The Trading game

So I started an alt. God help me.

He’s to be general cloaky/scouty work, but also shall “experiment” on the side. How? Trading. Specifically Station Trading.

Knowing nothing about Trading other than “buy low, sell high”, I dumped my new alt into a trade hub (NOT Jita) and threw 5 million ISK at him. I set up a few orders, then went to bed.

I changed a few orders in the morning and went to work. Upon returning, I setup some more orders whilst scouting a wormhole chain on TGL3. Proceeded to rage a lot at .01 ISKers and countered them for half an hour or so.

So, 24 hours with 5 mill? How am I doing?

Markets1

 

For 24 hours and no idea what I am doing, I’ll take that as a win. Will I get bored soon? Likely. The Alt needs some time to train skills though, so might as well use him for something!

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Posted on February 4, 2013, in General stuff, Learning the ropes. Bookmark the permalink. 5 Comments.

  1. Some tips:
    – with that amount of capital I’d recommend you put up regionwide buy orders for stuff that gets given away in the tutorials – astrometrics and hacking books,+1 cha and per implants. Then afk autopilot to collect it in a frigate. You should be able to buy them for 1 isk in some of the newbie systems.

    – alternatively trade slightly slower volume items. Try meta 4 armour modules as they’re getting buffed soon. The more stock turns over the quicker you get undercut and it can feel discouraging at first. (Later on you can just hold out for a peak).

    But it’s a great start and I hope you enjoy doing it. I run several types of secondary income but trading is certainly an important one. The best thing about being a trader is that anything else you do (inventing, archaeology, missioning) will start earning you more money as you become better at sellling it.

    • Regionwide orders is a good shout, I’ll look into it tonight.

      I’m actually working on a mix of various items at the moment to get a feel for the flow of items. Got a few T2 orders as well as some M4 and M3 modules. Thanks for the tips!

  2. I’ll back up everything Stabs has said above already.

    A different way to look at something as well. No matter what your profession already is in New Eden everyone knows things that they have either used, need, buy, salvage, manufacture one way or another that can earn them ISK. The knowledge is locked up in all of your entire EVE experience and can earn you ISK.

    The higher volume as well the faster the volume the item moves on the market for your Station Trading the lower the likely profit margin and the more you will get 0.01 ISK in Jita. Try to find some things that don’t always move as fast or a bit slower.

    Try lowering your Taxes as as well. From your screenshot, your taxes are high. Your not gonna compete well to Jita Market traders who have much lower tax rates and will squeeze you for profits especially on high volume low margin item flipping. Increase your potential margins by lowering your Accounting and Broker Taxes. For just starting the skills you don’t need them at say 5 asap. Just having both at 3 initially and both at 4 after goes a long way. You can do both skills to 5 after they both at 4.

    If your also not buddy buddy with the Caldari Navy you get a but of a penalty with Broker Taxes staying higher than normal. Being buddies lower your Broker Taxes, and that’s very good to know. Gives you more margin to compete with less going to taxes doing lots of flipping in Station Trading.

    Train “Margin Trading” as soon as you can also. This allow you to do leveraging which is important. It allow you to have your Trade Buy Orders up without having to exactly commit all the equivalent ISK asset in escrow to cover the orders on Buy Order. It just shows up how much you have to cover when needed as the orders get filled. But the extra cash reserve allow you to use the rest for other things. Just always have enough in reserve of wallet to cover orders getting filled or you get a Margin Call.

    Train some the other Trade skills as needed when you can if even just to lvl 3 initially which you can train fairly fast.

    Find stuff that few or less people trade that can also add good profit margin or stuff that sits in niche market sectors that less people watch that you can trade for profits.

    • I’m slowly working on the trade skills, but I’ve picked Amarr over Jita to avoid the .01 ISK bots, to be honest. So I guess I’d need Amarr standings!

      I appreciate the tips on taxes and so on, and shall start looking into those skills after work today! Cheers!

  3. Oh and don’t forget to send Stabs and I our small % profit commission for the tips lol. Just kidding, but it’s still fun to say that.

    Yet Trading information is worth allot of $$.

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