Wednesday, April 10, 2013

The Importance of Market Research

This weekend, I finally got my JC up to max. So, naturally I was very excited to get to work churning out some gold with it, like so many others before me. However, in my excitement I didn't take the time to fully research and understand how it is you go about making gold in this peculiar market. This misstep led to me (partially) wasting approximately 20k gold. While, this is a large amount of gold to waste on such a dumb thing as not taking the time to properly do my research, like I have done with so many other markets that I am currently participating in.

However, now looking back, I have realized that I can use this as an opportunity to learn, and to utilize my mistakes to make gold in other areas. But, before we get into that I think I should explain exactly what I did to make this mistake.

I was using @Xsinthis' Golden Crusade Shuffler, which is a great tool but when used incorrectly can lead to mistakes like the one I made. Anyways, I plugged in my info and went about trying to maximize that end number (PROFIT!!). Which at the time was to turn all my green gems into rares through transmuting. I spent about 18k on Golden Lotus to do this. Afterwards, I realized that now I have 50ish of every color rare gem and nothing really to do with them, since I just hit max level and don't have many cuts available to make for them. So my options are to try and sell them uncut, which after the purchase of the Golden Lotus' was not profitable (actually would have been a loss) and try and recoup some of the gold, or to hold onto them and wait till I learn some more cuts that would be profitable. I have decided that I would do a combination of both, when the gems are profitable to sell uncut I do so, and when I learn a new cut that is profitable I will be making those.

As for the remaining 6 stacks of Golden Lotus, I am going to be using it to make flasks and Potion's of Luck.

From now on I am most definitely going to be doing all the necessary research to understand exactly what it is you need to do in any given market to maximize your profits.

Also this week, after listening to @PowerWordGold's podcast with guest @Erogroth, where they talked about how important it is that you have your threshold and fallback settings setup correctly, I have been going back and reviewing all my settings, making sure they are set to not only maximize my profits but also to make sure they will never cause me to lose gold by selling below cost.

Also, this week, besides the launch of my own blog we have had several others launch this week. So a special shout-out to them, @Erogroth has his blog over at Get Rich WoW and @ThairusGold has his over at Thairus' Creative Accounting. I wish them all the best in their journeys in this game of World of Warcraft Gold-Making.


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