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  1. #1
    Sinshroud's Avatar
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    [Documentary]Resetting a market - a practical example

    Hey folks, something that I've been inspired to do from out latest competition, is I want to try create some more practical kind of examples for new players to follow when looking for help on how to do something.

    Therefore I decided I would document my attempt to reset the market on my server. JC is a very new market for me and I've never really done anything like this before so it will hopefully be a learning experiment for all.


    This here is not a pretty sight, and not the kind of sight that any JCer wants to see, it's barely profitable and generally just a waste of time.

    Luckily there was only 40 up at the time, 5 of those being overpriced at 99g so only really 35 that I had to buy out, at an average of about 45g per gem.

    Step 1: I added all the competitors to friends list to make sure that they were all or mostly all offline. I got lucky and most of them were and the others were busy in raids.

    Step 2: I bought out 35 gems, spending a total of 1567g spending and averaging a price of 44g 77s per gem.

    Step 3: I sent 10 gems to my alt Duskshroud, sent 10 gems to my alt Imakegold and kept 15 gems on my main Unholyshield
    The reason I split the gems up is so that I can try make it look like there is still competition (my alts) instead of looking like I completely own the market.

    I will keep editing this thread to let you know how it goes.
    ======================
    Edit: 1

    I feel quite embrassed so far because I've made 3 very stupid mistakes already and I've only sold 1 gem haha.

    Mistake 1: I posted 10 gems up for 48 hours each on my main Unholyshield. Actually 2 mistakes in one because I shouldn't have posted 10 gems up at the same time from one character anyways, plus the long duration.

    Mistake 2: I posted another 10 gems up from Duskshroud and Imakegold. Again I should not have posted all 10.

    Mistake 3: By now I've sold one gem for 75g 69s, but also gotten an undercutter or two (not the ones that I previously note down) who each posted 2 gems. So now I still have 5 gems left on Unholyshield and I use Auctioneer to list 3 more gems up. Except I forgot to check undercut competitors and I ended up posting it as "Match my price" instead. Pure genius huh?


    ======================
    Edit: 2

    Mistake 4: I should have waited a bit closer to raid time instead of posting at 5pm in the afternoon. But oh well.

    The undercutting is already extremely fierce, so I'm going to take some wise words from Aeg and instead of looking at this as a "I now control the market" to rather a "Looks like I will be having better gems sales for the next few days"

    ======================
    Edit: 3

    Yea...some people are just jackasses :P



    ======================
    Edit: 4

    is now below the average price of what I bought them for. I'm going to try this again later tonight closer to raid time because I threw a couple up at lowest price and am getting no sales, so not enough demand for them right now. Will also try start the price at about 150g-200g so that it hopefully falls a bit slower (will also only post 3-4 at a time and undercut only 2-3 at a time).

    ======================
    Edit: 5

    So so far I've sold:
    That one initial 75g sale, 7 x 47 gem sales (whoop-di-freaking-doo, 2-3 g profit lol), but now the server is becoming more active, people buying up gems to gem their gear before the raid tonight etc and my competitors seem to have logged/lost interest or run out of gems. I've stopped posting because the price is slowly creaping back up to my previous gem batch post at 66g - so crossing fingers it will get there and go higher still.


    Maybe this investment is still salvageable afterall.

    ======================
    Edit: 6

    So market got flooded shortly after I took the above screenshot last night, so no luck there. However almost 24 hours later, prices are still fluctuating quite a bit, but I've sold quite a couple around 45g, and just sold a bunch more at 53-59g.


    What do you guys think so far? Anything else I could have done better? What do you guys think of this type of thread - would you like to see more of these kind of things in the future? (with a hopefully more successful outcome)
    Last edited by Sinshroud; May 17th, 2011 at 09:06 AM.
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  2. #2
    I read Auctioneer and though *noob* use TSM to avoid all those errors :P

  3. #3
    Sinshroud's Avatar
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    Ye I was avoid using TSM because I wanted to be more involved in what was happening.
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  4. #4
    Fair enough, no offense intended, i'd use auctionator for intimacy with a new market personally, with its quick search/base prices over auctioneer for specific items.

    As an old raid leader said, i cant teach stupid.

  5. #5
    Sinshroud's Avatar
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    I was constantly monitoring it on Auctionator too, I just didn't post any screenshots of it.
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  6. #6
    Sinshroud's Avatar
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    Updated the thread with some better progress now.
    If someone makes a helpful post or useful thread, be sure to let them know by giving +reputation. Spread the love!

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  7. #7
    Vince's Avatar
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    Ahhh, that sucks, Sin. Resetting gem markets is a very tough process. What I learned from when I used to do that was you basically have to get in and get out asap. People will undercut you, and a lot won't even follow the common courtesy of the 1c/1s undercut. Most will just post at whatever the want to post at, regardless of what the current lowest price is. For that reason, you pretty much have to recouping your losses quickly. As you've noted, you probably should have waited until closer to raid time to post. If you can't make back your losses before the masses undercut you again, you'll either have to buy everything out, or just wait for prices to (hopefully) rise. The gem market is particularly tricky because of how many people are in it, and how cheap ore is. 45g for a red gem might not be much profit, but it's still profit. A lot of people are more interested in just plain profit, instead of trying to maximize profit. The problem I always have with attempting to completely buy someone out is that if they're posting for more than the cost of a stack of ore, each gem you buy just means they get more ore to get more gems to mess around with.
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  8. #8
    Kathroman's Avatar
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    Did you mention that you posted some on the same character you bought with? If so, that might have been a tip-off about an incoming reset. I also would have started higher than that. If you make even 1 sale at 200g, it's worth it. Once the market settles a bit, if you fall down around 90 - 100g, you can jump in and get active, but still make a profit.

    That's what I might have done differently. It's not over yet, though...
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  9. #9
    Wouldn't mind seeing more of this, it's always fun to see succss in "high-risk" things like this. Tried it recently myself, with volatile fire, bought about 200 of em for 8-13g each and sold 50 for 20-24g each, kinda failed at the whole thing but I'm keeping the volatiles I've left for 4.2

  10. #10
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    I would also have started higher, perhaps even cleaning out the 99's and posting a couple at 150-200g. No reason to commit more at start, you're first order of business is to draw out the competition. The present market is a mess, so you need information on how they're going to react. Start counting how many gems are selling each day, yours and theirs, as you'll need this information later.

    With your two gems at 150g, does the competition come back with more at 47g or 147g? If he stays low, you may be committed to just cleaning out his inventory, and you may need to include eating up all the elementium before he can get to it if you want to make this a long term project. Post one at 46g just to see if you can get him to go lower.

    If he does to the bait and posts a stack at 147g, post two more at 146g. Here's where the two of you start throwing listing fees at each other. If he starts canceling and relisting everything every time he's undercut by a single gem, just walk him back down and let him start hemorrhaging gold. If not, just keep throwing up one or two gems every time you're undercut or sell one. He may not react to your single gem, and also may not notice that you've replaced that gem a half-dozen times in the past hour. Even if you have to duckwalk him back down to the original price one listing at a time, the profits from the original sales should be worth the hassle.

    If the 99g lister comes back in the middle with more 99's, post one at 98g to keep on eye on him, but then decide how low do you want the market to go before you start thinking about restarting the reset. Will the 99's sell and the price go back up to your 140's? If yes, let him sell and wait for the bounce. If no, then abandon the reset and accelerate the crash - undercut so nobody sells and undercut by 5-10g at a time. When the price gets back down to 40g, restock and reset.
    Last edited by Z-Man; May 16th, 2011 at 03:08 PM.

 

 

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