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Dian Rasd
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Posted - 2010.08.01 14:07:00 -
[1]
I found I dislike missions as a way to make isk immensely, so I'm looking in alternative ways to make money.
Now sitting an alt in a station and buying low, selling high sounds like it might be a good way to do this with only a small skilling requirement. However before I start and possibly get burned I wanted to ask some advice. How viable is this really if I want to do this semi afk? Because I don't want to spend my time undercutting people by 0.1 isk every miinute but rather log in maybe once a day, check my orders, put up some new orders and be done with it.
Obviously this approach most likely will not make me filthy rich and I'm not looking to be. I just need enough isk to replace ship losses once I rejoin FW in a month or so, most likely I will only fly frigates and a little later jump into interceptors + the occasional faction frigate if I'm feeling like it. Note: I disliked even flying cruisers because they are so much slower than frigates so it is quite likely I'll stay in small ships for a considerable amount of time.
So the question is could this be fueled with mostly afk trading? Also would it be good to sell a PLEX for start-up cash and work from there?
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Xyla Kador
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Posted - 2010.08.01 16:28:00 -
[2]
Actually its better than u think if u can do it well. I know a guy that has maxed out the possible orders he can use and just check them thru once a day and he now has well over 7 billion ISK.
You probably don't want to have as many orders as he does but you can still get the same effect.
The key is looking for items that move well in the market. And if you're feeling risky try investing in buying up some of the high-value, low volume-moved things. These'll be things that will be like 200 mill each but if you sell one ull make a another 100 mill profit. The risk is that you might only sell one in a month or once a week.
There's even people I know that trade in the PLEX market.
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Xi 'xar
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Posted - 2010.08.01 16:36:00 -
[3]
Afk station trading is relatively simple once you get the hang of it, can make you good isk and really isn't that hard to get into.
Don't expect to control the market of any hub unless you have decent money, lots of time and a well skilled toon.
Its pretty easy, with some startup capital and a few basic skills to make about 10 mil a day without doing very much at all. Obviously, this isn't a lot of isk, but it gets more profitable with skill time and effort (as with anything save for pvp)
Give it a go.
Startup plex isn't a bad idea either.
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Dian Rasd
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Posted - 2010.08.02 17:41:00 -
[4]
Today I started a new toon, spend 10 minutes training trade lv1, sat him up in a trade hub and after like 10 minutes effort doing the most basic of basic market research and waiting a bit (time well spend, going to the store and making dinner) I have made a couple million profit.
I definitely need more isk to multiply though, so I'm going ahead on the plex for start-up cash plan.
What I like about this first dabbling into trade most is that it's even fun. I guess because I actually need to engage my brain instead of just reading eve-survival and pushing the button.
So to all the other new guys out there reading this: give it a try.
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Corozan Aspinall
Party Time Inc.
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Posted - 2010.08.02 19:01:00 -
[5]
Edited by: Corozan Aspinall on 02/08/2010 19:05:17
Originally by: Dian Rasd
Obviously this approach most likely will not make me filthy rich
You'd be surprised. I make most of my isk whilst I am not logged in. At the moment I turn over 125m or so every 12 hrs on five different modules in 3 systems. I'm making between 8% and 48% profit per item. I log in twice a day before and after DT to check my prices.
I had a very good month in July and turned 280m of retail modules ie bought from Jita not manufactured in to 565m. I'm going to scale it up in August to 1bn down and see how much I'm worth in Sept ..
My one and only piece of advise is - don't be a 0.1 muppet. Seek out a market away from the hubs and corner it ASAP.
edit: Ok go on then, two pieces of advise: don't over-stock.
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Dian Rasd
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Posted - 2010.08.02 19:26:00 -
[6]
Originally by: Corozan Aspinall
My one and only piece of advise is - don't be a 0.1 muppet. Seek out a market away from the hubs and corner it ASAP.
Thanks, I'll try that out also.
Maybe I can set up my trader with a couple of jumpclones thanks to Estel Aradors excellent service and just jump between hubs + other markets. I'd very much like to avoid hauling though.
