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Kiyoseki
One-Trick Pony Enterprises
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Posted - 2008.09.02 11:17:00 -
[1]
I started my trade alt a matter of days ago and with an injection of 20mil I have now turned it into approx 65mil NAV (I haven't done all the math to get an exact number yet.) I think I am getting a fairly good hang of it, and I wanted to say its mostly because this forum has been extremely informative.
What I wanted to ask is...
How often are you checking your orders to make sure you are the best order? Are you checking all of them at once every now and then at certain intervals, or just specific ones that you know need to be checked?
And at what point do you get tired of the 0.01 isk raises before you move on to less traveled roads with same or better margins? |
Snasty
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Posted - 2008.09.02 11:51:00 -
[2]
 Originally by: Kiyoseki
How often are you checking your orders to make sure you are the best order? Are you checking all of them at once every now and then at certain intervals, or just specific ones that you know need to be checked?
And at what point do you get tired of the 0.01 isk raises before you move on to less traveled roads with same or better margins?
Question 1 - If trading from Jita orders are checked as often as possible, especially if you are trading in low cost, high volume items. If trading from a more, err, relaxed location, as I tend to do these days, then orders are checked one or two times a day. Usually I check whilst making my way to a mission or indeed whilst doing a spot of mining and watching a DVD.
Find what works well for you is the only really helpful answer.
Question 2 - I became miffed with the .01 isk game rather quickly, others I know still love the .01 game after playing it for a long time. Again, I think you will find your limit quite quickly.
20 to 65 million in a couple of days seems rather good and if you enjoyed the trading then its excellent, if you find it a chore, it isnt.... |
Shar Tegral
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Posted - 2008.09.02 11:53:00 -
[3]
Originally by: Snasty
Find what works well for you is the only really helpful answer.
This. PS: Also, with market updating, you will always lose to those who have less real life and too much eve life. |
Kiyoseki
One-Trick Pony Enterprises
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Posted - 2008.09.02 12:06:00 -
[4]
Thanks guys. I have noticed that some of my items seem to be hounded on, even up to the minutes before downtime. Either way, I am fairly sure that with the frequency that I check them and the way I am avoiding using decimals to counter decimals I should be able to handle them.
I in fact generally raise to the nearest 100 or 1000 depending on the margin.
I guess at some point I should start doing something other than just sitting checking orders while I forum *****/watch TV. |
Shadarle
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Posted - 2008.09.02 12:11:00 -
[5]
Originally by: Kiyoseki
Thanks guys. I have noticed that some of my items seem to be hounded on, even up to the minutes before downtime. Either way, I am fairly sure that with the frequency that I check them and the way I am avoiding using decimals to counter decimals I should be able to handle them.
I in fact generally raise to the nearest 100 or 1000 depending on the margin.
I guess at some point I should start doing something other than just sitting checking orders while I forum *****/watch TV.
If you're spending a lot of time when you have 65 mil isk just wait till you have a few billion or better yet 50+ billion. The time required for 65 mil is nothing in comparison.
Thus you will realize everything you're doing now will have to be adapted quite a bit as you wish to dedicate more and more ISK to trading.
But basically the time required to make a given amount of ISK is based primarily on your distance to Jita. The closer you are the more time it takes. |
Kiyoseki
One-Trick Pony Enterprises
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Posted - 2008.09.02 12:23:00 -
[6]
If there's one thing I have learned, its that I really shouldn't talk about where persay. Suffice to say that I am not in Jita, since I can manage this turn-around with minimal time investment.
I have heard that it gets harder to turn a profit on the larger sums of money.
Another question, do you guys have the Tycoon skill and are you using that many active orders at once?
I am on the base 57 max orders and I haven't quite started using all of them yet, but I have found it takes about 10 or 15min just to check the 40 or so orders I do have (buy and sell). What happens when its a couple hundred? |
Snasty
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Posted - 2008.09.02 13:14:00 -
[7]
Originally by: Kiyoseki
do you guys have the Tycoon skill and are you using that many active orders at once?
Base 57 for me, all used, all the time, but I have managed to make a few billion via just those order slots and frankly the idea of trying to manage 200+ scares the willy off me....
