Friday, 27 December 2013

30 Minutes a Day Project - Days 16 - 18

I'm A Tree!
It's a few days before Christmas and I've missed 4 days so far. I knew I'd be missing a few days due to my operation so that was kind of planned for but I did think it would only be 2 days! So day 16 is actually 20th December in case you were wondering.

Day 16
Today's mailbox held over 200 gold for me and a lucky Blingtron drop gave me another 25 gold. I went a bit crazy with the Spirit Dust but as there was a shedload available at well below usual prices, I thought it was worth a little gamble.

I did the Gaudy Winter veil Sweater to Strange Dust thing again too but I wasn't really in the mood to scour the Auction House for deals so I just relisted stuff that hadn't sold and called it a night.

Day 17
I logged in hoping to see lots of gold in the mailbox from last night's listing and I wasn't disappointed. With sales of almost 290 gold, it was a relief to see all the Spirit Dust sold and the Strange Dust too. I had a look at the herbs category again but it seems with the influx of players for the holiday week, herb prices are stabilising and although there were plenty of cheap herbs, there weren't any obvious gaps to take advantage of.

What do I mean by 'gaps' - well, when I see a few herbs, say Silverleaf, listed at 9 silvers and the next listing is for 20 silvers, I would normally buy the few cheap ones and just undercut the 20 silver listing - that way, I'm kind of moving the bottom of the market up and closing the gap. When there is a wall of herbs in the 9, 10, 11, 12 silvers range though, there often isn't much of a gap to close so for the purposes of this project, I leave those alone.

If I didn't have a time limit or an end date to this project, then I may very well buy them all up and just sell them at my leisure when the prices are better for profit making. That's something you can do as a newbie gold maker but apart from the fact that I haven't spent any gold on bigger bags or increasing my bank storage space, I just don't want to be left with a bunch of herbs to store at the end of this project.

One of the things about gold-making is having patience and time. Having the patience to buy and not be in a rush to sell can make a huge difference to your profits. It's about timing too - listing your cheap purchases when the market price has risen and not listing them when there's no profit to be made. I know that seems really obvious but you'd be surprised! Some people say that holding stock and waiting is a pain, they'd rather sell them again, even for a loss just to get the gold back in their pocket to re-invest. I've had in-game friends who wanted to learn but didn't have the patience to just wait it out.

Now don't forget, I am talking low price stuff here - if you've bought something expensive to try to flip, knowing when to cut your loss is another skill. It may sometimes be better to sell at a small loss if you can see that prices are dropping steadily and your loss is only going to get bigger. It is possible for markets to bounce back of course but often, they will never bounce back to their original levels to make you the profit you were hoping for.

Day 18
Not so many sales today but given that I didn't really list much extra stuff yesterday, that's understandable! I'm definitely a casual gold maker and with Christmas looming, my energy to play seems to be fading. Still, the Strange Dust is proving to be very lucrative for this baby banker so as long as the market stays steady, I'll keep disenchanting those horrible sweaters!

Having said that, I did an Auctioneer scan today and didn't end up with much time left so I just listed everything in my bags and gave up. This is definitely not the proper way to make gold you know!

I'm nudging ever closer to 1000 gold and although I'll be pleased to reach that, overall I'm really disappointed with my efforts so far! I don't remember it being this hard last time I did a challenge like this but then I haven't been playing so much at the top levels or even leveling alts much recently so my knowledge of markets is definitely rusty!

I can certainly find loads of cheap stuff to buy but without knowing my mid-level profession markets and what stuff is still useful, I feel kind of lost. I used to sell Globe of Water, Essence of Air, Spider's Silk etc, knowing that they were in high demand for various specific patterns or recipes. With the introduction of Pet Battles, the Globe of Water market is dead (used in the Engineering pet, Tranquil Mechanical Yeti) as the pet is not that desirable anymore. With the introduction of additional heirlooms and changes to PvP, Spider's Silk is also pretty dead - it was used for several Tailoring and Leatherworking low level patterns for the Twink markets.

This is where research comes in - I may not have the current knowledge but knowing where to find information is the next best thing! Looks like I may have to spend some time, racking my brains and checking stuff out on The Undermine Journal! I may have to leave that for the next project though as I do have family time commitments over the next few days. Arrgghh why is there never enough time?? lol


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