A comedy of errors

When you charge in blind, you’re bound to make a ton of mistakes and lose money. I think this is what they call a ‘learning experience’. Oh well.

My state of orders today as 72 buy orders and 40 sell orders, with 13 free. I’m not quite sure how I thought that would be sustainable, given that everything that comes in from the buy orders has to actually be sold. Duh. So, I endeavoured to go on an order cull.

I found tons of nice meta4 items that had profits of less than 500k isk on a flip, some even less. This is unacceptable for lower volume items. If I’m going to tie up an order, the market has to be (pick two):

  • Have over 500k profit for a single item
  • High volume
  • Low competition

Now, its hard to find such idyllic markets, but one needs to know what one is looking for if one is to find it.

384m assets + 596m escrow + 1186m sell orders + 941mwallet = 3107m isk.. From those figures, I seem to be backsliding. I think jEveAssets is counting the assets that I have at Jita prices however, and I’ve purchased them specifically to be profitable in Rens. I’ll investigate further and see if I can figure out whats what.

I’m rapidly losing patience with station trading. I’m working WAY harder than I was retailing and making half the profits. It is probably the markets that I’ve chosen to take part in, but so far I am very unimpressed with station trading. I’ll shift to other markets soon to see how they fare, and if they are duds I’ll probably go back to retailing and then move into industry.

Note that this may be a reflection of my personality. I’m not prepared to sit there all day updating my orders. The opportunity cost for the isk I’m making is then way too low, considering. I’m not enjoying it, so its more of a drain and when I’m not getting results it is even more frustrating. I think I get more enjoyment out of mining, and that is saying something.

V

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8 thoughts on “A comedy of errors

  1. Working more and getting less money? That’s just because you are calculating and researching what you do. I can tell you that MIMAF(Minerals I mine are Free) players never run into such things ^_^

    On a more serious note, I also hate much of the market as much as I love it. If market is only buy low and sell high then why am I spending so much time researching about it. Well as I go on I found some things about myself:
    – I like making long term plans
    – I hate waiting till they come true
    – I don’t mind hauling
    – that was until I made a Region wide order on Tritanium
    – I like manufacturing
    – but 70% profit can be made from buying cheap materials and selling high(end product). Which means that most items are better off traded than being manufactured, as manufacturing takes up slots.
    – but then the manufacturing process makes 50% of the items easier to sell so I still do it even if the process itself doesn’t add much more value to the items (10% manufacturing profit, 90% trade profit)
    – I notices that I look to much on my sell orders in one day. Makes me fell paranoia.
    – most of my predictions are based on facts and that people are smart
    – the later part makes me lose money

  2. It’s interesting that you say this, because since reading your blog I’ve moved into Station Trading from Jita and I find even with minimal effort I’m making money. I have less capital than you (not yet at a Billion) but ten minutes in the morning before work and half an hour in the evening is giving me good returns. At the moment I’d estimate I have about 600mill and I’m making 25-50mill day (more on weekends but I do spend more time researching and updating orders than). For the little time I’m spending I consider a 5-10% return to be pretty decent.

      • Station trading is heavily time zone dependent I think. It depends on your trade times being roughly around the same times as the peak player times so that you get a constant stream of buyers (and sellers – to a certain extent).

      • Yeah thats exactly what I ran into as well. A one hour” ducking Tornadoes” to Jita paired with some research beforehand made me 90 to 125 mil a day. The second I start to station trade I run into your mentioned issues.

        A: More micromanagement. (keep your orders at the cap and at the right price at all times)
        B: Undercutters hit you harder. (When I retail I can eventually push out station traders since they often buy at higher prices.)
        C: Low market activity. (The orders take aaaaaages to complete)

        Maybe I am just bad at station trade. 😦
        So what I do now is to combine both. FInd some good station-trade-deals and wave to Tornadoes in the
        meanwhileanwhile.

        Diana

  3. I am station trading in Dodixie, and there are tons of undercutters who place buy and sell orders .01 isk less or more than my orders. After keeping it up for about a week so far they have significantly decreased, but they are not gone entirely. I am mostly trading in modules, ships, and I tried ammo as you did, but the volume wasn’t there to keep the ammo very profitable. I have also found a handful of items that I can just place buy orders for and reprocess for a profit.

  4. I also find station trading to be luck-dependent… I had a specific module I was trading happily at 10-20% margin. Suddenly some guy goes in, buys up all the sell orders and resets the whole thing to be 600% profit. Since I’ve had a buy order for that item all day, I’ve got plenty of stock; during this guy’s second clean-out of the sell orders, he buys all my stock at 5-600% margin and I net a tidy 270mill profit in a few hours. Yum.

    Then again, I’ve had orders that are over/undercut more often than fresh meat in a butcher’s, until they eventually become unprofitable… and that’s a few mill broker fee wasted.

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