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Are You Making Gold But Not Enough?

A lot of players start off with my strategies for flipping armor and weapons, especially the lower level items. This player in particular, Kilian, had reached this milestone but asked for my advice on getting to the next level of gold making. Here's his email and then my response, which will hopefully assist you if you're in the same boat.

"Hey there!
First of all I'm sorry if my English might be poor, I'm no native speaker.
A quick introduction to begin with, I'm fairly new to gw2 (playing since 3 weeks), but not new to the concept of trading as i did this to earn money in a lot of other MMO's too. I subscribed to the secret forum on Saturday and been reading the forum and your blog since, really enjoying it so far, a big thanks to you, as this has helped me a lot to establish and get going into this market.

A Problem I'm struggling with:
i tried buying  level 10~60 Armor/Weapons/Trinkets when they are at least the half of the sell orders i place my buy orders (2-3 per Item). Everything good so far and I'm making a good profit with this method so far.


HOWEVER my problem now is, I'm not taking notes down, so for these "cheap" items i'm not going to list every single one in an excel sheet, to look up the buy price later. This would slow me down a lot i think and so far I'm fast enough to go through a site of items in under a minute, placing my bids. If I'm going to bid on 500-700 items listing them all up would take HOURS and minimizing my Profit.


So to get to the point I'm struggling, I don't know how much i can undercut other People and still make a profit, as i can't remember all those items. And i think this is a point that if I could improve this, would make my Gold per hour go up by a lot.


Also I am a very patient person, I have no problem to let those item's listed for 2 weeks if they sell, but on the other hand I want my money back to invest  it again and throw it into the TP.

The other Problem I have is the following:

I just take today as an example, I started the day off by removing the old buy orders from yesterday, starting to sell my stuff and placing new Buy orders. I was sitting at ~160G and after putting up buy orders for Armor/Weapons/Trinkets/Runes(tried Runes the first time today) I was at something around 50G. This process took something like 1.5h to complete, afterwards I took a quick 30min break, when I came back I bought a lot of Stuff and already sold some thing(from the sale and buy orders I placed earlier), so my money was already coming back.
After this process I was at ~70G and some more stuff I put up.
I tried investing this 70g into whatever but with flipping I just seem to can not get my money to 0G. I have no clue what to do with this spare money, but letting it sit in my inventory won't get me more money.

I hope you understand what I'm asking and maybe you have some stuff i can read related to those Questions, thank you in advance and have a good day!
 
~Kilian"
 
What Kilian has done, and thank you Kilian again for the great email, is outline exactly where most people get confused with my methods. They have begun to make profits flipping armor and weapons, but they can't figure out how to spend all this extra gold they're making. You just can't invest it all in a reasonable amount of time with the armor flipping strategy. This is a good thing people! It means that you've made your starter cash and are ready for the next level of flipping.

Kilian mentions that he cannot keep track of all the items because they are so varied. Let's fix that problem by investing more gold into specific items instead of little amounts of gold into hundreds of items. When I tell people to start tracking sales, I am not talking about armor and weapons. I'm instead referring to crafting materials like food, ore, wood, scraps of cloth, etc. These are the items most affected by patch notes and weekly schedules of the playerbase.

Continue to make gold the way you are Kilian, but now begin to spend more time investigating crafting material markets. Look at the price of something like silk scraps and see if the value ever goes up or down throughout the course of a week. Pay attention to major patches (like the Escape from Lion's Arch) that affected the price and use your analytical skills to determine what will happen post patch.

Start with food and mix in the different tiered crafting materials (ore, wood, cloth, fangs, venom sacs, totems, scales, claws, blood, etc). Instead of looking for items which are selling for half price (that's almost never the case), you'll want to look for items which are at below their normal selling value.

This is not something you can figure out by looking this instant at the current buy and sell orders like you can with the strategy you're utilizing to flip armor. You have to look now, jot down the prices, and then look again tomorrow to notice the difference. Keep writing down values, use sites like GW2Spidy, and get information before investing. While you wait, you can continue to make starter cash with your current methods.

Once you start flipping trading materials though, you're going to experience a much bigger rush. Both in terms of enjoyment and influx of gold!

2 comments:

  1. Anonymous said...:

    Quick query, with the wardrobe announcement, they're also changing the way that dye works by making it an account-wide unlock. If you have the same dye on two different characters, you'll be given an unidentified dye for each instance of the duplication. Do you think that this could be exploited for gold? I.E. buy multiples of the very cheap dye and unlock them on multiple characters in the hopes that you get rare dyes from the unidentified dyes? Also, I'd be interested to see a post on your predictions for dyes in general.

  1. Anonymous said...:

    I believe Marko will need to invest in something else now.

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