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Must Read Tips for April 15th and Beyond

Yesterday I asked you all where you were at in regards to making gold. Thank you for the comments and questions both through the post and email. Here are my answers to them all...

"Hey Markco,
today I was thinking about the upcoming wardrobe and inhowfar it could/will affect the market. People always have been greedy when it comes to collecting stuff they can store away nicely sorted. Now that there is a non-inventory-cluttering way of collecting all existing skins I anticipate that the prices for some items will rise massively within the first day(s) after the patch goes live because everybody will try to get his/her/its wardrobe filled as soon as possible. Do you think investing in certain skins would be a smart thing to do? I'm thinking of low price skins like the Glyphic/Shaman/Charr Weapons for smaller profits or maybe even more expensive ones like Dredge or even Pact Weapons and visually unique exotics. Too much of speculation on this one or is it reasonable, what do you think?

Ravenfield"
I agree, but your guess is as good as mine in terms of which ones will sell best. We could look at what profession the majority of players in the game play as to determine the most profitable skins... but who knows. Your absolute best bet is to invest in many different skins and hope that more go up than go down. Play this one slow, as the longer the game goes on the more profitable your skins will become.

"Hi Markco

I was wondering what you thought about investing in some skins as the prices have steadily risen since they announced the wardrobe , I think a lot of people will try fill their wardrobe and flipping skins at the moment could be a decent long and short term investment.

Regards
supercrazee"
As I said already for Ravenfield, this is a solid idea but the difficulty is in picking the right ones. Diversify your portfolio!
"Hi Markco,

I am a new reader to your GW2 blog and just wondered if you had posted any thoughts on what might happen to legendaries when they become account bound after the April 15 feature patch? As a result of them becoming account bound instead of soul bound so you see demand dropping a bit as players can now use them across all characters or do you see this feature increasing the demand for them?

I’d be interested to hear your thoughts or see a post on the topic.

Keep up the informative and helpful work.

Kind regards
Alex"
It's a good thought Alex, but I'm not sure if it will truly reduce the price that much. How many characters reuse the same legendaries? I am more worried about precursors being changed to make them easier to obtain (hinted at by the chest rewards in a post recently). That will cause prices to drop more than anything.

Here's my advice: If you have precursors, sell them. If you're waiting to buy or build a legendary, wait some more. Things will change hopefully to make them easier to get after this patch.

"After a long long grind and TP play occasionally losing a bit of gold on gems I have finally arrived at this stage. Right now I have enough gold to buy a precursor! However I have seen the price shift drastically because of the wardrobe announcement. I am wondering if the precursor price will actually drop in near future or may rise even further? Also I have a Chaos gun from MF would now be the right time to sell it off and earn a few extra bucks?
Secondly I was wondering on the Legendary market... Does anyone ever buy a legendary on the Marked price? I have seen the graph shift too damn slowly but the spread is enough to cover bout 3 weeks of flipping.
Regards,
Fazz"
Have you seen my video guide to selling exotics? The same rules apply here. If you want to flip these, you will need to purchase with a bid and then sell far below the cheapest sale listing. This may only earn you 10% profit, but it's still a profit. These sell a little faster than exotics in some cases, so do your research on the most popular classes or focus on your own profession's needs for the best results. It's always easier to sell what you know and that holds true for all aspects of flipping.

"I wonder what will happen with skins after April 15th.
especially the ones with less than 100 supply.
Will skin collectors buy them out? ~Anonymous."
Yes this is very likely, now that players will easily see which skins they are missing. Collectors will pay top dollar for the rarest ones... making them even more rare. Like I said earlier, invest wisely by spreading your wealth amongst many different skins. Don't overlook the cheapest ones either! They all should eventually reach a minimum price similar to the way dyes are now.
"Thanks to this guide i've been flipping pretty well recently, although I am about 500g away from Bolt, and now I'm just trying to buy the rest of my Gift of Fortune before T6s inflate anymore.

