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One of my favorite markets is level 20 fine trinkets. These can teach you quite a bit about "bidding low and selling normal." I like that phrase and this market because there are 10 great lessons bundled in them:
1. Buy Orders should be used whenever possible in 99% of situations. When you're flipping an item that is moving upwards in value then sometimes buying outright is preferred.
2. The "normal" price of something is whatever it will sell for in an efficient time frame.
3. Cost, profit, and time are all factors you need to think about when picking markets.
4. To understand the phrase "normal" better, you need to do research.
5. Experience watching the market doesn't hurt either.
6. When one market works bidding low and selling normal, there is usually quite a few related markets just waiting for you to discover them.
7. Level 20 trinkets sell so well because that is a point in the game when people tend to upgrade (also there is an item that immediately starts you off at level 20). What other items could people want at different points of leveling? Hmm.... Might be a good idea to think about this since so many people are going to ruin this market after this post. For a while anyway.
8. Fine isn't the highest quality item available at this level, but it sells the best. Makes you think doesn't it?
9. Level 20 isn't exactly the best level in the game, yet it sells quite well. Also makes you think doesn't it?
10. The Garnet Copper Amulet sells the best of all of these and for the highest price. Could it be people enjoy doing straight up more damage at low levels like most RPG's?