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Thread Statistics | Show CCP posts - 1 post(s) |
Tirians
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Posted - 2010.11.02 02:27:00 -
[1]
Now, you great overlords of the market are a demi-god like race to my poorly trained mind. Your wealth beyond even my comprehension, and your power, well, when it comes down to it, is frightening. So, I, being a humble trading beginner, must ask...
How did you do it?
Now, i'm not seeking your wealth or secrets of trade for myself (though I will take any given on a loosened tongue, I am, after all, an EVE player). I do not ask your routes, or anything of the sort.
What I want is knowledge...
A push in the right direction, a little insight to the life of a full-time market warrior, thats all I ask of you. Just think of me as a humble apprentice, but with no set master to call mine own.
Let me first outline what I have gathered myself: 1. Buy low, Sell high 2. Let others haul for you 3. Isk in the wallet, is isk not making a profit 4. Research is the key 5. Undercutting by a vast amount, is a loss in overall profit for everyone
Am I missing anything? Most likely I am, as thats why i'm here. So, great market overlords, my liege lords and ladies, care to help a rising peasant into a seat amongst you?
My fate, is in your wise and powerful hands
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Biocross
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Posted - 2010.11.02 02:58:00 -
[2]
6. Use the quickbar. 7. Ride others market manipulation. 8. A small margin on many small fast moving things is good, a big margin on fast moving things is better. 9. Get Caldari navy standing up.
Not a Gigaiskillionaire, but this is what I have gathered.
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Serene Python
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Posted - 2010.11.02 04:41:00 -
[3]
Edited by: Serene Python on 02/11/2010 04:43:49 10. Find a set of programs that suit your needs/wants. 11. Get margin trading up ASAP
Can't think of much at this moment. I'm also on the "I'm not uber rich boat" Waiting on a 1 billion loan that'll hopefully go well :)
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Rykker Bow
Gallente Cordite Industries
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Posted - 2010.11.02 12:46:00 -
[4]
Edited by: Rykker Bow on 02/11/2010 12:51:04 12. logistics are critical to growth 13. be cautious when overselling the market (overbuying as well) 14. know the cycles 15. watch for patterns from other traders; then destroy them 16. change up your trade style every once in a while to prevent your own patterns from emerging 17. it's not about profit margins, it's about isk/hour 18. don't trust other traders' advice
I may add more once I get some coffee in me...
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Bacon Slapper
Minmatar Red Federation
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Posted - 2010.11.02 15:25:00 -
[5]
Some black girls on a train kept using the word knowledge in weird ways and I asked them what the were talking about and they laughed and said "giving brains" then I was more confused and they laughed at me and said it meant giving a blow job. v0v so I would say use google
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Tirians
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Posted - 2010.11.02 22:09:00 -
[6]
Originally by: Rykker Bow Edited by: Rykker Bow on 02/11/2010 12:51:04 12. logistics are critical to growth 13. be cautious when overselling the market (overbuying as well) 14. know the cycles 15. watch for patterns from other traders; then destroy them 16. change up your trade style every once in a while to prevent your own patterns from emerging 17. it's not about profit margins, it's about isk/hour 18. don't trust other traders' advice
So far, i must say that this is a far better and more helpful reaction then i had previously thought i would receive. Thank you to all those who replied, and keep replying! I'm making note of most of what you say. And about the traders' advice, fallowing your logic, i guess i'll ingore that comment!
Once again, thank you, and keep the advice flowing!
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Nikolai Kondratiev
Sphere Design Inc.
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Posted - 2010.11.02 23:59:00 -
[7]
Edited by: Nikolai Kondratiev on 03/11/2010 00:02:19 19. Don't trust too much prices/profit calcs from 3rd party websites (not that website owners are faking the data, but with delay since last market check on that item, it might have changed enough to make you reconsider your item choice) 20. If you station trade (or only trade in a few stations), get your standings up asap! _ Mining Crystal BPOs Angel Ships |
Halborn
Celtic Technologies Inc.
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Posted - 2010.11.03 00:03:00 -
[8]
my advice is research research research. Make sure you know the trends of your market and the items you are trading in. If you have the knowledge you can slowly begin to notice patterns and predict the items you are trading.