But, I'm not a dedicated trader, I also mission and run fleets in my corp. Were I trading and nothing else then I guess I would raise those order slots up somewhat. |
Shar Tegral
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Posted - 2008.09.02 17:13:00 -
[8]
Edited by: Shar Tegral on 02/09/2008 17:13:10
Originally by: Kiyoseki
Another question, do you guys have the Tycoon skill and are you using that many active orders at once? {...} What happens when its a couple hundred?
I have Tycoon 4 and I have maxed myself out every so often. I do not regularly max myself out though because of the pain involved in auditing almost 300 orders. (Also I do not use alts for trade!) This is one of the reasons I'm going to be very happy about this upcoming patch. Not having to wait for every cyclic update of the market will most likely speed my auditing up immensely. Oh I thought I'd add: Only once have I ever maxed out my orders when I wasn't experimenting. (I do alot of experimentation on stuff).
To Shar -verb:
1 - To say what you mean.
2 - To say what it means.
3 - To say something mean. |
Mossreach
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Posted - 2008.09.02 23:40:00 -
[9]
Edited by: Mossreach on 02/09/2008 23:43:27
I suspect most long term traders gravitate to items which dont get 0.01'd instantly, as even the most profitable items give a very poor return per hour if you have to babysit the orders constantly. Conversely I think at the start of a traders career maximizing profits and building capital gives people a much higher tolerance for the 0.01 game.
As to order slots, the advantage of having lots isnt always to trade more items, it's to make your trading easier and more efficient. For example, often it's nice to be able to post a replacement order before the existing one gets 100% filled and let both run together, or place multiple orders for the same item at different prices and/or locations. Sometimes you just want to experiment/ research/ manipulate a market etc.
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Kiyoseki
One-Trick Pony Enterprises
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Posted - 2008.09.03 00:25:00 -
[10]
You guys have been most helpful so far and I am very thankful.
More questions:
Do you wait for buy orders to be filled before placing the stock up for sale or do you place the sell orders as you go and place more of them or replace the sell orders with updated ones after canceling the old one to consolidate stocks?
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Salisuka
Caldari
98.4
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Posted - 2008.09.03 06:30:00 -
[11]
Originally by: Kiyoseki
You guys have been most helpful so far and I am very thankful.
More questions:
Do you wait for buy orders to be filled before placing the stock up for sale or do you place the sell orders as you go and place more of them or replace the sell orders with updated ones after canceling the old one to consolidate stocks?
No right answer for that one either really. You have to find what works for you.
Personally, if the market of the item is dropping, I sell whatever I have to maximise profit (or minimise loss) but if the drop is a temporary one, I hold and wait for the market to recover, really depends on how deep your wallet is. Cancelling orders is never a good idea unless you have very low taxes or the profit margin is very high. I only cancel when I have very very low stock (1's and 2's) left for sale.
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Zos Tarkross
Amarr
Suddenly Ninjas
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Posted - 2008.09.10 10:10:00 -
[12]
Kiyoseki - curious minds want to know - how is your trading venture going? Last you reported (elsewhere) I think you had taken the 65 mill in your OP and got it to 95 mill? Are you above that now?
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Kiyoseki
One-Trick Pony Enterprises
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Posted - 2008.09.10 10:55:00 -
[13]
Edited by: Kiyoseki on 10/09/2008 11:05:30
Starting value wasn't 65mil, but 20mil.
At the 14th day, I was sitting at around 190mil NAV. This doesn't include the ISK spent on various operating costs, I estimate I did around 215mil. I am unable to check now as I have momentarily liquidated and sent the ISK to my main. Reasons for this are below.
My main's corporation approached me asking if I wanted to take their capital and trade it for them, turning it into more ISK. I agreed under the condition it was done using shares and dividends to control the distribution. Pending this private IPO I have stopped trading, also giving me some time to train Margin Trading to IV, as I was doing all this before without it.
I hope to begin trading again before the end of the month, but as an incorporated company using shares to divy the profits to the corp and myself fairly. Waiting for the agreement with my corp to be made and about 3 or 4 more days when I get Margin Trading to a minimum of lvl 3.
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Snasty
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Posted - 2008.09.10 12:14:00 -
[14]
Excellent news, sounds like an exciting leap from little one man station trader.
Well done.
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Kiyoseki
One-Trick Pony Enterprises
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Posted - 2008.09.10 14:09:00 -
[15]
I enjoyed it, learned a lot and found out just how well one can make money if they know what they need to do.
I think my future ventures will go just as well.
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