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This article was written by Draco, a contributor to this blog and member of the private forums.
Don't just know your Mat's market, know what you can do with your investment if you don't reach your target price. The best mat's to invest in are those that you can still turn a profit when this happens.
Let's look at Sticks of Butter, Recently it has moved up and I am sure there are people who have an average price that might be at or just above the current offering price. One option is to use your cooking skills and add a few more coins of investment into it and make Bowls of Peach Pie filling or Bowls of Butternut Squash Soup, as well as a few others.
Finding these 'Gems of Crafting' can be very helpful to really understand the market of these items and it's mat's. It will also makes you think of a few other important questions you should ask yourself when thinking of getting involved in some of the mat's markets:
- What can this item be turned into?
- Are those items, when crafted, profitable?
- Should I just craft them and then sell them for profit?
Will I be able to make more profit crafting then holding and selling?
- Will the crafted item's market be able to handle the volume that Ii am about add to it?
This is very important. If you decide that an item might go up and you buy about 10,000 units, when you craft it into a profitable item, how will you be able to sell the crafted item?
You never want to show weakness or create walls when you're just starting to sell a position.
It will also have you start thinking of the reverse:
- Why is this item moving up?
- Is it the Item that supports the value of the Mat or the Mat that supports the value of the item?
- What's going on with the items that's needed to create this?
- Is this item suggested to be bought on one of the crafting to 400 sites to level that profession? & how many are suggested to buy?
- What else can I make or craft that's suggested on one of the crafting to 400 sites that has profit in there as well?
- Can I find other items that are of the same profit zone and take advantage of it?
Understanding these few questions can open new areas of gold production that you might not be tapping into right yet. It can also expand your thinking into other crafting items that have hidden profit as well. One easy way to see if there is craftable profit in an item is going to gw2spidy and look at a craftable item. It will show you what's needed to craft that item and the prices.
Be careful, sometimes these prices are not absolutely current and a loss may occur if you just jump into it. If you take a closer look at the cost of the items needed, you will see that items you need to buy off the TP are listed at the Offer price usually. Take a peek at that item's bid, how much of a spread is in there? Can you buy the items needed at the bid price that puts you into a profit zone?
I have found a few items that said the item, when crafted and sold, would create a loss. But when I took a deeper look, I found that one of the items needed to craft the end result, if bought on the bid, turned the crafting loss into a gain, sometimes upwards of a silver profit per! These are great because when people are looking for easy profit items, they will pass these right up because they don't take the time and do a little research.
Making gold is easy when someone tells you what to buy and sometimes when to sell. It's harder to find these ideas at times for some people because a little extra homework and research is needed to locate them. When you do find these though, you will find that the competition will be much smaller than the ideas that you find out second or third hand. Who knows how many others are doing the same thing as you when you find out that way!
These Gems of Crafting have been a great cash cow for me the past few months and made some great amounts of gold. It's now time for you to find these too and make some great profits as well. A little time doing the research can net you wonderful profits.
Be sure to leave comments if you have questions and especially if you liked this article.