I've seen a lot of people interested in power trading lately, so I decided to come up with a thread like this. I've been reasonably succesful with trading in the past few months, and I can share some information which might be useful. I hope you find this guide helpful and maybe it'll help some of you get off the ground with power trading.
First of all I would like to mention that power trading
has its risks. You can potentially lose as much money as you gain. It has never happened to me before however, and you can minimize the chances for this if you are very careful.
A side note: I will be talking about Low End and High End trading in this guide. With High End, I mean wares which go in the likes of 100 ectos and up, with Low End being everything below that.
Getting started
To get things off the ground, I would recommend to get at least 200K. That is the amount I started with, and it's enough to make a reasonable amount by just power trading, but depending on the efficiency of your farming it might be better to farm until about 500 K. Remember: Money makes money, and the more you have, the faster it will go.
There are a few things you should know about power trading when you enter the market:
Know your prices: If you don't know how much items go for, you'll never be a succesful merchant. It's important to know the general range in which wares sell, how volatile its price is, and how fast it will sell. If you're looking for an item to buy and resell, you are often weighing the time and risk of the trade to the profit on the deal. An example of this is the following:
Somebody is selling a Spear of the Hierophant in Kamadan. You decide to whisper the seller and hope for a bargain. The range on the spear is 70-80 K, where it will sell reasonably fast at 70 K or slow at 80 K. The price is stable enough that it won't go down in the time you will need to sell the item. This is a good trading item.
The most you will want to pay for the price is entirely personal. Especially in the beginning, I wouldn't waste my time on a deal if it wouldn't earn me at least 10 K, but if you are willing to put time in a 5 K profit that's fine as well. A large amount of small profits is also a big profit.
If you are unaware of prices, be sure to befriend some traders and ask price checks from them frequently. When I started up, I befriended another trader and we price checked items for each other because we both traded in a different market. This way, we both got the better out of it. You will gradually learn prices on items as you power trade, so you will have to ask prices less and less when you spend some time trading. Another thing to remember is Guru. While I have no love for the site (I get banned for sneezing there) it is an excellent way to learn prices. Just use the search option and search for RECENT trades of your item. That is usually a good indication.
Important!!!
NEVER, and I repeat, NEVER, take the prices in the general price check threads on Guru, or whatever site, for granted. These prices are usually outdated and can differ more than 500% from the value listed there. I can never repeat this enough, and I still run into people weekly who blindly follow the guru prices. If it's to your benefit, trade them and they'll learn soon enough. If not, just ignore them or try to explain their foolishness. (Stay polite
)
Diversify your investments
Sometimes, a market can suddenly crash. This has recently happened to the High End miniature market after the reveal of the Hall of Monuments Calculator. If you invest all your money in one type of item you could lose your fortune in such a crash. Therefore it is usually advised you invest in different types of wares. One could, for instance, invest in a Spear of the Hierophant, Miniature Celestial Tiger and an Everlasting Macabre Tonic. If one of the items crashes, you'll not be hit as hard as if you had put all your money on one horse. I'm not saying you should turn down a good deal because you already have a type of a certain item, but diversifying your investments is a way to reduce trading risks.
Know where to trade
This is a point of debate. Some of the traders swear to Spamadan, and sell everything there. I however, think that the place you're trading really impacts your effectiveness. Kamadan is very populated, which means lots of potential buyers and sellers, but also less exposure of your trade message. Many seasoned traders camp Kamadan, so a lot of good deals get picked up very early there.
Lion's Arch is a different story altogether. You will find fewer traders here, but also more people who are inexperienced with the market. Especially in the low end side of the market, a lot of good deals are to be found here. (Speaking of experience, I made a lot of good deals in LA when I started trading)
Great Temple of Balthazar is also a useful place to sell items. It may seem very quiet there, but there are a lot of lurking High End buyers to be found there. So it's very useful for - for instance - trading High End miniatures. This is also the place where you'll be selling your Zaishen Keys should you come across some.
Last is Kaineng Center. This town is pretty dead when it comes to trading. The only items that really excel in Kaineng are green weapons. Many players who just get from Shing Jea enter Kaineng Center and want to get a good weapon for their toon. But apart from that, you'll want to stay clear of this place.
Be patient!
