The summary of my route to 1bn ISK was:
Regional Hauling
Right from the start i bought items in Jita and hauled
them to another region to sell in Dodixie.
In Eve, unlike World of Warcraft, the item for sale can only be bought
at the station where it has been put on for sale. Furthermore, whilst you can see all prices of
all items in all stations in the same region you can not see into other regions
until you get there. Hence, there is big
money to be made hauling items from lower priced regions to higher priced
regions.
Sold low volume
but very high margin items.
I stuck almost entirely to blueprints and implants the
whole way. They have a number of great
advantages. Firstly they take up very
little cargo space – so in the beginning i only needed a small fast ship. Secondly they sell in low volumes and so do
not attract the bigger competitors who would rather deploy their ISK into
faster selling items. And so thirdly
their profits are very high. I don’t need
to make high volume sales at this stage.
I reinvested the
ISK straight back into the market.
ISK sitting in my wallet is not trying to make me a
profit, reinvesting ISK from sold items into new items from Jita to sell was
done daily.
Skilled up Trading
– especially active trade skills.
I started with the ability to sell 5 items at a time and
paid a full 1.00% broker fee and 1.50% sales tax. By the time i got to 1bn ISK i was able to
place 53 sale orders, paying a broker fee of 0.80% and sales tax of 1.05%.
Once above 100m
ISK cargo – I used couriers.
Ok, it slows down the reinvestment time by 2 – 24 hours
but it greatly reduces the risk of me being ambushed whilst hauling
increasingly valuable cargos from Jita to Dodixie. It also takes away the sheer tedium of doing
the hauling.
I Sent an alt to
Jita.
This is needed to make the contract hauling truly an afk
experience.
Current wealth is 1,059,847,335 ISK
made up from:
- Items for sale 992,314,815 ISK
- less a 20% provision 198,462,963 ISK*
- items in storage for sale 51,600,000 ISK
- items in transit 190,000,000 ISK
- ISK in wallet 24,395,483 ISK
I don't count assets I use in
the course of my business such as ships, fittings etc nor do I add back any
expenses such as skills purchased etc. The wealth I disclose is made up
of items that are ISK or are in the process of being converted to ISK.
* I take a 20% provision against the
items I am selling. Eve calculates wealth by adding up the value of the
sell orders hence it is possible to increase your wealth by buying an item for
100m ISK and putting a sell order for 120m ISK (in this case your wealth would
increase by 20m ISK). For me, I want my
wealth to be calculated at cost until i finally hold it as ISK. I know
that the value of my sell orders will likely fall over time as I update my
orders downwards as competition reduces their prices before my items are
sold. Hence the 20% provision is my best guess as to what the maximum
reduction I would need to make to my sell orders as a whole before they are
sold.
A plug for your new Eve blog here http://merchantmonarchy.blogspot.ca/2013/05/marketsforisk-lblog.html
ReplyDelete"PI also looks fun but click intensive." You know where to find me :)
ReplyDelete@MoxNix: thank you for that
ReplyDelete@Foo: yes, thank you also. I suspect I am 2 to 3 months away at least before I fully have my trading set up. And that's assuming I don't move into station trading! Ultimately I believe it will be how much I can fit into half an hour on week day evenings that will decide how far my trading can go before I look into other areas of the Eve economy. very excited by it all.
Just want to say thanks for the blog - I just hit 1bil myself after 20 days starting with 100mil seed :)
ReplyDelete