I started to respond to a comment in yesterday’s post, but I think it deserves it’s own post.
why do you believe that the AH is only for you to make gold and no one else
Jack, I want you to go back and read through my post. Please point out the place where I stated or even indicated that the AH is only for me. I’ll wait.
Can’t find it, eh?
I believe what Jack was really trying to get at is why am I being greedy and not allowing anyone else to make gold on the AH?
First, let me point out that I don’t believe the AH is only for me and no one else. If I did, I sure as hell wouldn’t be sharing my experiences and strategies with any of you! This all started out as an experiment to see whether or not people like Gevlon were full of crap. Gevlon’s claimed hundreds of times that anyone can make money using only the AH. I’ve tried a few times in the past, but was never successful so I gave up. A couple of months ago I was becoming very tired of the game in general and I was looking for new things to do. So I started my Auction House Experiment. Turns out Gevlon’s right. Anyone can make gold on the AH, you just have to do a little up front research.
So back to Jack’s point or my assumption as to what his real point was. Why don’t I allow anyone else to make gold on the AH?
I’ll be honest with you. I could care less if anyone else on my server makes gold or not. I don’t know them. That isn’t to say I harbor negative feelings towards them, I just don’t care one way or the other. It would be different if this was real life and my competitor were poor and penniless with the AH being his only means of income to feed 16 starving kids. But that isn’t the case.
So all you would-be or current AH players, I give you my 10 Auction House Rules that I follow:
- 1 – Keep your cool. If you find you get upset about being undercut, get out of the AH now! You’ll only find misery regardless of how much gold you might make. Remember, this is a game and if it isn’t fun, why play?
- 2 – Research. Just as any other part of the game, effectively playing the AH requires research. Think you can just make whatever you want and post them? With glyphs maybe, but lots of other items you’ll find you lose your ass on if you aren’t careful.
- 3 – Diversify. Selling glyphs is great, but you’ll only sell so many each day due to demand and constantly getting undercut. Want to break that barrier? Find another product.4 – Volume. Selling only the 10 most expensive glyphs can only net you so much gold. Sure each one sells for 50g/ea which is a huge profit, but would you rather sell 10 glyphs at 50g/ea or 300 glyphs at 3g/ea? I’m serious, I can sell 300 glyphs on a slow to average day.
5 – Know your costs. I’ve posted several times about what the cost of glyphs are on my server, but due to my own needs and wants I’ve changed the way I look at it now which lowers the cost of glyphs significantly. Two months ago I wouldn’t have touched a glyph for under 10g, then a month ago it was more like 6g, now I don’t really care much unless it starts getting under 2g. Am I daft or am I still making a killing? Do your research, I’m not going to do all the math for you.
6 – Limit your auctions. There’s a guy on my server that evidently hates me according to one of my competitors because I undercut him constantly. That part actually makes me laugh (see #1 above). Another part of me feels sorry for him though because he keeps shooting himself in the foot, but then again he keeps doing something I think is pretty stupid so it’s hard to have sympathy. Let’s assume he posts 50 different types of glyphs to keep math simple because he does post a lot. What does he do? He posts about a dozen of each. /facepalm. DON’T OVER POST*!!! He knows he’s going to get undercut, does he really think he will sell 12 glyphs before I undercut him? Evidently. Always find the optimum number to post. This’ll be different for everyone, but I usually go with a number of realistic sales plus 2-3 just in case. Let’s assume our guy sells 2 glyphs before he’s undercut which is probably pretty standard especially considering the current level of competition on my server. This means he posted 10 glyphs x 50 types or 500 glyphs he now has to cancel. Oh big deal! It’s only 60c for each one. Chump change!!! Um…500 x 60c is 30g! Now let me undercut you 5 times in one day! Would any of you like to lose 150g every day for no good reason other than you overposted? Tell you what, why don’t you just give me a 100g instead and save yourself 50g.
7 – Adapt. If you can’t adapt to changing market conditions, you’re going to fail. Last weekend I averaged roughly 5,000 gold each day on the AH. Come Tuesday I was lucky to make 700 gold. Although 5,000 gold/day is quite high even for me I wasn’t comfortable seeing such a large drop. My goal is to make 3,000 gold each day. If I make 2,000 I’m pretty happy. I had to adapt. My strategy of posting 3 glyphs while undercutting by 1c wasn’t cutting it. Six fairly serious competitors were watching me and undercutting me within 30 minutes. What to do? You can’t always do the exact same thing all the time unless you control the market.
8 – Put in your time. You can’t make something from nothing. You have to invest time to research, setup, level professions, farm, grind, or whatever. Be prepared to spend some time making your business work. It might be 20 hours/week or it could be 30 min/day. Just remember that you still have to put in your time. Although somewhat dependent on strategy, the amount of time you put in should have a direct impact on your return.
9 – Set goals. I’m not talking about hitting the gold cap in two months. I’m talking little goals, realistic goals, goals you can achieve. I want to make 3,000 gold every day. Not something I was capable of doing 2 months ago where my goal was more along the lines of 500 gold each day. Set a goal to not spend more than 1 hour every day working on it or whatever else you can come up with. Just make them realistic and make it fun.
10 – Have fun. Remember this is still a game in the big scheme of things. The AH can be a game within the game. It is for me and I’m having a great time. Gold can be like keeping score and it’s a fun score to weigh in, but I also like keeping score of how many items I sell. I love hitting the Open All button and seeing that I have 50 gold mails to open knowing there’s probably more.
I don’t own the AH. I don’t think I deserve to make more gold than the next guy. But I also don’t think I should have to sit on the sidelines and let someone else make the gold either. I want to make gold. So I’ll do everything I can to make as much as I can until I’m bored of that and move on. I’ll even share my strategy with you which some might consider stupid, but in reality it shouldn’t affect me at all.
I’m undercutting glyphs by about 30% or more to frustrate and discourage some of the current glyph players. I hope to eventually get it to a point where they no longer feel it’s worth it and leave the market. I have no intentions of trying to dominate the market, I just feel there are too many players currently. Now announcing that strategy may backfire because knowing that my competitors may decide to just stick it out for the long haul and hope in turn that I will get discouraged and give up. However, my backup strategy is that I’m still making a killing and actually making more gold with this strategy than when I was undercutting by 1c. I’m not 100% sure of all the reasons, but I think it’s due to a number of different ones. The thing is, I have basically found a way for me to sell glyphs at 2-3g/ea and still come out on top. So I can keep this up for a very long time.
I’d rather post less often and even only undercut by 1c, but there’s too much competition right now and I make no money by being undercut by at least one competitor every hour.
So Jack, if you still feel that I believe in some self-entitlement over the AH, then all I can say is…
Who’s got the Diamond-tipped Cane?!
Filed under: Auction House |