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tastypotatoes
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Posted - 2010.08.02 20:45:00 -
[7]
When you guys say that you do market research, how exactly do you find out what is moving in a certain region? Like, for instance if I wanted to fly to an area far, far away from Jita and see what was popular there, how would I find out what people want to buy? Would I want to start selling ammunition? Minerals? Ship equipment?
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Necrosmith
Gallente Chunder Corp
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Posted - 2010.08.02 20:55:00 -
[8]
It's terrible and a waste of time. Don't do it. You'll lose a ton of money. ----------------------------------------------- Follow Necrosmith on Twitter
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Dian Rasd
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Posted - 2010.08.02 23:41:00 -
[9]
Originally by: tastypotatoes When you guys say that you do market research, how exactly do you find out what is moving in a certain region? Like, for instance if I wanted to fly to an area far, far away from Jita and see what was popular there, how would I find out what people want to buy? Would I want to start selling ammunition? Minerals? Ship equipment?
The key is in the Price history tab. You can see the volume, average prices and so on.
Start checking this on all the items, understand the graph (not that hard actually). I think you shouldn't get hung up on a certain kind of module (being an arms dealer for instance) because you don't even need to know what the stuff you are trading does. I sure as hell don't.
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Xi 'xar
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Posted - 2010.08.03 08:23:00 -
[10]
Although it isn't necessary to know what the modules / items you are trading in actually do, it can help.
For eg: Selling the ammo type most commonly used against the mission rats in the mission hub in which you are based is a good idea. Selling an ammo type the damage of which directly correlates with the resistances of the rats in those mission is a (pretty) bad idea.
Knowledge of the items you are trading in can also help you make some predictions.
Gl.
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Serpents smile
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Posted - 2010.08.03 14:24:00 -
[11]
Originally by: Necrosmith It's terrible and a waste of time. Don't do it. You'll lose a ton of money.
Afraid of more competition?
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Brickhead816
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Posted - 2010.08.08 18:17:00 -
[12]
My trading alt has around 300k sp. Only advice I can give you is don't trade in Jita unless you want to play the .01 isk game all day. Find a slower market somewhere else and you can still make good profits with alot less time invested.
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Decidivus Jones
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Posted - 2010.08.09 04:21:00 -
[13]
And of course check out the Market Discussions forum - lots of information to be found there.
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Roger Kiyosaki
Native Freshfood
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Posted - 2010.08.09 11:52:00 -
[14]
A few tips from a fellow part-time trader (also only checking my orders once or twice a day):
1) Aim for high turnover rates, not necessarily high margins. This leads to lower inventory and less exposure to prices faltering in certain stocks. In most cases, the volume bars will be more interesting than the actual spread.
2) Try to find a handful of items you want to trade and attack that market aggressively. If you keep getting 0.01'ed after killing the margin, move on.
3) Do not even try to compete against dedicated 0.01'ers. They'll be on way more than you, and it won't take long for them to squeeze you from the top spot on the list. You can kill their margins (for the lols), but don't bother to keep up if they're persistent.
4) Do not trade too many items. You want to do this part-time, right? So don't load up 45 different items, you'll have to check buy and sell on all of them.
That should get you started nicely. You'll learn the rest in no time.
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SabotNoob
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Posted - 2010.08.10 19:37:00 -
[15]
Is the basic idea of station trading this:
You put in a buy order for a certain item and wait hours or days until it's filled. Then you take that same item and put a higher sell order and wait hours/days for it to get sold. Occasionally you check both buy and sell orders to make necessary adjustments based on other orders for the same items. Is that the whole idea right there?
My experience in trading is very limited but I was thinking of getting back into it. I did a little bit of trading/hauling when I noticed that a certain item was being sold for far more one system over (by the millions, I don't know how that happened). I immediately bought a ton of these items at a lower price from the location I was in and took them over to the other system and undercut the orders by several thousands of isks (I think that beat the .01 isk'ers, right?). Before the margins had closed after about two weeks, I had netted about 30 million. Not much but not bad for a noob. ____________________
Chuck Norris can win a game of Connect Four in three moves. |
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