With the Trading Post finally online and working, its been an interesting period to watch its progress as players finally get to grips with what is and isn’t possible. What I’ve also found most interesting is how old Auction House habits might not necessarily apply here. In this second entry relating to the Trading Post (you can find the first overview here) I wanted to briefly cover some of the early tips I’ve learned.
1. Support Tools
First and foremost, I’d recommend anyone who is serious about ‘playing’ the auction house that they seek out an application similar to this. It makes life incredibly easy for monitoring profit margins where numbers are already tight. If you’ve a tablet or phone to hand, it’s well worth having it next to you just to check your maths.
2. Supply versus Demand
With the Trading Post shared across all servers, Supply versus Demand is frantic. There are potentially millions of players listing items and buying them constantly. You only have to search for a single item and press the refresh button to see the frenzy of activity. This makes buy-out tactics (to then list at a higher price) almost impossible at this stage as the market moves far too quickly for you to ever control it. As a result, it’s much more profitable to do the supplying through resource gathering rather than buying bulks to then sell on.
3. Profit Margins
Leading on from the above, profit margins at the moment can be incredibly small unless you fall onto a product that happens to sky rocket (here’s looking at you, Mystic Coins). Chasing tiny margins can see you lose heavily if the market changes. Using an App like the one I linked above will provide you with a good steer but you’ll quickly get a nose for what is or isn’t worth pursuing.
4. Watch the Market
When the Trading Post first opened Copper Ore was selling incredibly cheaply (8 copper) and yet the demand for Copper Ingots was high and the purchase price incredibly high (50 copper). I utilised this gap, quickly buying large quantities of Ore, turning them into Ingots and selling them for a huge chunk of profit. This window has unfortunately passed (and was very short lived) with the price of Ore versus Ingots now equal, but there have been plenty of opportunities since to see similar surges. Paying attention to what people are seeking (such as legendary weapon ingredients) will give you a good idea on what you should be buying in bulk.
5. Do The Leg Work
Making money in Guild Wars 2 isn’t necessarily easy and will require some effort on your part (unlike playing the Auction House in World of Warcraft). Gathering resources is currently the best and most guaranteed method of making money. I would recommend that you determine what is or isn’t selling well and find the location where you can harvest or farm it. I’ve found one particular location that gives me a huge amount of Vials of Blood that are selling incredibly well at the moment. Unfortunately this can be time consuming but as the old saying goes: money doesn’t grow on trees.
6. Take A Trade Skill
To reach 400 in any trade skill can potentially be expensive but by the time you’ve reached level 80 you should have a significant quantity of resources in your crafting bank to quickly rattle through the levels. Once you’ve obtained a trade skill you enjoy, finding a particular recipe you can make easily should allow you to turn some profit. Bags always sell well in MMOG’s and although 20 slot ones are incredibly expensive (and also require Ecto’s) 18 slot ones are much easier and can, with a little work on your part, be easily crafted and are often quick to sell (though profit margins can be small).
In the coming days I'll be providing a diary of my trading post success (or failure) by starting out with 1 gold and seeing just how I get on, so stay tuned for my rags to riches tales.
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