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Thank you for all the tips you're providing!
What I was wondering, how much gold do you make per hour if you're flipping e.g.? I dont flip a lot, because it makes the appearance to me that the profit in terms of gold/time invested are not really worth it. I might be mistaken, but especially flipping low-profit items seem to be a solid way to make gold, but not much gold.
Since there are other means of earning gold, what would you say would be the gold/time invested ratio of flipping e.g.? Investing is another thing, since you don't need to place endless of buy/sell orders per day to make some profit.
I know the question can't be answered easily, since it depends on the niches or markets you flip and the margins etc.
Why don't you attempt to invest in long term items based on patches and analysis of crafting materials? Doing things like monitoring tier 1 and 6 items can do wonders for your portfolio. Buy low, sell high, but first learn what the definitions of high and low are!
People who make tons of gold on the trading post don't measure it in terms of gold per hour because they are planners and enjoy the big pay offs more than the little ones every hour. Flipping is best done long term, as in at least a week, and it requires a mastery of markets to truly understand.
The reason I recommend time consuming but profitable markets is because the lower the risk, the better the chance you'll succeed and learn something.
Start looking at prices and jotting them down, or spend a few hours looking at gw2spidy and playing with the charts.
I have several blog posts on this kind of thing:
WARNING: At the time of this post, Anet has started some new bot banning measures and the price of all crafting materials has soared to has high as 200% last week's prices. If you have stockpiles of anything on hand, I would look into slowly selling it all this week and into next week. When players get online this weekend I would expect that prices would rise a bit, then drop a bit mid weekend, finally rising again the following week to a new normal value for these items.
Also... use your heads and think about bags, salvaging, skill points, etc. There's more than one way to win when prices are rising! Now for today's scheduled post...
"Hello Markco.I recently discovered your blogsite and was following it for a few days with flipping in mind. The first few days I tried flipping Vials of Thick blood which were netting me about 20c profit per vial. I got from around 20g to about 30g. Then from last week or so to this day, I can't seem to be making any profit. Either do the buy orders take forever to get fulfilled (e.g. out of 100 orders, 20 get fulfilled in a span of 7 days) or no one buys the items when I post sell orders. I've been trying to stick with items of minimum 15% profit, with at least 700 supply/demand, decent spread (at least 40c (before the fees are counted)) and I don't seem to know what am I doing wrong. I've been trying to flip some fine dyes, but like my usual problem, buy order takes more than 5 days to fill up and even then I don't seem to be able to sell them (despite buying early week, selling on weekends) fast enough. Also tried salvaging but the RNG is brutal.P.S. I found out about your super secret private forum. To access it I need to buy credit time to the account registered there. I want to know are there any information in the forum that I could use to get cca. 100g in a matter of days, without really melting my brain, and that are worth 15$ ? Or I could get same useful info somewhere on the internet? Thanks."
Let's take a look at what's going on in your world and broad that perspective of yours a bit ;)
First off, kudos for trying new things. No, I'm not trying to patronize you as this is a great mindset, but you need to start researching a little more before you take leaps of testing out methods.
You experienced a nice little search of profit with Vials of Thick Blood, and this should have taught you that when the price of Vials of Thick Blood is increasing, you can make great money very quickly. However, you also saw a problem most markets in Guild Wars 2 suffer from: they plateau, people lose confidence, and then they tank again. This process can take as long as a month or be as short as an hour. The shorter the frequency of plateauing, dropping, and rising the more profits you can make (buy low, sell high).
After this market started to suffer and profit margins closed up, did you continue to monitor the situation? Did you see the price eventually dropping a bit? This was the time to buy (assuming that the price had dipped below .85 * the price you wanted to sell at.
The time to buy an item isn't just when you can flip it right now, but when you can flip it in the near future as well. Logging into Guild Wars 2's auction house not knowing when you're going to buy or sell is the mark of a pro! That shows you are ready to analyze instead of just follow a plan.
Regarding dyes, they are much harder to flip now than they've ever been. However, you need to price competitively with the whole fine dye market and not just the current price of the one you're trying to sell. Sort by fine dyes and price ascending. You'll see the cheapest fine dyes right now and that's what you have to sell against. Remember your audience, people are buying the cheapest version of fine or masterwork dyes (unless they are a very popular dye like gold dye).
