Upgraded to Omega

After 2 days trading (+2 days training missions), my current wealth is 90m isk.

Seed Capital

The training missions at the start yielded me 10m isk.  That seems not to have changed from the prior two times i started in May 2013 and March 2019.

I started the training missions on Saturday night and finished them on Sunday night.

So, with that 10m isk my trading started.

The initial aims

Me initial aim is not much different from before - i want to use my tried and tested trading strategy to get to a steady state of income with minimal effort.

At that point, instead of pushing on i want to move into other parts of Eve industry to see what it is all about and if i can make it generate good isk.

Trading Strategy

Unchanged.

I will buy direct from Sell Orders in Jita, fly them to Dodixie and post them up as Sell Orders.

Whilst the amounts i buy are below 60m isk at a time, i will transport them myself on autopilot (i will need to check how much i can transport before i become a target).

I will buy slow moving (i.e. low daily sales, 1 sale a day is good for me) items what sell for very high margins.  i.e. buy for 700k in Jita and sell for 2.5m in Dodixie.

Blueprints are a great place to start.

The competition is very sleepy.  The big traders don't play here (the margins are good but at one sale a day the profits are low).  So is a great way to grow the initial capital.

From seed capital of 10m i now have 111m isk of Sell Orders up in Dodixie.

The aim is to keep as much of my isk invested on the market leaving only enough to finance the new Broker Fees to change prices.

Currently i am using 21 Sell Orders.

Alpha vs Omega

The main headwind that Alpha gave me is the limit to place 17 Sell Orders.

By Tuesday, my second day of trading, i was needing more slots so i bit the bullet and upgraded to Omega.  £9.99 spent for 30 days game time.  I am hoping that i can earn sufficient isk to Plex the account from here.  That is a key aim.

Market Changes

Two changes struck me immediately.

Firstly, there is no more 0.01 price changing.

Secondly, the broker fee on price changes is effectively at half normal broker fee rates.  I can reduce this with skills over time.

But, overall, the taxation on market orders has gone up strongly.

At some stage i will write a post on this but i will read up on the subject first to see what effect this has had.

Accounting for Wealth

I plan to use the same process i did before.

My wealth is the sum of ISK, items in cargo and the sum of all Sell Orders less a 20% provision against those Sell Orders.

This 20% provision is a conservative estimate of the price reduction and associated taxes it would take to effectively complete the Sell Orders.

I will need to review how this works out with the new Broker Fees on price changes.  But sticking to the 20% for now.

That said, i see now that EVE gives easier details on Income vs Expenditure and also i think it keeps a track of the initial cost of the Sell Orders i have up.  If that really is the case, then i can start to account for my profits much like a company does.  But i will leave that for later.

Outlook

September will be my first full month, so lets see how it goes

Aims for September:
1) Continue to expand the Dodixie trader sell orders
2) Plex the account

Current wealth is 90m ISK made up from:

• items for sale 111m ISK
• less a 20% provision 22m ISK*
• ISK in wallet 1m 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.  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.  In an ideal world I would value my sell orders at the value which I bought the items for.