Patience is a very important trait for any succesful trader. Don't get disheartened when your item doesn't sell for a day, and don't let it go for less than it's worth easily. People who cling to their items for a few more hours to get a better profit make more money. There are of course circumstances where this doesn't go up, for instance when you've invested all your money. Then you would benefit more from fast, less earning deals than from slow, bigger earning ones. But when you have a cash stash in your storage and a few items to sell, be patient and wait for the buyer that is willing to pay the proper price for the item.
Communication
Now that you know the basics of trading, you'll want to get started out.
Deciphering the trade messages
Trade advertisements can be sort of confusing at first sight, so I made up a little list of some basic and common abbreviations used in trade messages:
S/B: Starting Bid ((The minimum, or starting bid of an auction)
C/O: Current Offer (The current highest offer on the auctioned item)
R/B: Reserve bid. (This is the minimum for which a seller will part with the auctioned item. Meaning: When the R/B is met, the seller will usually name a time frame in which the auction will end, marking a winner.) Any bids below the R/B are free to be discarded by the seller. This may seem odd to you, because why would anyone bid below the R/B? The answer is simple: The seller might change his or her mind, and if the R/B hasn't been met for a long time he or she can consider the bids that have been done below the R/B. This happens often enough that it is still viable to bid below the R/B)
Req, R or Q: The attribute requirement for a weapon (For instance: A bone staff which requires rank 9 in Soul Reaping would be abbreviated as Bone Staff R9 Soul Reaping)
WTB: Want to Buy
WTS: Want to Sell
WTT: Want to Trade
There are tons of other abbreviations that are used in trading, but these are the most important, and the others are usually obvious or you'll learn them while trading.
It's important to clearly communicate your trade message to the other people in town. Therefore, try to stick to existing abbreviations and only use them if absolutely necessary. Nobody can buy your item if they don't know what it is.
Handling other players
Another thing to be mindful of is how you treat your (potential) customers. My creed is to always stay polite. You will meet douchebags often who think you're a lunatic for asking 180 ectos for an Everlasting Beetle Juice. Cursing them with all your power isn't going to get you anywhere. Trust me, I tried it hard enough. The ignore list is there for a reason.
If people are happy with how you treated them, they will be happy to trade with you in the future. Don't hesitate to note the name of somebody when he makes clear that he is interested in certain items. Should you come across one of those items in the future, you'll have a potential buyer already. Building networks like these can really fasten up your trading, and also make it a more social and enjoyable experience. Who knows, maybe one of your customers may turn into good ingame friends.
The Search Option
Perhaps your most dear friend while power trading will be the search option. This nifty little tool will help you to see all the trade messages across all districts in a town, which allows you to spot good deals early. This option can be found on your party window, at the bottom center. Look in the trade pane to see what other people are selling and buying. Be mindful though that only a part of the trade message is shown, so if you'd like to know more you may need to whisper players to ask for their complete trade message. Another thing to take note of is that since only a part of your trade message is shown in the search window, it might be a good idea to alter your message so it is informative to other players using the Search window. You can see how your message looks like to other people in the Search window in the upper right corner of the window.
Investing
This is what you'll be doing while power trading: Investing your money in items of which you know you can sell them for more. There are different types of items you can invest in. On a rough basis, I will divide the market in four section:
- Weaponry
- Miniatures
- Tonics
- Consumables
Weaponry
Weapons are a big presence in the Guild Wars market. They can vary from simple greenies worth 1K to Crystalline Swords worth thousands of ectos. Items to watch for in this section are weapons with popular skins, such as the Crystalline, Bone Dragon Staff, Eternal Blade etc. Items with a requirement of 8 are also popular among collectors and can therefore also go for a hefty amount of gold. Be aware that it is often hard to price check items in this category correctly, and I would therefore define it as the most risky category out of the four. It is also the most profitable however, if you know the prices well.
Miniatures
By far my favourite section. Miniature prices used to be very predictible until the HoM update came, and they will probably be again in a while. Birthday miniatures always go down in price over time, with a few rare exceptions such as Mad King Thorn going up during Halloween and Freezie going up during Wintersday. Other than that, be mindful you don't hold on Birthday minis too long. Discontinued minis (minis that can't be acquired anymore) will generally go up. The most expensive items in the game belong to this category. You can think of Miniature Pandas and Nagas in this category, which go for thousands and thousands of ectos, but also the Pig miniature belongs to this category, which didn't go for more than 20 K before the HoM update. You can usually hold these miniatures on for a longer time since their price will be stable or go up. It is only affected by updates of GW (such as the HoM stuff) but are usually a safe investment.