Cheers,
Kryminos"
T1 items will likely rise as well with the influx of new players that the past week has brought (Guild Wars 2 on sale for 50% off). I am on the fence about whether T6 items will actually increase as well. They tend to rise with every patch for various reasons, so it's a safe bet.

"I would like to see how you make money through skill points :)
~ Anonymous"
If you want to see how I easily clear 1 gold per skill point, just become a member of the forums and visit this post/video I made. I actually make the gold live in the video, so it's both fast and easy! I know you come here looking for free tips, but some things need to be kept secret to both remain profitable and pay for my coffee each morning. Can't blog without coffee!

"I've been trying to make gold on the TP, but it seems like everything I touch turns to crap. I am extremely unlucky with drops (I've been playing since the betas and I think I got maybe 14 Exotic drops, through over 2000 hours played), I tried the salvaging (and have never got a single platinum ore so far) and lost money on that, invested a long time ago in gossamer scraps, only for it to lose more than half its value.
Kind of disheartened by now.

I really hope that by following the tips on your blog, I will manage to finally make some money and can even start thinking about a legendary. ~Anonymous"
Step 1: Build your confidence.
I think at some point you skipped a step in learning to play the trading post. Let's start you off with low level armor/weapons and go from there. Look for fine level 0 to 20 armor and/or weapons and place buy orders on anything that will give you a good 33-50% profit (that way you can ignore fees as well since they will easily be covered by this spread). Place buy orders of a quantity no greater than 3 on each item. You may find that the majority of your buy orders don't get filled, but those that do should net you some easy gold.
Step 2: Get Crafting Materials Down
It's mind numbing but you learn a lot. Move on to other markets, especially ones that require more monitoring once you get the hang of things. Try crafting materials and track their values throughout the week. You'll quickly notice highs and lows for each market, which will lead to you buying and selling based on that knowledge each day. That's a huge game changer when you start realizing that you shouldn't know to buy or sell until you've read the prices. Most people get on the trading post in cycles of buying and selling, which leads to quick losses and short memory regarding prices.

Step 3: Speculate

Last but not least, you can move on to speculation.

"Howdy Markco,
Love the blog.
I played WoW for many years and making money was so easy, it was quite a shock playing guild wars two and struggling to turn a profit.
I am still trying to get my first legendary, I have about 200g, just need a precursor.
I am a lazy casual player, work and life have been getting in the way.
My question is how do I max profits and min the time spent in game
I still run CoF a few times a week, it probably nets 2-3 gold.
I haven't gotten the hang of flipping yet, seems to take forever and I usually get undercut.
I have speculated on some jewel crafting mats but I just don't know what to do with my
200g.
My fear is that I invest but then I won't touch the game for 4-7 days.
Sorry for the rambling, I had a strong coffee this morning
Thanks
Hekkowee on Dragonbrand"
You're already doing a good job Hekkowee. How do you say that?! "heck-o-wee" "heck-cow-e"?

I would advise taking 15 minutes a day to look at the price of crafting materials that you use for your own crafting currently. Just pick a discipline you already know and stick to those materials. Start learning the prices and after a week of monitoring you'll get a feel for when to buy and sell. The name of the game is information first, then learn how to use it.

"Marko,

I have seen encouragement from you and others to consider investing in runes and sigils and also jewels as speculative investments in light of the new patch coming on April 15th. I have also seen people suggesting silver, gold, and orichalcum ore with the possibility of jewelcrafting 500 being released. I have about 80 gold that I would like to invest in some speculative markets. My question is, how do you determine how much of an item to speculate. I can watch the gold market and see that if I time it correctly I can get my buy orders in at 65 copper instead of 75 copper, but I don't know if I should buy 1000, 2000, or 10000 gold? With the runes and sigils, there are literally hundreds of them and some of them are considerably more expensive than others. How do I choose which ones to stockpile for speculative purposes? And finally, how much money do I want to leave set aside to buy up stock in items that fall after the patch but I would expect to rebound and turn into a great profit. I know there is a lot in there, but any help would be greatly appreciated. ~Matthew"
Wow way to end with a ton of great questions Matt! Buy 250 gold, 250 mithril, 250 copper, 250 silver, 250 platinum, and 50 orichalcum ore. That will allow you to diversify enough to avoid losses if anything flops while the others gain traction post jewelcrafting update. You don't have a lot of gold to invest, so I wouldn't wast more than 10 on speculating the ores.

