A school principle of mine used to tell his students 'I'm perfect, I don't make mistrakes'. When your 12 years old this is way too thought provoking. But as I've become older I can see the wisdom in what he was trying to impart.
This weekend I took a look at a couple of weak markets and decided to flip them. I grabbed 32 Magnificent Hides at an average of 125 per hide. With the daily burn for leatherworkers and the glut of exotic leather sitting on the AH, to me these were still undervalues. I double checked some of the bigger ticket items that were created by them (Angerhide Leg Armor, Shadowleather Leg Armor) which were hovering at about 550 per. This could turn a nice quick profit and set me up for future profits. Along with listing some of the leg armors I also went ahead and tripled the cost of the Magnificent Hide themselves and dropped them on the AH.
Dropping in a couple of hours later I had sold three of the leg armors, but all of my relisted magnificent hides had been undercut almost immediate. The undercuts had dropped them to even lower costs to what I had purchased the original batch.
Wait Mommar, you're saying all of this was a mistake? In one way of looking at it it was a mistake in that I did not take into my mental calculations the cost of the exotic leather itself. Also not taken into respect was just how many Magnificent Hides that leatherworkers were still sitting on. So instead of calling it a mistake let us call it a half win. In the long term I will be able to get about 2x the amount of gold that I invested.
The other market I took a look at and decided to reset was the bag market. Netherweave bags had been a hotbed of sales for me. Usually, clicking to 500g a day in sales just from the stock I still had sitting in my bank. Recently the market had dropped to 12g a piece (still profitable, but not so much that I was willing to again list some bags). I looked at some other bags (the 24 slot bags crafted from higher level tailoring materials). The Illusionary Bag and Royal Satchel will be strong come the next expansion. Players get the automatic 4 x 24 bags with their new level 90, but they have 8 slots in their bank to fill with new shiny bags. Most will buy 16 slot bags but some will spring for a couple of the 24 slot bags for their new toys.
Both the Illusionary Bag and Royal Satchel have tailored daily timers using Dreamcloth and Imperial Silk respectively. Dreamcloth is on a weekly timer while Imperial Silk still sits at a daily timer. Collecting the materials and taking a few minutes to craft and sell these have added some nice coin into my pocket.
What may seem like a mistake at first can be turned into a success just from taking a deep breath and seeing potential instead of just instant profit. Time is gold and gold is time. Both will happen if your patient and look at not just short term sales but long term sales.
Good Luck and Good Profit Hunting
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