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EVE New Citizens Q&A

 
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Marketplace Economy question

Author
Renier Gaden
Immortal Guides
#1 - 2013-12-18 11:59:36 UTC
My friend’s account is not currently active, so he can’t post a question here himself, but he can read these forums, so I am going to post his question and cross link this thread with his thread on the DUST 514 forum.

Artificer Ghost wrote:
*Because there's no EVE discussion section here... Reason I'm not posting this on EVE Forums: I'm not re-activating my account before I learn this stuff. So if someone from the EVE Forums and/or an EVE player could answer this for me, thanks a bunch.

I played EVE Online a while ago, and I REALLY enjoyed the game, but my wallet isn't a fan of the idea that I need to pay 25$ every month. It makes it sad. #walletsadface So I plan on re-activating my account, and take the time to play the Market game, so I can start making enough money to pay for PLEX via ISK (Looks like the price has risen, but I believe in myself. <3).

Is there a guide on EVE Economics, and how to make a profit by sitting in the middle of Dodoxie, looking at paperwork? Also, which should I go to? I know Jita is like, THE place to go for trading/money-making, but I'm not sure if I'm able to get there without trying to raise standing with Caldari (Last time I checked, I was -10 with Caldari), which I have no idea how to do. #nooby

So yup. If I could get an EVE player or someone to link me to a thread or something that will teach me more about the art of economics and/or making money using the market, that'd be great. Preferably something very in-depth and definitely something that makes sense.

I know the gist of it: Buy for less, sell for more. But I'm hoping there's more to it than that, and stuff.

TL;DR, I'm an EVE noob. Looking for a link to a thread on teaching newbies how to play the economy game.


His original post on the DUST 514 forum.
J'Poll
School of Applied Knowledge
Caldari State
#2 - 2013-12-18 12:09:26 UTC  |  Edited by: J'Poll
1. Do not make yourself set the goal to PLEX your account. It makes EVE a second job instead of a game. Also its 15 dollars a month (or less if you go with longer subscribtion options).

2. No trader in EVE will tell you what to do to make money as they will have a competitor extra.

3. Trading = buy low, sell high. Read up on market trends and anticipate on changes to the game.

4. There is no guide. Because EVE market is player driven and changes every second based on supply and demand.

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Iria Ahrens
Space Perverts and Forum Pirates
#3 - 2013-12-18 12:25:24 UTC
I wanted to emphasize J'Poll's #1. Paying with isk is something you do later. You COULD do it from the beginning, but it turns eve into a very low paying job. Really, do you want to spend almost 40 hours of game time earning $20? If you think this is a good idea then you will suck as a trader.

There are several guides in Market Discussions stickied at the top and appearing periodically as just about every trader, including myself, will re-iterate the same advice in a different way every week or so.

Buy low sell high.
Guard your seed money.
Never put all your inventory in one hull.
Watch opportunity cost.
Never dead-head---I do this a lot anyway.
Understand the production if you deal in mats.
Understand Eve politics and how it affects the market.
Understand market scamming, such as margin trading.
Understand how people artifically change the market prices for a quick profit.

Eve market is big. Really big. You make isk as a trader by finding a hole in the market somewhere and plugging it. If your hole is extremely profitable then others will pick up on it and move in and suck your profit margins, so no one is going to give specific advice on WHAT to trade. Finding what to trade is an individual quest filled with trial and error.


Really, as for economics. EVE economics is real economics, so buy a good book or find a good site to understand Economics 101.

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Elena Thiesant
The Scope
Gallente Federation
#4 - 2013-12-18 12:56:09 UTC  |  Edited by: Elena Thiesant
Subscription is not $25. It's $15 monthly if you pay month by month by credit card, less than that if you buy multiple months in one go. ($13 if you buy 3 months at a time, $12 if you buy 6 months).

