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Everyone knows that the goblins are the ultimate Auction House Traders. This is because they practice 5 important trading principles: Sell, Sell, Sell, Sell and Sell at a profit. No, really. Goblins are successful because they sell what players need; sell at the right price, sell the right amount, sell at the right time and always sell at a profit. In this article I’ll explain in detail how trading like a goblin will make you a ton of gold in the Auction House by exploiting these 5 goblin principles of trading.
If you want to trade successfully on the Auction House then you have to trade like a goblin. No, really, I’m not mad – at least not as mad as the goblins. Many a new World of Warcraft player learning to trade their way to a new epic mount would do well to follow the advice of the goblins in this matter and follow The 5 Goblin Principles of Trading:
- SELL what players need
- SELL at the right price
- SELL the right amount
- SELL at the right time
- SELL at a profit
Sell What Players Need
Once World of Warcraft players learn that to make easy wow gold they need to trade on the Auction House, the next question they ask themselves is ‘what to trade’? With literally thousands of items listed it can be a little confusing – if not overwhelming. But players have probably heard the answer to this question whenever they have passed through a goblin controlled town like Booty Bay where many a goblin can be heard barking out their calls:
‘We Have What You Need!‘
To sell stuff on the Auction House you must list what players need. And you know what players need, right? If you have ever tried to level a profession you have probably rushed off to the Auction House in search of an item or basic mat to complete a trade skill to the next level. It is these crafting professions that create demand for the basic mats listed on the Auction House. As I explain in my article the Profession are the Powerhouse of the Warcraft Economy.
Thus, if you are new to the Auction House, concentrate on trading those basic mats required by many of the crafting professions. These will be the core mats such as Ores, Herbs, Cloth etc. Simply browse the Auction House category Trade Goods for a complete list. If you are still overwhelmed, focus just on those mats that you are familiar with – that is, those used by the professions you are currently leveling. You’ll then get to understand the subtleties of that particular market.
Sell At the Right Price
From previous articles on the Warcraft Economy I explain that to successfully list an item you must set a fair market price. To determine this you would have to keep track of the pages of listings for that particular item and determine the Median (most frequent) traded price over several days or weeks (not to be confused with the average price which can get distorted by bogus listings). If this sounds like hard work – it is! So, no one ever does it manually. Most serious Auction House traders install an addon to keep track of all this information and my preferred one is Auctioneer. Sadly, most players new to the game rarely set this up correctly and make a right pig’s ear of things. So, if you want to know to use this addon and learn to trade like the ninja goblin, then get yourself a copy of my Auction House Secrets guide.
Sell the Right Amount
I’m talking stack size, Friend! The reason that most players in their early levels fail to sell their listings is that they get the stack size wrong. Players searching the Auction House to level their professions or to finish a quest are normally looking for 2 of this or 4 of that and can’t afford or don’t need a full stack of an item. If in doubt list single items at small premium on price (don’t go mad or it would sell), or split your stacks into units of 4 or 5 if you’re not sure of the exact number to sell at. The core mats of Ore, Herb and Skin can safely be sold in stacks of twenty but can be broken down to reduce the cost to players on low population servers.
Sell at the Right Time
Demand for an item will vary, depending on time of day, day of the week and even the season. There will be spikes of demand for many basic items depending on the wow calendar. For example, there will be a spike for Small Eggs during the Feast of Winter Veil and during Children Week. Read my articles on the topic if you don’t know why.
Sell at a Profit
Many new players in wow end up trading at a loss. It comes down again to not understanding how set a ‘Fair Market Price’. Simply installing an addon like Auctioneer does not guarantee a profitable trade. Other players blindly follow the practice of constantly undercutting the competition until there’s no profit left in the trade. This is especially true when trading crafted items where it’s possible to lose track of the cost of the underlying mats and end up selling at a loss.
Avoid trading at a loss by avoiding the practice of continual undercutting. Set a minimum floor to your listing price which reflects the underlying cost the materials that make up crafted items. If there is too much competition in a particular market, park your items in the bank and wait until the competition eases and prices begin to rise.
And remember. Never sell in falling market.