Salvaging RNG is a blessing in disguise. It separates the good auctioneers from the bad ones and provides you with an opportunity to make a profit. Do your research and figure out approximately how often you will get certain items from salvaging. I prefer to find level ranges for specific cloths and then try to salvage the light armor items that I know will turn into them on nearly every salvage.
Keep going, you are getting much better just by taking the time to think about all this!
Regarding the forum, it's best if you go in wanting to discuss the game with others and not just be spoon fed everything all at once (it's overwhelming). There are tons of tutorials and some have never appeared online yet, but you'll learn best by asking questions and talking your specific situation out with them, as you're doing now on this blog with me.
First of thank you so much for helping out the community!
I guess one thing off the top of my head that I'd like to ask is: Are there certain 'capital breakpoints' you reach, where the things you start to flip and make money from change? For example, I recently earned and saved my way to my first 100 gold ever! :D Setting aside say 30-40g (or should I set aside more?) what do you recommend I look into to make some good returns?
I find that at this stage your portfolio becomes broader... in that you can flip larger numbers of items efficiently. Instead of focusing on what makes more gold, I focus on which deals make gold back the fastest (factor in risk and time instead of just profit percentage). The slower deals start getting phased out and before you know it you're only trading items that make you gold consistently and quickly.
That being said, I still play weekly crafting material markets, so one's definition of "consistent and quick" is going to vary.
Don't get lost in profit totals, but rather profit per week. That's a much better stat to get hung up on!
Also, you need to start looking at yourself as a supplier, much like a Walmart or Sam's Club. You get things in bulk and you sell them in pieces for maximum profit. Without destroying your cash on hand, you're going to want to pick up great deals to stockpile items and then sell them off in small amounts.
|Ragged Garments Saturday|
|Cotton Scraps Saturday|
Guildwars2spidy.com has excellent graphs for this kind of research.
Try this post on Cheapest Method for Magic Find. For the salvaging profits, you take the price of an ecto and multiply by .85 = 32.50. You are breaking even. However, you are also receiving other items from the salvaging so those are all profit.
Brandon proceeded to list quite a few methods he had tried that weren't working...
Brendon, sign up for my newsletter on the right side of the screen. Mobile users and sometimes google chrome users have difficulty seeing the link. If so, view in mozilla firefox or the dreaded internet explorer to sign up. You will get a TON of useful tips as well as specific examples of profitable methods.
In case you don't want to sign up for the free tips, I highly suggest that you look into flipping armor and weapons sub level 25 (focus on the fine quality ones) to learn how to flip things instantly for a profit. Place only 1-5 quantity on each buy order for like 20 armor and weapons. You'll easily make some money but more importantly you'll put some good experience under your belt.
Long term experience is key. I know that I can buy 100 low level armor/weapons at a time and sell them all within a day or two. But I can only sell 1 rare dye, exotic sigil, etc of each at a time.
That being said, buy orders should be placed because you will eventually sell the item for a profit. Can't just look at it as a money in money out right now kind of situation. If an exotic sigil goes on "sale" for super cheap and I know I can sell all 100 in the next month for a profit, then I buy all 100. Yes, I can only sell one at a time, but think of yourself like walmart ;)
A reader named Rai recently emailed me findings on "Hidden Hoard" bags:
|What we get:||#||Sell||Inc|
|Profit:||18,21||(+/- 0,5S per 100)|
Thanks Rai for doing the leg work, that's awesome!!! Just goes to show everyone that there are tons of different bags worth investigating for profits. Just go to a website like gw2wiki and look up what items can be found in a particular bag, then buy with a buy order and experiment!
Notice that Rai didn't just do 10-25 bags, but rather 100 of them in order to get a decent sample size. The key to any bag opening is to have one item that really sells like crazy and is the most profitable. That would be the Beryls in this case, which make up 20% of the items received and sell for almost half the profit!
On June 3rd there was a patch that adjusted the trading post in this way:
The listing fee can no longer be avoided by listing an item at a lower price than the highest buy order. Items priced lower than an existing highest buy order will now be sold at the lower price. The player with the highest buy order will receive the item and be refunded any difference in price.
