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  1. #1
    Caitlyn's Avatar
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    1001 Gold Tips - Add Yours!

    1001 Gold Tips - Add Yours!
    __________________________________________________ __________________________________________________ _____________

    1001 Gold Tips.png


    The "1001 Gold Tips" thread is being revamped! All credit and many thanks go to Sterling and the original contributors for making this thread such a big help to goldmakers both casual and advanced!

    It's time to give "1001 Gold Tips" a new beginning, because the big changes in Warlords of Draenor will bring new ideas to share!

    1001 Gold Tips is an aggregate of WoW tips for all aspects of gold-making. It will be mirrored on MMO-Champ, WoWhead forums, and whatever popular forum I can find. Its purpose is to raise interest in gold-making, and hopefully draw some traffic with associated links. Want to participate in making this thread a great resource in Warlords of Draenor? Just add your own tip! Post here, and I'll edit it in.

    If you find a helpful tip here, be sure to thank the contributor by giving them +rep!

    Bloggers: This is a great opportunity to send traffic to your site. Simply submit a tip and a relevant blog post!

    The Best Gold Tip in The World (of Warcraft): Find a gold-making community and follow gold blogs and podcasts!!

    I humbly and with no bias whatsoever present you The Consortium, the largest and most active gold-making community in WoW. Come check us out. We don't bite. Unless you're a troll.

    There's a mountain of stuff to be learned about goblineering, and there are some great sources of information out there. I'd encourage you to subscribe to a variety of gold blogs and podcasts and participate (or lurk) in gold-making communities.

    Blogs and podcasts come and go, but here are some current favorites:

    Late Nite With Stede
    Copper to Gold
    Phat Lewts' Gold Blog
    Zerohour's Nameless Blog
    El's Extreme Anglin'

    Additional blogs and podcasts may be added to this list if we can confirm that they are active and useful after Warlords of Draenor releases.

    Anyway, that was tip #1. On to the rest!

    Addons:

    TradeSkillMaster (TSM) is the undisputed king of add-ons, and is The Consortium's primary add-on recommendation.
    TSM is free, provides the best overall functionality and the most powerful set of options and tools, and can support any gold-maker or crafter from novice to advanced. It requires a bit of set-up, but one of our very own Wind Traders made a series of great tutorials to help: Phat Lewts' Learn TSM2 Guides

    TSM is modular, so a beginning gold-maker can start with just the basics. Experienced goblineers can select more advanced modules according to their needs.

    The core TSM add-on and all associated modules can be downloaded here: TSM and modules

    The TSM discussion and help forums can be found right here on The Consortium site: TSM Forums

    If you are a casual goldmaker and just can't bring yourself to try TSM, then you may want to try Auctionator - it's a basic auction management tool.

    Tools:

    The Undermine Journal (TUJ) provides Auction House statistics and data across all WoW realms. Simply clicking on The Undermine Journal tab at the top of the Consortium website will take you to TUJ.

    Wowuction includes Auction House prices, stats, and economy trends on a realm-by-realm basis. This is another tool that can be accessed simply by clicking the Wowuction tab at the top of the Consortium website.

    The Goblin Profitability Suite (GPS) is a collaboration between @Kathroman and Wowuction that provides modules meant to bypass offline, spreadsheet-based resources. It's always a work in progress, and should be very helpful as WoD unfolds.

    The TradeSkillMaster website is a great standalone tool even without the TSM app or addon.

    The Realm Pop site can provide a good snapshot of population and Alliance:Horde ratio if you are thinking of expanding your gold-making activities to new realms.

    Auction House:

    Diversify and try new things. Not everything will work out, but the experience from trying and figuring out why something failed or succeeded is invaluable.

    Get to know your competition. Even if there are no serious "undercutting wars" or campers, you should always prepare yourself. With little effort you can learn a tremendous amount of information about your competition and how they play.

    When creating Auctioning toons, consider leveling up Human, Orc, or Troll Mages to 7 (these races start closest to a capital city). This lets you "Blink" to and from your Mailbox and AH.

    Stagger your auctions. Many successful goblins begin to build auctions rates in the thousands per day. An excellent way to handle this so that you're not overwhelmed is to split your long term items (such as transmog at 48hrs) in half over two days. (i.e., post half on Monday, half on Tuesday, Wed relist the first half, etc.)

    Always remember to take into account the Auction House (5%) cut on the sale of every item when calculating profits. An easy way to work out the listing price is take the sale price X 0.05.

    Be aware of AH deposit costs - they can add up. Deposits are based on the Merchant Sell Value (MSV) for the item, and the duration of the auction. For example, the deposit for a 12-hour auction is 15% of MSV, and for a 48-hour auction it's 60% of MSV.

