?!?!

  1. Anonymous said...:

    To the previous poster, you are exactly right. Like my previous post I dont understand how people can undercut to the point its a loss.

    I play nice. So if I see the TP says 5 listed by 5 sellers. That tells me there are 5 people selling 1 each. So do I undercut them? No. I simply list mine the same price as those 5. yes it wont sell fast, but it wont ruin the profits for everybody. You can play nice and still make a profit.

  1. youkai said...:

    Maybe they were just cutting prices in order to be able to buy at a much lower price.

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