So today I finally hit the 100k mark a few days short of my 1 month mark since I started gold making
This is the reason I haven't posted for a couple of days.
I kept coming close all week so I decided to knuckle down and hit my first target of 100k so I could stop worrying about it and get back to posting.
So this weeks sales where mainly Gems, as my stockpile of Infernos was flying off the shelves, along with a continued high number of Netherweave bag sales, which although they do not turn a great profit, its an easy and simple market.
So my top sellers this week where Bags, Dust and Infernos, now the gem market on my server hasn't got the highest price, but the numbers that sell are consistent. At the moment I work during prime time and therefore I am missing out on greater sales.
Where do I go from here...
Well this is where the second part of my general gold making method comes in, so I already explained how my starting in gold making was to have a great organisation of items and abilities across my account using Altoholic (All Adventures Have to Start Somewhere)
Now step two is where I learnt my markets, so for my specific situation I have always been a fan of Jewlcrafting since it was released in The Burning Crusade. With this in mind I wrote out a plan on a note pad and followed it till I was happy posting within the market.
My plan was as follows:
- Pick a profession to start with (In my case Jewlcrafting)
- Research these markets on Wowhead for Item details, Gold Blogs for sales Ideas, and Elitist Jerks style sites for High End PVE and PVP usage from within the chosen Profession.
- Make a List of Raw materials (in my case I broke this down to Ore and Gems)
- Watch the market.
Now this last bullet point is where I really want to focus, "Watch the Market"! So for a week before I started investing largely, I checked the prices of both Materials and Crafted items periodically throughout the day. When possible this meant Morning, Lunch, Pre-raid times, Post-raid times. I posted a few gems here and there but mainly stuck to just observing for the first week.
While watching the market I came to a few conclusions that I used to guide my posting in the future. I came to a Minimum and Ideal price for sales that was based upon my own observations as well as those of Addons such as Auctioneer, TradeSkillMaster and Auctionator. The secondary prices I concluded where the prices I was willing to pay for Raw Materials, this price wasn't based upon the market prices of materials, but rather on the sales prices I had already concluded and how much profit I was willing to take.
This meant I ended up with a small list with items like this:
Bold Inferno Ruby (min 50g Ideal 250g) -> Materials Ore 50g a stack
Carnelians - 7g max each
Heartblossom - 7g max each
Inferno Rubies - 40g max
So this is how I will move on to my second target of 250k. The difference is this time I'm gonna do it larger and more diverse. I have been watching multiple markets while I've been selling my Gems and other bits and bobs and I have gone from each and every Profession I have and I've picked items I'm confident in. With the power of Altoholic allowing me to keep track of all my bags and banks I have been stockpiling raw materials for multiple profession and multiple levels and organising them ready to move into more markets.
That's it for today's post, I hope its been helpful to people who have hit a similar mark to me and cannot decide how to move forward. Remember one thing, Addons are great but they are nothing without knowledge, so make sure you understand your markets and prices based upon personal experience not just addons!
Keep it Simple Fellas and Females
and have FUN