    Go to Enchanting trainer, buy a copper rod and list it on the auction house for 35g, it will sell every weekend.

    Gathering:

    Having a mount available (Traveler's Tundra Mammoth, Grand Expedition Yak) that lets you sell grey items and do on-the-spot repairs saves valuable time.

    Using a Sky Golem mount for your gathering character allows you to pick herbs while in flight.

    General - Beginner:

    Learn to think in terms of opportunity cost. Every choice you make has an alternative. That alternative may be an opportunity cost. For example, items you craft to sell aren't "free" just because you gathered the materials. The time you spent gathering could have been spent in more profitable activities, allowing you to buy mats, craft the items, and end up with more profit than if you'd done the gathering yourself.

    Always read patch notes and be aware of upcoming game changes. Between expansions, more gold is transferred in the weeks after a patch than at any other time. The people who benefit most are those who planned ahead.

    Set obtainable goals, and don't forget to reward yourself for meeting those goals. What good is making gold if you don't spend it?!

    Take the time to learn the markets on your server. Go to WoWuction, TUJ, and review the profession materials AND craftables for whatever profession you're choosing to go into. This will help you better understand where the best margin, and best use of time is for that profession.

    General - Advanced:

    L2Snipe! TSM can be set up to snipe bargains of all types off the AH, neatly grouped into whichever categories interest you (enchants, pets, legacy items, etc.). http://stormspire.net/consortium-qua...ery-guide.html

    Don't completely throw out old gold making strategies. Even though they may not be useful anymore, try to follow the thought process it would have taken for others to reach the conclusions they did. Learning how to think like a seasoned goblin can lead you to discovering your own unique strategies!

    Professions:

    Professions are being reworked in WoD - even though pre-WoD professions remain largely the same, the ripple effect from the WoD changes will have an impact at all levels. So our lists of profession tips are being re-built! We'll need everyone's help to do this, and are looking forward to the tips you contribute for Alchemy, Blacksmithing, Enchanting, Engineering, Inscription, Jewelcrafting, Leatherworking, and Tailoring. And don't forget the so-called "secondary" professions, which can be just as important (and lucrative!) as the primary professions: Cooking, Fishing, Herbalism, Mining, and Skinning.

    Naturally we can't offer tips about making gold in WoD without a section devoted to Garrisons. Lots of information about Garrisons was flying around during beta, but we'll wait to compile tips here until we see what happens with Garrisons after they go live.

    Goldtips2.jpg
    Last edited by Caitlyn; November 21st, 2014 at 07:40 AM.

  2. #2
    Caitlyn's Avatar
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    I'll kick things off here with a favorite tip. Remember to contribute yours!

    Always read patch notes and be aware of upcoming game changes. Between expansions, more gold is transferred in the weeks after a patch than at any other time. The people who benefit most are those who planned ahead.

  3. #3
    deathbyrogue's Avatar
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    2) Set obtainable goals, and don't forget to reward your self for meeting those goals. What good is making gold if you don't spend it?!

  4. #4
    TheExile's Avatar
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    I don't know about numbering these things like the people above me, but I'll throw in a couple off the top of my head and edit more in later.

    • When creating Auctioning toons, consider leveling up human mages to 7. This lets you "Blink" to and from your Mailbox and AH. Considering I've never played Horde, I'm not sure which race starts near Org. . . Whichever race starts fairly close to Org is what you want for this set up. Another option would be to create a Level 1 toon and request for a mage port to Pandaria. Be sure your toon is an Engineer, then you can stand right next to both a mailbox and an Auction House. The only drawback of this is the distance between the Guild/Personal Banks and the AH zone. Thanks to @Vigoureux for pointing this out!
    • Diversify and try new things. Not everything will work out, but the experience from trying and figuring out why something failed or succeeded is invaluable.
    • Get to know your competition. Even if there are no serious "undercutting wars" or campers, you should always prepare yourself. With little effort you can learn a tremendous amount of information about your competition and how they play.
    • Stagger your auctions. Many successful goblins begin to build auctions rates in the thousands per day. An excellent way to handle this so that you're not overwhelmed is to split your long term items (such as transmog at 48hrs) in half over two days. (i.e., post half on Monday, half on Tuesday, Wed relist the first half, etc.)
    • Don't completely throw out old gold making strategies. Even though they may not be useful anymore, try to follow the thought process it would have taken for others to reach the conclusions they did. Learning how to think like a seasoned goblin can lead you to discovering your own unique strategies!
    • Don't be afraid to invest your gold. Liquid gold is nice and comes with a lot of bragging rights, but having multiple millions of gold just laying around is wasteful; it should be turning into more gold! There is always a smart investment out there somewhere, whether it be long term (mounts, pets, transmog, etc.) or short term (commodities); you just need to look hard enough. @Zerohour discussed this better than anyone else I've seen.
    • Take breaks. I'm not saying stop all gold activities for months at a time, but remember to play the game! I've seen many people (myself included) almost quit gold making, or even WoW itself, because they get too invested in the monotony of the AH. Don't kill the game on yourself because you're excited to make a bit of gold. . . remember that the biggest payoffs are usually spread over time, so make sure you're sticking around to collect them!
    • Pay attention to updates! Make sure to read hotfix notes and keep up to date on everything WoW related. You never know when you'll come across a small tidbit that could net you a profit if used properly.


