Starting The Quest For Ten Billion

September 12th, 2014 | Posted in Eve Market | Comments Off on Starting The Quest For Ten Billion

This makes my third time taking a shot at Eve Online’s market. In my previous attempts I failed miserably. There were several reasons for those failures. The first time I spent hours reading the Eve forums (not exactly the most “newbro” friendly place I have to say), trying to get an idea of the way the market works and the best way for a total n00b like myself to break into it.

First try

I started out buying a number of what I thought were reasonably priced things a few hundred units at a time and putting up sell orders for them. I had read that you have to keep constant watch on your sell/buy orders to make sure you haven’t been under/over bid and keep adjusting your prices accordingly.

It didn’t take long for this to get frustrating. It was obvious that the competition was largely bot operated. Every time I changed a price to bring it to the top of the list of orders several other orders were altered in quick succession to once again bury mine.

The part that made me quit the market the first time was when I realized that I had done enough “0.01 isking” on my orders to not only eat up the profits but to actually leave me losing isk.

Second try

Some months later I tried again. This time I was only selling items that I had manufactured. I had bought a few BPO’s for some commonly used ammo types like Antimatter-S and Sourge Heavy Missiles. I made them using minerals that I reprocessed from ore that I mined. I figured that this was an ok way to go at the start because I had standings enough for “perfect refine” at the station close to where I mined.

I did actually make something of a profit for a couple of weeks. Then came a day that I arrived in Jita with half a million charges of Antimatter-S. I put up the sell order and proceeded to babysit the price. Refreshing the orders frequently and modifying the price every four minutes (four minutes is the minimum time you have to wait before you can modify it again).

I’d sold about roughly half of it when things changed. No longer could I keep my order on the top of the list for more than a few seconds at a time. Then I noticed that the price was being shifted by more than a few 0.01 isks at a time. Within half an hour the price had gone low enough that there was no way I was going to profit on that stuff.

I couldn’t just keep it for my own use, at the time I didn’t have a use for Antimatter-S. I still don’t. The only reason I made the stuff was to sell it. It’s still sitting in a hangar somewhere to this very day.

The third try

The old saying goes “Third time’s the charm” and I think perhaps that in this case it might be true. Partly because I’ve learned from my first two attempts and partly because I’ve learned from doing a LOT of reading on the subject. My google searching has turned up a number of websites & blogs, quite a bit of twitter comments, several in-game channels and even a few sorta almost useful things on the eve forum.

Sorry, I still don’t care for that forum. There’s something about A. it’s layout, B. the genuinely excremental attitude that most posters will take in their replies. and a related factor C. the general feel of how most eve forum posters treat your questions is that you should already know the answer and are some kind of extra special idiot for having the temerity to ask.

All that aside, I’ve settled on a plan of action that’s more than just “buy low, sell high.”. The fact that it’s an actual plan is the big improvement. I’m not just shooting in the dark here.

A bit of history

Back when I first started in Eve I made my main character “Testiclees Aldent”, then I made a second character “Tinfoil Chef” specifically so that I would own that name. I didn’t want the possibility that anyone else would come along claiming to be me. At the time I had no thought of using that 2nd character so I promptly forgot about it.

Recently I decided to dust it off and start using it in my “Eve Online Tips For New Players” video series. I don’t consider myself any kind of expert at eve (does such a creature even exist?) but I have managed (sometimes in spite of myself) to learn a few things in the little over a year since I started Eve. I figured this series might possibly be a help to people who are totally new to Eve.

Getting started

In the process of doing this I took him through the career agent missions. At the end of this time he was sitting there with 4,816,362.72 ISK and really nothing much to spend it on. Then as my new marketing plan came into being I decided that this character would make a perfect market alt.

Having done my initial research I headed off to the station I decided I would be buying from. I spent 4,177,433.96 buying five items in varying amounts from 1 to 3 each and warped off to my selling station.

The next day I had 13,079,739.93 Isk. A pretty good profit if I do say so myself. Thus encouraged I did a bit more research. I decided on five more items and spent 7,843,718 buying them.

One item bought at 2,150,000.00 sold in a few hours for 2,999,000.00. Another I paid about 90K for sold for about 1.5 million. A third item bought for 3mil sold for 7mil.

In my plan I’ve decided to allow for the fact that I will have to occasionally lower my price to stay on top of the sell orders (when sorted by lowest price on top). Thus I’m including a 20 percent buffer value (applied against the total sell orders value) as the amount by which I’m prepared to lower prices in order to stay on top of the list.

The first key to this whole plan is that the items I am buying are all low volume. They sell no more than one or two a day, meaning competition will be minimal.

The second key is that I am only buying items that have a 25 percent or higher profit margin.

So far there are only two time consuming parts of this. Searching for items to buy and resell and transporting those items from the buying station to the selling station. Fortunately these things are mostly low enough m3 that my Cormorant is more than sufficient to move them.

By the time the value of what I’m transporting gets high enough to put me at serious risk of being ganked for my payload, I’ll be using a 3rd party service such as Red Frog to move things.

Here begins “The Quest For Ten Billion”

Current status:
using 6 of 37 max orders

Wallet: 10,577,064
Sell order value: 23,687,785
Buffer: 4,737,557.00

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