Thursday, 7 March 2013

But I don't have much time.. (Part Two)

More of my guides can be found here.

But I don't have much time.. Part Two: Reliable Markets.

So your play time is limited and you want to make some money; an approach you may want to try is exploiting reliable markets. Finding stable markets that are always profit-worthy can be a little time consuming at first, but once you have you can continue making a reliable profit off of them.

My absolute favorite market for this is fine and masterwork dyes. This isn't because it's a high-profit market but because it's fairly dependable. I also have a soft spot as fine dyes are one of the first items I ever started flipping. I'd been buying dyes using buy orders for personal use when I spotted the profit-worthy gap and didn't look back.

Dyes are my fallback market for small but reliable profits, the only time I've not seen dyes be profitable in recent months is when things are very busy, usually at times of seasonal events etc. Not all dyes will be able to be flipped for a profit at all times so buy and sell sensibly.

Your first step in flipping dyes is to check prices. See what the majority of dyes are selling for. You'll find that the majority of dyes of the same rarity often cluster in price (excluding the odd one that has much higher demand)

At the time of writing this article the majority of fine dyes are selling for between 77c and 99c. If I were planning to flip dyes today I'd make note that my lowest selling price for these dyes should be 76c. To work out what to buy the dyes for I'd multiply my amount by 0.85 to account for the 15% that would be lost in trading post fees:

76 x 0.85 = 64.6

So to break even I'd need to buy at 64c. To ensure profit I'd go through and place buy orders at or below 60c. This ensures a profit of at least 4c per dye but often you'll see profits of 30+ copper per dye on fine dyes (with larger profits on masterwork dyes) Of course a few copper may not seem like much but buying stacks of dyes in as many colours as you can get hold of really adds up. 

Placing the orders and listing your sales shouldn't put too much of a dent into your time and the sales can just be left for a steady trickling income. This won't get you rich quick but a profit is a profit. 

Of course dyes aren't the only steady market to be exploited but I'll leave finding a favored steady market that you're comfortable with down to you. There may be a little trial and error involved to begin with but once you've found your niche it won't take much time investment to keep money rolling in.

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