|Posted - 2011.01.12 17:22:00 -
I found it surprising how quickly you can make money with a brand new shiny alt in Jita 4-4.
Got my 5k starter fund up to 2.3Mil in about a month without really logging in. Would have been quicker, but I got stuck into the wrong market once or twice.
For the noobs if you wanna try this, here's a VERY brief "straw man".
1. Do it in a trade hub. Jita is probably best due to liquidity (how much actually buys and sells each day). Dodixie, Ours, etc. etc. also viable.
2. Define a "fund" which is your spend limit/investment limit. If you are intending to do this and nothing else with an alt, that could be all the alts cash. Otherwise, define a limit.
3. Spend an evening browsing the markets for things you can afford at max __buy__ order price, that have a huge margin from buy order to sell order. By huge I mean you should be looking for 80-120% margin.
4. Once you select one or more of these items, check the price history in both "graph" and "table" format. Graph is of less use, just check the market isn't going through a short patch of high margin that will collapse again. In the table view ENSURE 100% that people are actually buying that low and selling that high and that there is good enough volume. No point spending 3 months doing one trade cycle, even if it is a 200% profit. Not when you are a beginner anyway.
5. Place a buy order for whatever value you feel comfortable with. When you have a bit of money, doing this, it's often better to place 1 small order a day, rather than a large order and wait a week. People are more likely to under cut a large order and just wait out a small one.
6. Even before the buy order completes, but when goods start arriving, start relisting it with sell orders.
7. No point playing 0.01 ISK games, just keep your orders small and either wait out people undercutting you or lower your price in chunks. If you are making 125% profit on teh trade, so what if you have to drop your price to making 122% profit.
8. Don't be afraid to bail out of a market, take the broker fee loss on the chin and move on.
9. Don't get attached to a market, wide margins collapse all too often, just move on find another.
You don't really need skills, but broker relations will help as will the skills to raise your buy/sell order totals.