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Need Advice: Liquidating My Bank?


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12 replies to this topic

#1 Shorestyle

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Posted 27 December 2012 - 08:59 PM

Hi.

So, here is my idea:

I'm a lvl 80 thief. I have full exotics. Happy with my class, build, and gear. Have no interest in getting legendaries or crafting in general. I also play maybe an hour or two a day if I am lucky. Most of which is in pvp or wvw.

What I thought I would do is sell everything in my bank on the tp. Mostly because I can't think of a reason not to. I've sold next to nothing since I started playing, so I have quite a bit. With the gold I would have, I figure I would casually buy low and sell high on the TP. Make a few gold a week.

I'm not looking to be a power trader or super rich. Just want to make my money work for me, rather than it sit in my bank in the form of mats I have no plan to use.

Can someone give me some feedback on this idea? Is this a sound idea? Would you do it?

#2 lmaonade

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Posted 27 December 2012 - 10:41 PM

sound idea, I casually play the trading game, I earn about 20% on the gold, and spend maybe 10 to 20 mins on the TP everyday, it's easy once you've gotten started. I generally earn about 2 gold a day, sometimes lower sometimes higher depending on what I'm investing in, there are certain items that are safe to play, so look for those and you'll have a steady income

#3 Shorestyle

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Posted 28 December 2012 - 01:03 AM

Thanks lmaonade. Can you give me an idea about what is a safe play. You can pm me if you want or maybe use an outdated example if you don't want to give away too much. Or maybe point me to a decent guide? Do you diversify your items or go all in on one thing? Anyone else feedback/thoughts are appreciated!

Edited by Shorestyle, 28 December 2012 - 01:08 AM.


#4 Undead Kings Knight

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Posted 28 December 2012 - 04:34 AM

I like to know how to do this as well. Never played the market so it really difficult to get into it without a teacher.

#5 Plutonsvea

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Posted 28 December 2012 - 10:38 AM

There isn't much teaching needed.
  • 1. Place low order - preferably 10-20% lower than buy-it-now price
  • 2. Once someone accidentally sells their item to you (Which is due to people not looking at what method they're selling it for)...
  • 3. Sell it for the regular price, but 1 copper below.

    If you need an example, look below.

For starters, let's just say you want to play the market, and you choose this item: "Cool Shiny Greatsword".
Here are the prices listed:
  • Highest Offer : 20 Copper
  • Lowest Seller: 80 copper.
  • Your offer (Often blank unless you are already selling this item)
Step 1. Place an order for this item at 21 copper. Since you're the top offer, you're first in line for whoever sells this item for "Highest Offer".
Step 2. Once someone sells it, and you receive it in your collection box, collect the item, and sell it for 1 copper lower than the "Lowest Sell Offer"
Step 3. Once someone buys the item you just put up for sale, check how much money you made. Profit = Sell price - Cost price.

If you did the math correctly, you made 58 copper. (Not including the listing price)
This method generally works with any item you come across. It's a good idea not to use VERY popular items, otherwise your custom offer will be outdone by someone else wanting the item in about a minute or something.


Enjoy it.

#6 Znake

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Posted 28 December 2012 - 11:02 AM

View PostPlutonsvea, on 28 December 2012 - 10:38 AM, said:

If you did the math correctly, you made 58 copper. (Not including the listing price)

And not including the tax taken from the profit made either.

#7 Prezz

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Posted 28 December 2012 - 11:21 AM

Yeah don't forget the taxes!

For example -

Buy listing for 'ice cream' - 25c
Sell listing is 1s

Profit = Sell listing x .85 = 85c
Minus buy price @ 25c = 60c Profit

Don't do your math right and you won't make money - best tip i can give.

I just have a pad next to me, jot down the price paid/quantitiy/ and total cost just so i can keep track of what is paid for each product

#8 Virdiana Sovari

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Posted 28 December 2012 - 12:07 PM

View PostPrezz, on 28 December 2012 - 11:21 AM, said:

Don't do your math right and you won't make money - best tip i can give.

I found that I make more money not doing math.
I just look at prices, and if sell price is much above buy price...i buy it.
Using this method i make less money per item (sometimes lose money), but I buy & sell a few times more items than with doing math. Overall, i make more money!

Edited by Virdiana Sovari, 28 December 2012 - 12:07 PM.