What's this mean? ~Kevin"
Actually this is a horrible explanation of what they did. On our forums, we've known for years that you could avoid the listing fee by selling items at 1 copper. Let's say there's a buy order on an item for 1 silver minimum. You sell at 1 copper and it will get bought up by the 1 silver guy but only cost you 1 copper in fees instead of 15 copper. This was an easy way to avoid the fees that was in the game since beta.
Bummer, this will hurt the min/maxers trying to make as much gold as they can on the trading post. In a game like Diablo 3 when we were selling items for real money, I would have exposed such a bug to the public. But in Guild Wars 2 we are playing for fun, so such a minor bug seemed like a fun reward for those that found it.
Lots of questions... here are some answers Nicholas:"Hey Markco what do you think about investment in GW2 now…
Since there’s bazaar flipping mats is good for earning money..I was thinking of stocking up on quartz crystals as I feel they might be used in JC 500..
I sold about almost 30 stacks of silver ore, still having about another 30 – 40 stacks where should I go from now ?
Should I still keep investing in unid dyes ?
On top of that what should I do with bloodstone dust, dragonite ores and empyreal fragments.. I’m getting irritated by them…
Converting bloodstone dust into those toxic sharpening stone, crystals and oils ? Worth the mats ?
Any other tips you think I should follow ?
Awaiting your favorable reply Markco...
Save the quartz crystals as this event has killed them for the near future.
Hang on to your silver, it's practically back to pre event price.
Yes, invest in unidentified dyes. They've held steady when everyone else predicted they would drop in price. They'll rise eventually, I promise. But consider looking for additional items to invest in for the long term, like silver.
Keep the bloodstone dust and other high end commodities, you never know when new recipes will come about that use them. Plus, it's not super profitable to convert them right now.
Thanks for the tip! I'll be sure to investigate this. Also, I was reading through your blog last night, and came upon the article that discussed Orichalcum Ore, the potential shortages, and the imminent release of 500 Jewelcrafting. After reading it, I sank a large chunk of cash into buying up a substantial quantity of the ore, in hopes that the price will rise a lot once the release of ascended jewel crafting hits. To me this makes sense, as most crafting materials like it rose with the release of the other ascended crafting professions.My question to you is this; what, in your honest opinion, do you think will truly happen when the release hits us? Will Ori go up? Or will, as some of the commenters stated, the price not change all that much as a shortage is unlikely to occur based on the fact that many players (myself now included) have large quantities stockpiled in their banks?The other question I had was; would it be smarter to invest in Mithril instead? I will use ascended weaponsmithing or armorcrafting as my example for this. For these,The T6 mats (Ori, gossamer, and ancient wood) are not nearly as expensive to buy on a regular basis as their t5 counterparts are (Mithril, silk, elder wood) the exception to this being Mithril and Orichalcum. Silk is far more expensive than gossamer simply because it is used long after you have reached level 500, and you need it as one of the major components to craft damask. In fact, gossamer is not even used in ascended armor crafting itself. Following this thought line would that not likely hold true for Mithril as well, seeing as how it will likely be used to craft whatever timegated item arena net introduces (likely the electrum ingots) for Jewelcrafting? You would then need Mithril for both electrum and mithrillium.Following down this line even further, would it be smart to invest in gold, silver, and platinum as well? I would assume gold and silver won't rise too much because players (such as myself) can own personal nodes in their home instances providing daily sources of the stuff. But what about platinum?These are just a few of the thoughts that have been rolling around in my head since reading your article last night. Let me know what you think, and thanks again for your time and help!-Graham"
"Marco,Not fully costed out this one, but I've made 10-15g this weekend crafting and selling Unidentified yellow dyes (masterwork).the retailer in the living story event that sells lemons reminded me of them, so I crafted a load and sold them for just over 20s each. Other ingredients were onions and bay leaves - onions are cheap and bay leaves cost minimal karma. There may be more lucrative ways of turning karma to gold, but as I was levelling my cookery on an alt, this got me a fair few skill levels and a ton of xp to bootFeel free to pass this one on, may be worth looking properly at the figures though
Jim is on to something here. I've been looking into using Karma to make gold and cooking by far is the best method. Yes, if you have no cooking skill then you can use the 10k karma into 1.2 gold method. It's not difficult to look up the recipes and vendors for cooking items/recipes, so get searching and see what profits you can find ;)
If only there was a website for looking up what was profitable right now with cooking... oh wait, there is. That's how you get rich in one week!