This article was written by Preston; if you are interested in reading more articles from Preston then please let us know in the comments on this post!
Tonight I was skimming through the JMTC forums when I came across an interesting post. The post seemed simple, and was, until I really thought about it. The subject line. What items should I buy and sell? The guy had 32g to his name and had just server transferred. So he most likely only has the one character on this server. I read through a few replys and was taken aback when no one really helped the guy. That made me harken back to when I first "REALLY" started making gold. Way back...about a month ago. Ok maybe not so long ago but hey it sure does feel like it now that I'm much better at it. I didn't know where to start. What websites to use. I didn't have any AH add-ons. I was kind of...lost. I knew how to resale items from Wrath and BC but that's pocket change compared to what I make now. So I decided to create a simple 5 step list to making gold in Warcraft.
Like I said earlier. I started about a month ago with about a 1000g and now have about 200k. Even though it was 1000g I could of done it with no gold...without a doubt...no problem. Right now according to my appraiser in trade skill master I make 11k a day PROFIT with about 2-3 hours work. More time than most others spend but I like my grind and I'm out of school for the summer...but 3.5-5.5k an hour? I'll take it...
This would be my priority list:
1. GET TRADE SKILL MASTER - study it, dissect it, watch guides, gently carress it with tender loving care, buy it dinner, than inseminate it with your man love and create your golden army. One example site to go to for help with this addon is 20k Leveling and watch their tutorials on setting up everything you'll be well on your way.
2. Get Auctioneer / Auctionator - these add-ons are extremely useful. USE THEM!!
3. Watch your servers market - watch the items your gonna get involved with for about 4-7 days and scan your AH using any of the add-ons above to create a market value and min buyout for these items. This will help you know how much people are paying for an item and also how to set your prices to profit. Once you start selling trade skill master will save your purchase price and sell prices than save all this information into appraiser to show you your profits.
4. Level alts - this might be more of a long term addition to your gold making efforts but trust me when I say that this is where you'll start making REAL chunks of gold. Right now I have maxed out: Mining/Blacksmith...JC/Alch...Eng/Ench, and I NEVER farm. Time = Money and I can make more on the AH than I can farming. Basically I buy ore, smelt it, craft stormforged gear with BS, send to ench to DE into Heavenly Shards and that profits anywhere from 20g-100g per piece. Combos like this pay off really well. I can also prospect ore on my JC....craft Jasper/Alicite/Hessonite rings and ammys than DE them on my enchanter and sell the mats or sell high end enchants for even more profit. I mean ALOT of profit. If you can afford it get your level 75+ alts on the same server or just level more. Remember leveling pays REALLY well also. 70-85 is easily 15k in gold just from quests and sold quest items if you actually quest.
5. Buy low...Sell high - use your addons and look through herbs/ore/ench mats at least once a day and buy anything that's priced low than sell it for more when you know the markets right. If you setup your add-ons right you'll be able to quickly see a percentage of market value and buy. I try and aim for around 40% of market value, but only on items I KNOW will sell. Sometimes this takes experimenting with markets but you'll learn what sells and what doesn't within time. If you do this consistently you will effectively create a threshold for that market that you can reset at least once a day and you'll always be getting that item when it's the cheapest. Than that one day when there's none on the AH guess what? You use your stock to set your own prices and make a KILLING. When you're always buying items cheaper than anyone else it's easier to still profit but also underbid when you need to. If you bought it cheaper than the next guy resaling than you can effectively push him out of the market or cause him to lose gold on the transaction.
Always remember anything worth having is worth working for. If you want quick cash go solo Firelands trash until they fix it and you'll be left with no way to make gold beyond that. You'll truly be the man with the fish instead of the man who knows how to catch the fish. Sooner or later you gotta eat. Than what? Patience equates to buying a certain product when it's cheap and waiting until its stock rises than selling it off. Yeah you can sell it now for a gold profit per item. Or you can wait a day and make 10g profit per item. This is why you need to know your market because sales like that are well worth the wait. The last and most important tip is to have fun. I love working the AH. I still raid and still pvp, but honestly I LOVE earning gold off of smart, savvy, gold making strategy. Knowing I'm competing for someone elses gold makes me love waking up every morning and checking my mail for gold. It's like Christmas every day. GAME ON!