PLEX was 620 million last time I looked (last week, for the previous person who asked this)

For what it's worth, I'm an industrialist and I still, after a year and a half, don't plex my account every month. I could, but then I'd be reducing the amount I can expand my business each month and I'd have to put in enough extra hours to take EVE from fun to work. I already have a full time job, don't need my game to become a part-time job too.
Inxentas Ultramar
Ultramar Independent Contracting
#5 - 2013-12-18 13:18:16 UTC
Agreed with J'Poll. The cost of subscribing for a year (you get a discount if you sign up for a longer period) costs as much as 2 new Xbox games. Think about that before you decide to turn Eve into a second job! Big smile
Thomas Builder
Center for Advanced Studies
Gallente Federation
#6 - 2013-12-18 14:24:41 UTC
Also understand that the PLEX price itself is based on supply and demand.

If it were easy, fun & quick to make 620 millions ISK per month, everyone would be doing it, demand for PLEX would rise and with it its price, until it's no longer easy and fun to make that much ISK per month. You can definitely make enough ISK for PLEX by playing the market, but it requires either constant attention and a lot of .01 cent undercutting or a lot of research and knowledge of the game or both.

The undercutting option is to become the "instant sell" middleman - by having the highest buy order and lowest sell order, you provide the service of "instant sells" (and buys) and you pocket the difference between buy and sell orders. But even that requires some research to find items that are both sold and bought regularly, but where there isn't strong competition. And generally this requires a lot of micro-attention, as you have to adjust the offers regularly. And of course, if you were wrong and the item doesn't sell, you end up with an inventory of worthless crap, losing ISK.

Or you can play the long-term trends in the market. This requires much less attention every minute, but much more analysis and a deeper knowledge of the game economy to figure out what items will rise in value over the next weeks or months and then you buy those. Pretty much like a real world resource market. You can make billions that way, but if you are wrong and prices drop instead, you can just as easily lose billions.

The next step after that is to actively manipulate the market - especially with low-volume items, it takes surprisingly little, both in time and ISK, to completely crash a price. (OTOH, with low-volume items it can take a long time to actually profit from those manipulations.)
Cara Forelli
State War Academy
Caldari State
#7 - 2013-12-19 00:45:41 UTC
Whether or not you decide to plex your account, market trading can be a fun challenge if you enjoy that type of play. I've had success in both Dodixie and Amarr. I prefer the smaller hubs to Jita because you don't have to be quite as diligent with updating your orders which allows you to do other things in game in your free time. There are plenty of beginner trading guides if you google around, but the basic concept is simple. Look for items with large margins that have a decent volume bought/sold consistently. There is normally a trade-off between the profit margin and the volume moved, and finding the sweet-spot niche is what market trading is all about.

I normally point people toward this page to start out. And this page is useful in learning how to interpret the market data to find good trades.

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Titan's Lament

EmmaFromMarketing
Prospect Theory
#8 - 2013-12-19 08:32:14 UTC

a thread on teaching newbies how to play the economy game the problem with this is that as soon as it is posted many people will jump on it and suck all the profit out those items or that technique.

I'm going to make a wild ass guess that your friend wouldn't like trading anyway. The reason being that if you are not trading because you like that sort of ganeplay you probably aren't going to stick with it for long.

FWIW, Eve has by far the largest single market and most advanced economy of any MMO I've played.
Ralph King-Griffin
New Eden Tech Support
#9 - 2013-12-19 09:43:32 UTC
Cara Forelli wrote:
Whether or not you decide to plex your account, market trading can be a fun challenge if you enjoy that type of play. I've had success in both Dodixie and Amarr. I prefer the smaller hubs to Jita because you don't have to be quite as diligent with updating your orders which allows you to do other things in game in your free time. There are plenty of beginner trading guides if you google around, but the basic concept is simple. Look for items with large margins that have a decent volume bought/sold consistently. There is normally a trade-off between the profit margin and the volume moved, and finding the sweet-spot niche is what market trading is all about.

I normally point people toward this page to start out. And this page is useful in learning how to interpret the market data to find good trades.

nice pages there, cheers