The basics are buy low sell high. Most trading will involve this key philosophy (Except for manipulation and other things but you need to be fairly wealthy to pull off any massive manipulation). I dabbled in station trading for a few months which is all about this philosophy. You also need to account for any kind of drift between the time of buying and item and it being sold. I always used to look for items that had a 15% profit from buy order to sell orders. I felt if there was a drift downward it would not be significant enough to cause a loss.
Hope this helps you ------------------------------
CEO Celtic Technologies Inc. |
Vorekk
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Posted - 2010.11.03 02:48:00 -
[9]
Originally by: Rykker Bow Edited by: Rykker Bow on 02/11/2010 12:51:04 17. it's not about profit margins, it's about isk/hour 18. don't trust other traders' advice
lol ;)
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Zeta Zhul
Caldari Preemptive Paranoia
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Posted - 2010.11.03 03:17:00 -
[10]
Originally by: Tirians ... Let me first outline what I have gathered myself: 1. Buy low, Sell high 2. Let others haul for you 3. Isk in the wallet, is isk not making a profit 4. Research is the key 5. Undercutting by a vast amount, is a loss in overall profit for everyone
1. Isk in assets is isk not making a profit. It's called "opportunity cost". Isk you've spent on an asset, such as a 100 shield boosters, is isk that cannot be used to buy something else, invest in something else or used in some other way. In essence you've locked your liquidity (isk) into an item (100 shield boosters) until you recover the isk from those assets by selling them. This is why another commenter discussed "isk/hour" as a guiding metric.
2. Margin trading is so valuable a skill simply because it reduces the opportunity cost of buy orders since you need to "lock" less isk into escrow.
3. "Let others haul for you" is a pain in the rear end. A better deal is to watch who buys from your sell orders and who sells to your buy orders. Figure out if they are regular customers with regular patterns and use the one bit of data necessary to contact them: their names. Figure out how much it costs you to pay someone to haul stuff around, and don't forget the opportunity cost of the delay in contracting out courier missions, and see if you can't make specific one-on-one deals with missioners. Buy their stuff for a premium over local buy orders for them to deliver it to a specific station that is local to them. In this way you get regular suppliers, you don't have to deal with consolidating packages and it reduces your overhead in shipping costs.
4. "Research is the key"? If you mean researching the markets then yes. If you're talking researching BPOs then ... maybe. Possibly. If.
5. "Undercutting by a vast amount, is a loss in overall profit for everyone". That's an odd way of looking at things. Your job is to make sales. Your job is to buy inventory and assets for the lowest price possible and then sell it for the highest price the market will bear. But your job is also to turn that investment over as fast as humanly possible.
6. Time is not your friend. The longer an item stays on a sell order the less profit you will make on that item, regardless of the listed profit, simply because you could have bought and sold other things during that time period. The natural inclination is to jack the sell price as high as possible and then wait until the item gets sold. Large variations in the sell price will invite competitors who will undercut you. But by establishing a sustainable profit margin on a specific item for that station, system or region you can ensure that your sell order isn't sitting there for weeks with your isk all locked up until finally someone stops by and buys it.
If you price your sell orders high enough to generate a decent profit but low enough to threaten other traders those other traders will often buy you out immediately and then relist it. But *they* will be the ones waiting and not you. I've gone as low as 5% profit but sold thousands of items in short order and turned over my money very fast.
And yeah that's where research does come in.
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CCP Jericho
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Posted - 2010.11.03 03:20:00 -
[11]
Inappropriate post removed.
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Whitehound
The Whitehound Corporation The Chamber of Commerce
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Posted - 2010.11.03 10:13:00 -
[12]
When everyone is looking at the price, look at the volume. Do not fight your competition, fight the price. Do not manipulate or speculate, just trade. --
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Tirians
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Posted - 2010.11.03 10:44:00 -
[13]
Originally by: Whitehound When everyone is looking at the price, look at the volume. Do not fight your competition, fight the price. Do not manipulate or speculate, just trade.
I'm surprised, your one of my fav. MD lurkers, and I wasn't expecting a response from you...
Thanks for the advice all, i'll use it to the best of my ability, and give credit where credit is due.
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