Gold Question (Not just asking how to make it more indepth questions)

[Threatz]

So i been looking at a few guides about gold making and bots. What i usually see/read is make the bot do all the annoying parts and use the AH. Now what I have always done is farm current tier ore, but with the introduction of garrisons and such the profit on that has diminished. I am looking into new markets. I have a few questions though. I currently have some gold, but it was really just lucky cause of procs. (lil'leftovers). I do not like relying on chance. I just want to find a way to make gold consistantly.

-People say find a "niche". How? I understand you can use a scanner addon to scan the auction house to see whats selling well, but where do you go from that? Do you just individual search for whats selling well or something?

-One of the ideas I was looking into is old content, but I am just wondering is that really profitable? Just with how the current system is setup you do not need to level up your professions to be able to use them fully in WoD, so is for
example Iron Ore even needed anymore?

-I have also read about buying low and reselling. Sounds simple, but where do you get started. I feel like you cant start here for a few reasons.
1. How do i find a market without sinking a ton of gold to test. Just i feel like to find if a pet is popular the only way to to simple buy a few and market them up. But someone pets go for so much.
2. BoE (Progression) gear isn't profitable in my eyes, since its to extent diminishing every week. This means you have to resale it fast. This is something is the reason i want to avoid reselling gear, but i am just wondering if im missing something here that might change my mind. Also you can't really just farm it.
3. This goes back to the pet question to an extent. The next type of gear I think that could be resold is transmog. Once again i don't really see a way to farm this since most is a world drop. Is there any way to find out popular transmog gear without dropping a ton of money to risk it might resell, because for someone just starting thats not really possible. On a side note I've never really resold anything thats like 20k+. How long does it take to resell an item usually. Presuming you bought it cheaper than its market value, and your selling it at market value.
4. Building up a trustworthy database. This one is more of a simple question. How long do you think i should scan to build a good data base up. Cause my first few scans might say that rusty fork is worth 50k, but clearly its not.
5. Now lets go to a different type of market like ore. It's cheap, but very abundant. This goes back to the original problem. How do you get control of a market like this without a ton of gold already? It just went from buy a little that is expensive to buying a ton thats cheap, but in the end its the same price total.

This part down here is an apology for anyone annoyed by this. I know there have been a few post ask "how to make gold". I have looked at them, but they are just so bare as in just straight up asking how and not really asking more specific questions . All the answers i see in those threads are "I'll Pm you", which to me is worthless, since i can't see that info. Any help is greatly appreciated.

 

[frosticus]

times are tough right now. markets that were once profitable are now dead.

try a few websites

no links, you will need to just google to find the websites, but here is what you need to google

the consortium + wow
just my two copper + wow
wow gold making blog
wow gold making podcast

once you find the first two websites, follow links to other gold making sites. be super careful on what you click. don't click blind links like 'hey this goes to somewhere cool' but doesn't show the actual web address. if in doubt, right click the link, choose copy address, paste to the search window. if it says something obvious like 'juliesgoldmakingblog.com' then its probably safe. if it says something like 'yuy345ioi34.ru' then it may be nefarious. don't click it.

follow the breadcrumbs to learn simple gold making templates. once you get familiar with the techniques, its time to start scanning your servers auction house to check prices.

learning the simple gold making templates first will help you make stronger decisions in-game.

 

[Gleeky]

-People say find a "niche". How? I understand you can use a scanner addon to scan the auction house to see whats selling well, but where do you go from that? Do you just individual search for whats selling well or something?

If you're serious about this and you are willing to spend some time to learn, you need to master the TSM addon. Google TSM Phatlewts for online guides on how to set up the basics. If you also go the whole hog and install the desktop app too (recommended) you won't even need to scan the AH, it will update both realm and region prices for you every couple of hours. In terms of finding niches, the way I start out on a brand new server in the AH game is to dowload a wowuction csv of for the realm in question. To do this you'll need to register on wowuction.com, then go to resources > data export, and select the 2nd option. This will give you a detailed breakdown of mean + median prices for all items, amounts posted and sold per day etc. I'll then use excel to filter that list down to a list of items that have decent demand (25%+), and sell more than say 500 a day. This is your list of "niche" items. On some servers it'll be medium leather, others thorium ore, others Northrend herbs that top this list. You can then create a "snatch" list to buy those items on the AH with TSM when they are below their value (see videos for this).

-One of the ideas I was looking into is old content, but I am just wondering is that really profitable? Just with how the current system is setup you do not need to level up your professions to be able to use them fully in WoD, so is for
example Iron Ore even needed anymore?

I'm seeing demand for lots of old world mats particularly for classic/TBC and Northrend ores, herbs and leathers. Not massive volumes, but enough to merit farming it for a few hrs and selling it steadily over a few days.

1. How do i find a market without sinking a ton of gold to test. Just i feel like to find if a pet is popular the only way to to simple buy a few and market them up. But someone pets go for so much.

See above and my reference to demand. If demand is below say 10%, you'll need to be patient for it to sell. Stuff with demand of 30% or more shifts pretty quick so long as you undercut the mean by say 15%.


2. BoE (Progression) gear isn't profitable in my eyes, since its to extent diminishing every week. This means you have to resale it fast. This is something is the reason i want to avoid reselling gear, but i am just wondering if im missing something here that might change my mind. Also you can't really just farm it.

Agree tbh, I'm just selling stuff when I have excess cooldown mats on alts from garrisons.


3. This goes back to the pet question to an extent. The next type of gear I think that could be resold is transmog. Once again i don't really see a way to farm this since most is a world drop. Is there any way to find out popular transmog gear without dropping a ton of money to risk it might resell, because for someone just starting thats not really possible. On a side note I've never really resold anything thats like 20k+. How long does it take to resell an item usually. Presuming you bought it cheaper than its market value, and your selling it at market value.

Again, if you want to get into transmog, it can be profitable, but it's the long game, and takes experience. Looking up expensive items on wowuction before you shell out 200g on it can help you determine what the global demand for it is. Check out Phatlewts guides once again. You can quite easily farm up a decent starter transmog stock if you run a few of the instance farming profiles on a couple of chars over a couple of days though. Having TSM installed will help you know on the fly whether an item that drops is just a trash drop that you should vendor/de or if it's potentially worth 500g (but might still take 3 weeks or more to sell).

4. Building up a trustworthy database. This one is more of a simple question. How long do you think i should scan to build a good data base up. Cause my first few scans might say that rusty fork is worth 50k, but clearly its not.

If you use auctionner/auctionator, spend at least a week scanning at least once a day before you can trust prices in the slightest, if you use TSM with the desktop app, not a concern.


5. Now lets go to a different type of market like ore. It's cheap, but very abundant. This goes back to the original problem. How do you get control of a market like this without a ton of gold already? It just went from buy a little that is expensive to buying a ton thats cheap, but in the end its the same price total.

You don't control it, not for ghost iron or WoD ores, it's impossible. There are opportunities to be had for converting ores to bars though. I buy up cheap ghost iron (when it's like 25% of the price of ghost iron bars) and convert thousands of it to bars and feed it back into the market over a week or so.



Lots of questions, hopefully some useful answers. Do some research, follow some guides, learn TSM if you're serious, and you're set.... Oh and look out for Greedy by Mirabis for when it launches. When you know what you're doing this will be a great help.


EDIT: I'd also be wary of transmog at the moment too, unless you're confident about it, many prices of high ticket rares items are dropping as garrison caches have a massive loot table containing many rare or previously unobtainable items.