We Need More Writers!
Written by Jayhawk.
Anything worth doing or worth knowing starts with an entry level position and learning how to be effective on the Trading Post is no different. Yes, there are quicker paths to the top but that requires more understanding than most people initially have. Most of that understanding isn't even about the game and the markets, it's about yourself and the way you look at, act on and think about trading.
I am a rather conservative trader. I want "sure things" and want to do that sure thing as much as possible. I branch out occasionally and sometimes find a new "sure thing" to add to the list however I have been burnt far more when I acted outside of my nature -- trying to get the "quick flip", speculating on markets and trying to time the patches and holidays right. I realize I'm just not that guy.
You need to find out what kind of trader you are and the best place to start is by being conservative, doing the entry-level flipping and branching out from there. In short, the best place to start is by "Flippin' Burgers".
Take a look at a month view of Hamburgers from GWSpidy2.com
You'll notice that we can buy Hamburgers for 2c and sell them for 15c netting us 10c profit after fees. (http://tpcalc.com is a great resource to do the math for you).
You should also notice that Hamburgers have been over 30c at least 3 times during this month view and consistently jump over 20c. So, what's your "sure thing"? What's your risky? What's your crazy-aggressive?
HOMEWORK: Buy 300 Hamburgers at 2c or 3c and sell 100 at three different prices that you would label "sure", "risky" and "crazy" and see what you feel most comfortable with. Make at least 1 gold in profit from flipping burgers and then post in the comments for this article what your prices were. Then, tell a friend how easy it was to make 1 gold and send them to this blog. If there's enough interest, I'll come up with another easy and profitable "assignment".