With regards to runes and sigils, both are getting changes with double sigils on two handed weapons and rune changes for the new ferocity stat. I would not invest in specific sigils or runes, but rather (as I mentioned weeks ago on our private forums) you can purchase the cheapest available rare quality (yellow) runes and sigils. This will enable you to either sell them outright if everything rises in value, or combine them on the mystic forge for exotics.

By the way, Matt, you're at the point where you can really start killing it with crafting materials. You've been watching gold for some time, so you should know that you can make money buying that at 65 copper and selling at 77 copper or higher. This happens fairly frequently!

"Not to step on your toes Markco, but for those that are finding making gold tough, I have to say that when I started looking at this blog, it was because I knew just a small few ways to make gold. When I joined your forums, a world opened up to me. Not only did it have other ways to make gold I haven't thought of, but it also taught me to look at making gold in completely new and different ways. Sure it's nice when someone gives you the fish for a meal, even better when you can be taught to fish for yourself.
Thank you Markco for your forums. I can't express enough how it's helped me.  ~Draco"

Well Draco, I think you've given more than you've gotten to the forums. You're an invaluable asset to the team there! Just wanted to thank you publicly for all the help you've given to people and also for recently agreeing to become an admin (even more responsibility and awesomeness on your part).

"How do I make my gold?

Well what I usually do is check out your blog to see what you say. Usually massive amounts of brainless people that think they can just do exactly as you say without any thought or real analysis. I turn this into an opportunity by taking advantage of other people's stupidity and invest in other stuff that you may announce in the future. Then I sell for loads of profit.

In addition, I will also use a few methods that I have figured out through experience. Some are pretty well known, but through hours of research I came across a few methods that very few people actually know how to do. I can make around 10g in like 15-30 minutes using these methods (after my buy orders go through).

Seriously. People simply can't just rely on this site to be their only way of making gold (as helpful and amazing as it can be). There are many other ways and methods out there that you can use. The hardest part is going on google.com and trying to find them.
~A Fellow GW2 Player"
I believe I summed up your point in this post: Don't be sheep. Thank you for reminding people that there is more to gold making than following the leader! The most successful readers of this site twist my advice to meet their needs and play-styles, or they do something similar to what you're suggesting. When I say that item X is valuable, they think about all the other items that are related to it in some way, whether that's through crafting, salvaging, mystic forge, etc. Either they take advantage of the speculators or they apply the advice to another, similar market.

"I have really been wondering what to invest in with the big patch coming up. Are there any items I should be stacking up on?? Thanks. ~ Anonymous"
Hopefully the previous tips will address your question!

Regarding Dyes

Nobody asked but I'll throw my two copper in anyway. Most websites are telling people to use their unidentified dyes before the patch. Don't do that. Get ready to buy more of them the week after the patch hits and then sell off your inventories as the price rises at a later date. Mark my words, it will be far harder to get unidentified dyes after the initial wave of free unidentified dyes (no more world drops for them).

2 comments:

  1. Anonymous said...:

    Thank you for your answers to my message (Step 1 and Step 2)!
    I really appreciate it.
    I will try to do as you suggested and see if I can find a way of keeping track of things that is fun for me as well :) I believe one should have fun in a game, whether out killing bosses or standing in front of the TP and looking for ways to make gold :)

    Your nice treatment of those who ask has made me seriously consider spending the money to join your forums, and I am not one who does that kind of thing normally at all.

    Thanks again!

  1. Anonymous said...:

    Thanks for responding Marco,
    Its pronounced Heck Cow We
    I first used the name for my Tauren Druid.
    It was the name of the Indian Tribe on F-Troop (ask your parents).

    The Sapronos did the same joke with Fagowee.
    The tribe gets lost and the Chief says Where (We're) the Heckowee
    Tribe then has new name.

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