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Trading Newb Question about Orders

Author
Tialee
Sebiestor Tribe
Minmatar Republic
#1 - 2012-07-03 15:29:23 UTC
I've started doing some station trading and I've made a few million (baby steps), but now I have questions about the best way to structure my orders.

I started out by creating various buy orders for things with decent margin, and then I turned around and created sell orders for those parts. As new things come in from my buy orders, I turn around and create more sell orders. I've also been tweaking the existing orders to competitive prices.

All of this seems to be working, but with some of the slower moving things, I end up with a bunch of sell orders at the same price and it becomes difficult to manage them all. I could list them for shorter durations and then re-list them each day, but that seems like it would cost a lot in broker fees. Waiting for one sell order to sell out before posting another would result in lost sales, as I can only update my orders 1-2 times a day.

How do others handle their orders? Is it possible to consolidate orders, or increase the volume of an order?

Thanks!
JohnathanGalt
Northern Sky Industries
#2 - 2012-07-03 18:33:07 UTC
Tialee,
I am not an expert on station trading, preferring to do trading that involves some hauling, however, I do use buy orders to snap up items to resell at great margins. Those items tend to trickle in over time, and I am betting you are having that happen as well. In general the only items that I will list 1 at a time are ships. That is usually because I am making 1-6 million on turning them over. Other then that I only have 1 or possibly two sell orders (very rarely) on a single item.

Ideally you would want to let you stock build up over time and then create 1 sell order for that item. Orders are too valuable to be taking them up selling 6 identical items on separate orders. I understand that at this point in your career, you may not have the luxury, but you should be aiming to have 1 sell order selling off stock and 1 buy order bringing in stock. When you run out of those items on your sell order, then you sell the items that the buy order has brought in.

Something you might be able to do to if you have more time then money is to widen the net for your buy orders. If you don't mind running around 3 or 4 jumps to pick up the items you can get stock to resell much faster. Good luck out there!
Tialee
Sebiestor Tribe
Minmatar Republic
#3 - 2012-07-03 18:40:32 UTC
Thanks for the input.

I had completely forgotten about the orders limit, so that is definitely a good point. You're right about things just trickling in at the moment. I will have to take a look at my business and look for a more efficient way of doing things.
Sun Win
#4 - 2012-07-03 19:16:47 UTC  |  Edited by: Sun Win
Tialee wrote:
Thanks for the input.

I had completely forgotten about the orders limit, so that is definitely a good point. You're right about things just trickling in at the moment. I will have to take a look at my business and look for a more efficient way of doing things.


So long as your sell order aren't selling, you are better off leaving the other stock in your hangar, and adjusting what you have up for sale. Having lots of items for sale is a signal to the market that there is a lot of that item available.

Other traders will react differently to a sell order than shows 2 items for below their price than for a situation where there are 2000 of something below their price. The first looks like a reason to just wait out those two orders. The second is a clear signal that it's time to reduce your price (probably).

If you are taking things in faster than you can sell them off in a serious way, reconsider how much and at what price you want to buy.