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Wednesday, 23 September 2020

28 Days in

After 28 days of Omega (+2 days training missions +2 days as an Alpha), my current wealth is 2.4bn isk, after paying 1.4bn to buy 500 Plex and use to extend the Omega time by 30 days.

This compares to my wealth of 1.4bn 6 days ago when i plexed the account.  so, still seeing good underlying growth at this early stage.



Can i Plex the account going forwards

Definitely yes.  The key aim is to play the game for free by using Plex to finance the account.

Going forwards, i will start to buy the plex with 15 days to go until the Omega expires - that should give me plenty of time to merely used the daily profits to buy the Plex and therefore ensure that i do not eat into my existing capital.



What is the next aim?

I want to get to a position where my monthly profit from Trading is 10bn isk after paying for Plex.

Using the current daily profits as a guide, i estimate my monthly wealth will increase by 5bn before paying for Plex.  So, at least 2 more months to go i estimate.

At that point, i will stop expanding the Trading operations in Dodixie and move into other Business areas in Eve, starting with Manufacturing.

I want to experience more of the Eve isk making ventures this time.



Trading in Dodixie is going well

I stick to high margin products that sell slowly.  Items that sell 1 or 2 per day dont attract the big traders.  They cant benefit from scaling this up.

When i talk about profit margin i refer to margin = profit/sales = (sales - costs)/sales.  i.e. if i buy an item from Jita for 40m and sell it in Dodixie for 50m then my margin is 20% = (50-40)/50

Currently, i have 30 items for sale in Dodixie worth 2.6bn isk.



Dodixie Seller character

For now, this is the only seller i have and it is my Main character.

The skills relevant to Trading that i have are:

Accounting: Level 4; means i am charged 2.80% of the sales price on completed sale vs the normal 5%

Broker Relations: Level 4; means i am charged 3.78% to list an item for sale; and for every price change, whether up or down, i am charged 1.14% of the new sales price

Advanced Broker Relations: Level 4; means i can reduce the cost of changing the price of items i already have for sale. I decided by train this rather than go all for Plex.  With no skill i would be charged 1.89% to change every price.  Level 4 has brought this down to 1.14%.

Trade: Level 5; increases the number of items i can list for sale by 4 per level.

Retail: Level 5; increases the number of items i can list for sale by 8 per level

Marketing: Level 2; this allows me to set up Sell Orders in stations other than the one i am in; i don't use this really

Given the level 5 Trade and Retail, i am able to post 65 items for sale (5 + (5x4) + (5x8)).  With no Trading skills you can post up to 5 sell orders

It would take me 38 days to train Accounting, Broker Relations and Advanced Broker Relations to Level 5.  And i still have to train Wholesale and Tycoon to increase the number of Sales Orders i can have up

So, in the mean time i have started to train the basic manufacturing skills on my Jita character and so put on hold the skill training here.

I had thought it would take 4 to 6 months in total getting the Dodixie seller up to a steady state before i start to move into other forms of Eve Online business.  That may still be the case but perhaps i only need 2 more, so taking 3 months in total.  We wil see.



Items i am selling

The days of buying blueprints in Jita for 600k and selling them in Dodixie for 2.5m were good at the start but now dont make a difference.

So, at present, i buy items in Jita for 30m to 150m and sell them in Dodixie for margins of over 25%.

I have moved off Blueprints for now and sell a few Skillbooks and mostly for now tier 2 ship equipment.

Some skill books but also tier 2 rigs and tier 2 ship equipment.  Not really selling implants yet.  One or two bluieprints.

i find evemarketer very useful to find new ideas.  Also, i am using Eve Tycoon which seems to have more of the latest items in ots market browser.



Outlook

September will be my first full month, so lets see how it goes.  6 more days to go.

Aims for September:

1) Continue to expand the Dodixie trader sell orders and reduce trading costs
2) Plex the account - done


Current wealth is 2.4bn ISK made up from:
  • items for sale 2.6 ISK
  • less a 20% provision 0.5bn ISK*
  • ISK in wallet 0.3bn ISK

When i add up my wealth, 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.  Any ships or skills or fittings etc i buy are counted as expenses in that month.

* 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.

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