Mistakes, I’ve made a few.

Markco over at Just My Two Copper has a monthly Blogging Carnival, where bunch of bloggers chime in on the monthly topic. I missed last months Blogging Carnival due to the fact I was in the hospital.

Though I am nowhere near gold cap, I am definitely not starving for gold…actually I’m riding around on my chopper, tossing gold out like it’s going away in Cataclysm, but more keeps coming in every day. When I got in the Gold game, and started using the Auction House, a big influence was Markco, and a lot of people like them who gave tips on how to make gold, and if it wasn’t for him, I’d probably still be scrounging around for copper in front of Orgrimmar bank. I hope someone learns from my mistakes so I can give back a little to the community that has given me so much….

What Mistakes Have You Learned From While Playing the AH!

1.  Trying to buy a market – Say I was selling Gold Ore, and there were a few others selling Gold Ore for lower price, I would try to buy the market by buying up everyone else’s Gold Ore, then selling mine for more. – That Never….Ever Worked for Me and it took me a couple of times to learn that harsh lesson, not to mention a couple of hundreds of gold.

2. Not knowing the market – I wouldn’t analyze the market and see where the demand was. One time I made a whole bunch of enchants thinking, hey everyone needs this enchant. Well turns out people were using another enchant more, and the enchant I had tons of kind of just sat there.

3. Trying to go for the big score, instead of a bunch of little scores –  Once in a while I would see Epic Crafted Items go for high amounts, and think that would be a nice haul, so I would spend 1 to 1.5k gold to try to make 2k gold, and when I did make it it would take forever. When I could have made 500x that much if I spent it on the materials for the enchants that were/are making me a killing and with less the hassle of posting it and reposting the item.

4. Trying to sell Epic Crafted Items let’s say like Bracers close to an Expansion – It’s very hard to sell something for a lot of gold when people know it’s going to be worthless in a month or so. I know people are gearing their alts, it’s just seems a lot harder to sell those items. This could be server dependent though.

5. Not using Auctioneer to its full potential – I really didn’t put all the time in I should have to making the addon auctioneer really work for me. There is so much it could do I barely scratched the surface.  Such as resale, appraiser..etc..

6. Not looking forward to the future – I looked many times on the Auction house after a major patch and expansion and kick myself for not holding on and stashing some resource or another that I was practically giving away before, or even deleted in the past. I remember in Vanilla deleting Enchant materials by the tons before getting into the gold game.

Don’t make the mistakes I did, and happy Gold Making.

5 Responses to “Mistakes, I’ve made a few.”

  1. I always forget about the “lots of little wins” that’s always.a good way to go.

  2. WOW! This is a tremendously informative article and exactly the kind of thing I was looking for in the carnival submissions. Sorry to hear you were in the hospital and I hope everything is ok now.

  3. I call this idea “no profit is too small”.

    For example, it seemed that the margins in flipping wool or light leather (really, any lowbie tradeskill items) was so small that I might as well avoid them. I had (who knows why) somehow decided that if I couldn’t earn 5g profit on a transaction it was not worth my time.

    What a stupid idea. No telling how much gold I cost myself.

    After reacking a post on JMTC, I took a second look at volume selling. I tested it over a week, and wow! I made some good gold.

    On my server, wool cloth sells at around 46s each, or 8.5g per stack. With my snatch list set for 80% value, buying at 36s each, that’s about 2g profit per stack. Doesn’t sound like a lot, but I earn about 20g per day on wool. Add to that about 15g per day on light leather, 10g per day on silk cloth, 25g per day on heavy leather, and you get the picture.

    Double those numbers on the weekend. Doesn’t take a lot of time to manage, and those small profits add up to consistent income. I average about 200g per day just on lowbie tradeskill items. Sure, I may have 500 auctions going at a time, but for a few minutes investment I’d weigh this gold option against anyone who farms.

    Nice tip, thanks for the post.

  4. I made the same “going for the big score” mistake when I was first toying with the idea of making gold! I was gearing up a character and noticed how much I was spending on some of the gear. I found the pattern for an ilvl 245 chest in the AH and bought it for a few thousand gold. I then spent a few more thousand gold crafting the item, only to have the item in the AH for a month, being undercut constantly until eventually I realized I’d made a mistake, lol.

    Great post! 🙂

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