#9 Gilles VI

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Posted 28 December 2012 - 12:25 PM

View PostShorestyle, on 27 December 2012 - 08:59 PM, said:

Hi.

So, here is my idea:

I'm a lvl 80 thief. I have full exotics. Happy with my class, build, and gear. Have no interest in getting legendaries or crafting in general. I also play maybe an hour or two a day if I am lucky. Most of which is in pvp or wvw.

What I thought I would do is sell everything in my bank on the tp. Mostly because I can't think of a reason not to. I've sold next to nothing since I started playing, so I have quite a bit. With the gold I would have, I figure I would casually buy low and sell high on the TP. Make a few gold a week.

I'm not looking to be a power trader or super rich. Just want to make my money work for me, rather than it sit in my bank in the form of mats I have no plan to use.

Can someone give me some feedback on this idea? Is this a sound idea? Would you do it?

Don't just sell everything, calculate if you can make more money some way.
For example if you have some t5 materials, some dust and t6 materials, you can calculate if it's better to sell them like that, or first upgrade them to t6 materials.

Also always use sell offers, don't just go for the quick sale on buy offers.

View PostVirdiana Sovari, on 28 December 2012 - 12:07 PM, said:

I found that I make more money not doing math.
I just look at prices, and if sell price is much above buy price...i buy it.
Using this method i make less money per item (sometimes lose money), but I buy & sell a few times more items than with doing math. Overall, i make more money!

Doing math doesn't cost much time, I use a big spreadsheet to do all the math for me.
I insert all the highest buy offers of the materials, then all the lowest sell offers of crafted items, and it does all the math for me.

What I should buy/craft, if I should spread out investment because of the amount I can produce is to big for a specific market,...

Edited by Gilles VI, 28 December 2012 - 12:25 PM.


#10 Undead Kings Knight

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Posted 28 December 2012 - 04:54 PM

I have 2 questions if anyone would mind answering.

1. Using a spread sheet like method just times how much im selling a item for times .15% to figure out how much the TP takes correct?
2. The way everyone makes money is the profit could only be 10 copper per item but selling alot of that item. So it becomes 250 times 10 copper making it 25 silver profit.
Sounds like dumb questions and possible answering my own but i just want to verify them.

Edited by Undead Kings Knight, 28 December 2012 - 04:56 PM.


#11 Gilles VI

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Posted 28 December 2012 - 05:02 PM

View PostUndead Kings Knight, on 28 December 2012 - 04:54 PM, said:

I have 2 questions if anyone would mind answering.

1. Using a spread sheet like method just times how much im selling a item for times .15% to figure out how much the TP takes correct?
2. The way everyone makes money is the profit could only be 10 copper per item but selling alot of that item. So it becomes 250 times 10 copper making it 25 silver profit.
Sounds like dumb question and possible answering my own but i just want to verify them.
  • Basically yes.
    The spreadsheet I made calculates the profit I make by using buy offers/sell offers for materials and by selling the item using sell offers/buy offers. If anything gets profitable using sell offers for mats and buy offers for items I get a notification on my homepage so I can make insta-profit.
    Other things it does:
    - Calculate exactly howmuch items I can make with the amount of money I have.
    - Calculate if I should invest in 1 specific good, or diversify because of the time it will take (based on my own transactions I   did before)
    - Tell me exactly howmuch materials I need to make a specific item, and if it is better to craft that item myself with base materials or buy those intermediate items from TP
    - ...
  • All depends on the goods.
    If you go into flipping wooden dowels (those always rise in price during the weekend) then yes you can only make a few copper per item, but in exchange you can flip ten thousands of those.
    Other items reward 5+ silver/item, but are harder to find and more expensive to make, so you can sell less of those in a given time frame.


#12 Undead Kings Knight

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Posted 28 December 2012 - 05:08 PM

Ok thanks gilles for information. Still a little overwhelming finding the right items. Going to be alot of research time.

Edited by Undead Kings Knight, 28 December 2012 - 05:20 PM.


#13 Mahaedros

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Posted 28 December 2012 - 05:25 PM

In case anyone hasn't heard of this site:
   http://www.gw2spidy.com/




One tip is to frequently check the tab "Items I have bought"   --  you can just click on an item that you've bought sometime in the past and it takes you directly to it's listing on the TP and check at what price the buy/ sell orders are...sometimes I wait a few weeks on some items until the prices return to lower buying and higher selling :)




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