    I'm going to apologize right now for any tips that I submit that may have already been submitted; if this turns out anything like the old thread, I can't be expected to read through every post just to check on it :P

    Also, thank you @Caitlyn for getting this post back up and running!

    Updated: 26 Jan, 2015
    Last edited by TheExile; January 26th, 2015 at 05:14 PM.
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  5. #5
    Lionsword's Avatar
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    TIP: Take the time to learn the markets on your server. Go to WoWuction, TUJ, and review the profession materials AND craftables for whatever profession you're choosing to go into. This will help you better understand where the best margin, and best use of time is for that profession.
    @wjnelson01

  6. #6
    Swey's Avatar
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    NEVER underestimate the laziness of other people, some reputation pets or items can be bought cheap from their vendor or hand-in items gathered quickly and sold for a tidy profit. A good example is the tiny sporebat. This is a nice little booster for beginning goblins to help start you out.

  7. #7
    Rageforce's Avatar
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    The biggest tip I'd give anyone is don't be afraid to throw lowball offers out there to folks hawking their wares in the trade channel.

    You can phrase them politely so that it doesn't come across the wrong way. For example "Hey there I was going to offer you 60k for that TCG mount you're selling for 100k but you probably won't accept that so best of luck selling it dude".

    You'd be surprised how desperate and impatient people can be. These offers will occasionally be accepted and yield you huge profits. Other times you can wind up having a chat with the buyer and discovering someone new you can chat with about how the markets are going from time to time.

    If your negotiating skills are decent you'll almost always be able to haggle people down from their original price, if only slightly. That's always a nice feeling and using those skills will naturally help sharpen them in the process.

  8. #8
    Don't be a jack of all trades master one. Don't just dabble in multiple markets master one get to know it once you become automated to its pricing then start to look at another area eventually you will be a master of many

  9. #9
    Quote Originally Posted by Rageforce View Post
    The biggest tip I'd give anyone is don't be afraid to throw lowball offers out there to folks hawking their wares in the trade channel.

    You can phrase them politely so that it doesn't come across the wrong way. For example "Hey there I was going to offer you 60k for that TCG mount you're selling for 100k but you probably won't accept that so best of luck selling it dude".

    You'd be surprised how desperate and impatient people can be. These offers will occasionally be accepted and yield you huge profits. Other times you can wind up having a chat with the buyer and discovering someone new you can chat with about how the markets are going from time to time.

    If your negotiating skills are decent you'll almost always be able to haggle people down from their original price, if only slightly. That's always a nice feeling and using those skills will naturally help sharpen them in the process.
    This one is HUGE. If you're buying something in trade chat for more than 1k, offer about 75% of what they're asking. They will either take this price, give a counter offer between the two prices, or say no. If you get either of the first two, then boom. You saved gold. 500g saved on 30 transactions is 15K that you didn't have to spend. Always offer less than their price, but don't be a dick if they say no and try not to offer less than half of their price.

    To tack on to this, I've noticed that prices in Trade are almost always lower than AH. That doesn't mean you have to lose out on gold if you sell in trade. My usual strategy involves posting a price that's about 25% above what I really expect to get for it. Every now and then, I get asking price and it's nice extra profit. But usually, they'll whisper with a lower offer, and I'll reply back with "Sorry, the lowest I'll go is <my real target price>". This price is usually about 5-10% lower than AH, but with no cut, so it ends up being about the same sale price.

    I typically do all this trade barking manually, but I know there are a handful of addons out there that you can use to automate barking at specific intervals (I loved Namssob's recommendation of using NuttyRecruit), and other "auto-responders" based on keywords. But I think macros would work well enough, depending on how much you're trying to sell.

  10. #10
    Sterling's Avatar
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    Here's my tip for today;

    Best-in-slot isn't always best for gold-making. These goods tend to be overproduced and undercut heavily. Try crafting goods that are less sought-after. You'll have more control over the price and less likely to be undercut.
    Must-See: Stormspire.net Survival Guide | How-to: Tooltips in your posts | Consortium Key Sender (CKS) | Phat Lewts' Learn TSM Series
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    Old World: Smelting | Garrisons Part 1 - Buildings | Garrisons Part 2 - Followers | Profitable Alchemy Crafts
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