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  1. #1

    What is the single most important piece of info you could give a novice gold hunter

    Being relatively new to the race to become gold capped what once peice of information would you pass on. Not looking for specific trades secrets more general guidance...

    To kick off and from asking some friends mine would be...

    More small regular transactions provide a less risky approach than the big flips. Start small, and stay small! (Yes big ones do sell for lots but be aware that it's tied up money untill it sells!)
    The real measure of your wealth is how much you'd be worth if you lost all your money.

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  2. #2
    Belzebutinov's Avatar
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    As someone else on these boards very, very wisely said: Buy low. Sell high. Be patient. This will work for practically anything - especially that last part: be patient.

  3. #3
    On a basic level and not being specific I would give this advice.

    Start small and slowly grow. As your gold grows you can explore new opportunities. Do not put everything into one plan. Plan for failure and set aside an amount you only touch for stuff your toons need and replenish this or add to it as you see fit. (a savings account) Also take advantage of the wealth of knowledge that comes from those that started before you. Once you advance to higher levels become part of the gold making conversation as you will find you get more than the people who stay on the outside listening.
    Not all treasure is silver and gold but it can be sold for silver, gold, and a little copper.

    I Has Stuffs and you can too

  4. #4
    Sterling's Avatar
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    Quote Originally Posted by Belzebutinov View Post
    As someone else on these boards very, very wisely said: Buy low. Sell high. Be patient. This will work for practically anything - especially that last part: be patient.
    To this I'd add: emphasize liquidity. Buy low, sell normal increases liquidity so I would advise against selling high, given that a novice probably isn't sitting on a lot of working capital.
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  5. #5
    Zerohour's Avatar
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    Have patience, be consistent, and set goals.

    Patience goes without saying. Look for the right opportunity to buy, wait for the right opportunity to sell, watch your markets and strike at the opportune time. It takes time to acquire large amounts of gold and historically it is not done overnight. Pace yourself. Like Chris Metzen said at Blizzcon - If you eat all your Halloween candy in one night, you're gonna get a tummy ache!

    Consistent in your routines and habits. I spend about 15-30 minutes a day at the AH, no more, no less. Others seem to believe camping at the auctioneer is the answer - I've made almost a million G, and I don't know what the others have made. Regardless, daily you should be at the auctioneer checking new markets, watching prices, and looking for competition. It's like working out, go once a day and get into the habit of going.

    Setting written attainable goals will get you further ahead than someone that flies by the seat of their pants. Goals make you accountable to yourself. Your long term goal I guess is a million gold (new cap). You should work towards milestones in between - 5k, 25k, 100k, 250k, 500k, 750k, and 1M. The short term goals will give you a feeling of accomplishment on the way. How does an ant eat an elephant? One bite at a time.


    Above all other things, remember that it is a game and not real life. I spend 80% of my time online playing, raiding, leveling, mastering my class, etc. The other 20% is related to making gold in some fashion. If you exceed the 20% mark, then you're working at a second job getting paid in virtual currency. Point being: Balance, it does no good to have all the gold when you can't play the game or enjoy the fruits of your labor.

  6. #6
    Zenit's Avatar
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    Yes, be very patient with making gold. You got to work at it day-by-day and even several times a day. At this point in the game, bulk buying and crafting is surely going to put you in a hole very quickly. With a peak of players online during this holiday season, pug raid scene not mature and the Blizzard induced slow progression, the AH is saturated by items folks are trying to make a quick buck. Raw materials are in abundance and crafted gear/gear enchancements selling at a slow pace.
    Suspended for now - Zenith's Round Table.)

  7. #7
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    1) Control your expenses!

    Don't splurge to put top-level enchants and gems into every new piece of gear you get. There's almost always a slightly worse, much cheaper option. Don't buy expensive BOE gear if it's the same item level as the content you're progressing through. Don't walk up to the AH one day and buy 45 stacks of ore because you decided on a whim to level your 237 Engineer alt. Don't repeatedly reforge your gear to squeak out another 0.5% dps, especially if you're regularly replacing gear. Go easy on the potions and expensive food while leveling or soloing.

    2) Be aware of what your time is worth!

    On the other hand, know when to buy things instead of farming them. Sometimes it makes sense to drop 200g on an enchant you need, rather than farming the materials for two hours. Have a good idea of how much gold you can make by farming, doing dailies, and gathering, and compare that to the amount of time it would take you to farm something you need.

    3) Don't leave gold on the ground!

    Vendor greys. Sell your greens to disenchanters if you can't disenchant them yourself. Before you vendor any white item, including meat you pick up off mobs, check the AH to see if you can sell it. And most of all, LOOT YOUR MOBS! I know it doesn't seem worth the time to loot 22s and a rotten fungus off a fungal giant you just killed... but if you don't loot the things you kill, how are you ever going to find those fantastically rare drops?

  8. #8
    Zenit's Avatar
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    Another advise: One mans' junk is another man's treasure.

    Note: Get your head out of the gutter.
    Suspended for now - Zenith's Round Table.)

  9. #9
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    One thing I am not seeing here is research. Knowing how every profession works and interacts with eachother, where the mats come from, how hard/easy they are to obtain. As many of us can probably tell you there are a ton of players out there who have no idea how to get something done on thier own for cheaper. Quick example - Many blacksmiths still do not know where to get the top level patterns. Many players do not know that instead of buying a belt buckle for 800g they can buy the mats for 400g and tip the crafter 100g and save 300g.

    I was selling Fortune cookies yesterday. I got a large amount of tells asking where I got them from. "do they drop?"

    One player a week ago whispered me asking for a elementium rods and told me he would give me mats plus 50g. I told him check the AH the rods go for 15g each.

    Being on this forum will get you a lot of knowledge. I wowhead anything I come across that I do not know where it comes from, I suggest you do the same.
    Experience for mining/herbing - Making farming tolerable and leveling painful.
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  10. #10
    A buddy of mine just got into the moneymaking game this very week, starting very small, and the advice I gave him was this:

    Pick a couple of tradeskill material markets that interest you (preferably markets that involve materials that you have the ability to gather), and watch them closely. Check them several times a day and see how they flow. Learn what a low price is and learn what a high price is. When I first started watching markets, I was shocked at how big the variances were. I expected prices to be a lot more consistant and stable than they actually are. I quickly learned to buy all the rugged leather I could find for 12g/stack, because in a matter of days (or even the SAME DAY) I'd be able to sell that same leather for 30g/stack.

    Related tip: having access to the remote AH makes this "market watching" much much easier.

 

 

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