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Eddard Varbosa
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Posted - 2011.08.22 00:11:00 -
[1]
Hi all,
Recently I've started buying/selling a lot on the market and it's quickly become my primary source of income. Can you tell me what skills are best to acquire and why? I literally just buy/sell and haul to other locations.
I'm a total noob when it comes to trading skills so your help would be greatly appreciated.
Thanks, Ed.
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Jacob Stiller
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Posted - 2011.08.22 01:09:00 -
[2]
Edited by: Jacob Stiller on 22/08/2011 01:13:03 Edited by: Jacob Stiller on 22/08/2011 01:10:07
Originally by: Eddard Varbosa Hi all,
Recently I've started buying/selling a lot on the market and it's quickly become my primary source of income. Can you tell me what skills are best to acquire and why? I literally just buy/sell and haul to other locations.
I'm a total noob when it comes to trading skills so your help would be greatly appreciated.
Thanks, Ed.
Developing a trader alt myself. Besides the skills that increase the maximum number of orders, Accounting and Broker Relations should be raised to 5 as an early priority in order to reduce taxes and broker fees respectively. In order to reduce broker fees further, you'll need to raise standings with both the corporation that owns the station you are trading in and that corporation's faction. But this is based on base standings so Connections will not help you. Past that, you may or may not want to dabble in skills that let you place buy and sell orders remotely. If you want to do contracts, there is one and only one skill that increases your maximum number of contracts. Also note that if you train every single skill that increases maximum orders, you'll reach something absurd like 305 maximum orders. I've been doing just fine so far with a limit of only 45 orders but I'm not particularly rich nor have yet developed the ability to set orders remotely.
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Kesshisan
Minmatar
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Posted - 2011.08.22 06:31:00 -
[3]
Cybernetics I Trade I Trade II Trade III Trade IV Accounting I Accounting II Accounting III Accounting IV Margin Trading I Margin Trading II Margin Trading III Social I Contracting I Contracting II Contracting III Broker Relations I Broker Relations II Broker Relations III Broker Relations IV Retail I Retail II Retail III Retail IV Daytrading I Daytrading II Daytrading III Daytrading IV Margin Trading IV Marketing I Marketing II Marketing III Procurement I Procurement II Procurement III Procurement IV
That's pretty much everything that my trade alt has and it has served me well.
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Jacob Stiller
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Posted - 2011.08.22 14:31:00 -
[4]
Bah, ruining the fun by giving an explicit set of skills instead of giving some general guidelines and letting him brew his own toon. Fine, then, this is what I would consider a minimalist trader. I.e. spending as little training time as possible (you presumably have other toons you want to train) while being as competitive as possible.
Cybernetics I (can't justify investing in +4 or +5 implants for a toon that will only train for 1 or 2 months) Trading IV Retail IV (by this point you have 53 max orders) Accounting V Broker Relations V (yes, I'm anal about maximizing my profits) Social V (getting faction standing on a toon with next to no combat skills is a real pain, so I want those career missions and data centers to hit as hard as possible)
Beyond that, its up to personal taste and trading strategy. You could go for remote trading skills or invest in a hauler for interregional trade. Going for a levels in Contracting is a quick train and adds some versatility. By default, you can already create and accept contracts anywhere in the galaxy. An interesting prospect that I admittedly haven't gotten around to fully investigating yet.
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Kara Books
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Posted - 2011.08.22 23:19:00 -
[5]
off the top of my head, you should grind 125-135 market slots and lower your Trading fee's to to or below .5 and .6
Once you have those then you really don't need more unless your one of those AFK merchants who logs in once a day expecting to make 1 billion with no work, then you gonna need all the market slots you can have because I rose up pretty nicely hunting exactly that.
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Fozzy Dorsai
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Posted - 2011.08.23 05:11:00 -
[6]
Originally by: Kara Books off the top of my head, you should grind 125-135 market slots and lower your Trading fee's to to or below .5 and .6
Once you have those then you really don't need more unless your one of those AFK merchants who logs in once a day expecting to make 1 billion with no work, then you gonna need all the market slots you can have because I rose up pretty nicely hunting exactly that.
That It works for me, and I only have to log in about 2-3 times a day to stay in as much Plex/ammo/ships as I need to have fun at no cost (other than time). More often = more money (assuming you do your research well).
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Dane El
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Posted - 2011.08.23 12:14:00 -
[7]
Accounting and broker relations to 5 if you trade in any high volume / low margin items. These are good for anyone who makes money off the market but aren't absolutely required if you deal in high margins only. The skills to remotely set and modify orders can be huge if you trade in multiple locations. Just get into the region and you can mess with your orders without having to go to every station you have an order in.
Don't discount the value of lots of order slots and margin trading. The more you trade the more opportunities you'll run across. If you find an opportunity to buy 20 M implants for 2 M you want to be able to setup that order. Margin trading is great for this type of speculation. You can set a ton of lowball buy orders and not have to pony up huge amounts of cash to cover them. Just make sure to keep a healthy wallet balance to cover purchases. Volume is typically very low on these but every purchase is a jackpot.
Contracting as already stated is good if you plan to use courier contracts to ship your freight. It's outrageous how cheap this can be. If you plan to move goods yourself and you deal in high value items, transport ships is a great investment. You don't want to be moving 500 million worth of freight in a T1 industrial. If you fly your transport ship well, you should be virtually impossible to get a point on.
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Jacob Stiller
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Posted - 2011.08.23 22:47:00 -
[8]
Originally by: Dane El Accounting and broker relations to 5 if you trade in any high volume / low margin items. These are good for anyone who makes money off the market but aren't absolutely required if you deal in high margins only.
Unskilled and with no standings, a buy/sell pair will munch approximately 3% of the value of the goods (1% broker fee on buy order, 1% broker fee on sell order, 1% tax on actual sales; I say approximately since (hopefully) your buy orders are less than your sell orders, resulting in a slightly lower broker fee on buy). Therefore, even with a large margin like 30%, 10% of your profits are being munched. At a more typical margin like 10%, 30% of your profit is gone. Given that people moan about double-digit taxes on their mission rewards and bounties, I figure most traders would appreciate the savings from training Accounting and Broker Relations and grinding some standings.
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Jacob Stiller
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Posted - 2011.08.24 04:04:00 -
[9]
As my trade alt's assets take off and I'm making ever larger orders in more and more markets, I am increasingly tempted to add margin trading to my list of essential skills. I'll see how I feel about it when Accounting V finally finishes in 3 days.
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