I’ve blundered into station trading under-prepared, underskilled and in an ill-considered manner.
What did I do wrong?
I picked a bunch of t1 ammo, eyeing their decent profit percentages. I put in large volume sell orders, and they’re barely filled after 4 days. I don’t want to dump them and waste my broker fees, but I may have to soon.
By picking large orders, I overcommitted my capital. So, unless I want to lose a considerable amount over my buy orders, I have to keep that capital locked up. I’m slowly getting more capital from the long tail of the sales of my t2 retailing business, which is staving off the worst of my pessimism.
My worst mistake is only having Margin Trading II when getting started. Another 8 hours would have given me Margin Trading III and a lot less isk in escrow, which I could use to flip minerals or invest elsewhere. I’m training Margin Trading to IV pronto, seeing I have Wholesale IV now and 109 max orders to work with.
My saving graces have been the following:
- The meta 4 shield tanking modules I put buy orders into
- The slowly releasing capital from my t2 retail business
- My mineral flipping side business
I’ve learned a bit from my initial blunders which will hopefully allow me to avoid the more obvious pitfalls in future. I have a billion and change in liquidity, which I have to hedge against my 710m in escrow cover to keep my buy orders cranking. I’m going to push myself to about half a billion overextension and see how that goes. If I run short, I can just sell some stockpiled minerals to give myself from breathing room.
I’m looking for new items now to fill another 30 or so orders, and hopefully make me a lot more daily income than I’m getting now.