Tonics
A thing to be mindful about with tonics is the Monthly principle. Every month, a certain tonic will drop from the Zaishen Chest. This tonic will therefore be common during that period and its price will be low. Tonics that haven't been monthly for a while are usually the priciest. Be mindful of this: You wouldn't want to buy a pricy tonic if it will be monthly in a week and its price will tumble. Other than that, it is a reasonably small yet safe market in which you can make some profit. It's nigh impossible to get all your income from this section though, because it is so small.
Consumables
I'm using the word Consumables in a broad sense. This includes things which boost you in combat, such as Essences of Celerity, Wintergreen Candy Canes and Honeycombs, but also things that give party, sweet and drunk points. Especially since the HoM reveal, there is a steady demand for these items so there's a market for it. Prices in this section are reasonably stable and are therefore a safe investment, but it's usually hard to come across sweets in large enough quantities to make it really worth the time. But if you do, don't hesitate to grab a good deal.
Types of investing
I usually define two types of investing you can do while power trading:
- Short term investing
- Long term investing
Short term investing is what you'll do most when power trading. This means buying low and selling for more, usually selling the items within two weeks of buying the item. This is usually the best way to power trade when you're not very rich, because you make very effective use of your money. This method is very time intensive.
Long term investing is a type of investing which requires minimal effort, but takes a lot of time and requires you to read and predict the market on a larger time scale. An example of this can be given by the people who started hoarding Diamonds when Eye of the North came out, determined in their standpoint that the Diamonds would go up once GW2 drew near. With the recent HoM reveal, diamond prices have shot up, and these investors were rewarded for their investment after three years. This is an extreme example, but investing usually takes at least two months to be succesful. This method is only viable if you have a lot of spare money that you're willing to put aside for a large amount of time.
Other
Currencies
When you enter the 100K+ zone, you will soon find out that paying with cash isn't going to work at some point. You will be turning to other types of currency then to match the value of pricy items. I will note the most common currencies besides gold:
- Globs of Ectoplasm
By far the most common currency used for trades above 100 K. Globs of Ectoplasm are acquired in the Underworld, and because of its high value it has become a popular type of currency since the beginning of Guild Wars. Expect to meet this currency a lot during trades.
- Zaishen Keys
Zaishen Keys are obtained through PvP: Either by winning High End PvP matches or trading in Balthazar Faction at Tolkano in the Great Temple of Balthazar. These keys were introduced into the game in a later stage than the Globs of Ectoplasm, which is among the reasons why it's not as widely used, but it is a widely accepted type of currency.
- Armbraces of Truth
Armbraces of Truth are obtained in the Domain of Anguish: Either by gathering enough gemstones to trade for one, or as a lucky drop from a Coffer of Whispers. These items can be turned in for Tormented Weapons, but they're also used as currency for the most expensive items in the game. You will probably not encounter this type of currency unless you count yourself among the most succesful traders in GW, and by that time you probably won't need this guide anymore
Time is money
An often heard misunderstanding is that if you farm the materials yourself, something is free. This is absolutely wrong. I can explain this with an easy example:
You want an Oppressor's Shield,costing about 100 K, so you do the WiK quest chain which takes 8 hours. When you power trade, you make 30 K per hour. The quest chain yielded you 100 K while power trading would've yielded you 240 K in the same time frame. This way, you have lost a potential 140 K.
I'm not taking into account the fun the quest chain can be of course, but I hope I get my point across. Farming items is never more profitable than power trading/farming other items unless it makes more per hour than your usual method.
End note
I hope I have been reasonably comprehensive in this guide, and I also hope that it will help some of you who are aspiring to be power traders. Everybody can be a power trader, and everybody can be rich if you put your mind to it. Power trading involves a bit of luck, but ultimately, you yourself can determine whether you are succesful at it or not. Every time you spend money, try to realize it's hurting your trading capabilities because the less money you have, the less you can potentially make. Spend that which you have wisely, and you may some day bathe in ectos, just like some of the elite traders the GW world knows. See you in Kamadan!
