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How to start making money...?
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Scala Oksaras
Obvious Distraction
#1 - 2012-10-17 13:03:10 UTC
I've got about 25M to spend as my start up capital and want to start trading as my primary income.

Right now I can't fly an indy - thats a good couple of weeks away at best, so I was thinking of trying to margin trade in a station. Is that a good idea with such a small starting block of iskies?

What are your thoughts? Cool
Grendell
Technologies Unlimited
#2 - 2012-10-17 13:20:46 UTC
Scala Oksaras wrote:
I've got about 25M to spend as my start up capital and want to start trading as my primary income.

Right now I can't fly an indy - thats a good couple of weeks away at best, so I was thinking of trying to margin trade in a station. Is that a good idea with such a small starting block of iskies?

What are your thoughts? Cool


It's a great way to really build up your capital and fast. It's remains one of the best work vs reward ways in EVE imo. With a little work and time it won't be long before you turn that 25m into 500m, from there it's all gravy and keeps going. Have fun and good luck! Just make sure to avoid margin trading scams.

Regards,
Grendell ♥

◄[♥]►3rd Party Service◄[♥]►

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JohnathanGalt
Northern Sky Industries
#3 - 2012-10-17 13:57:32 UTC
Margin trading is not a bad way to go. I started off with inter-regional trading and that has sustained me quite well. just look for some medium/high volume items that move at good margins. I started with J5B's from Jita to another market hub, literally doubling your money, very easily. I don;t mess with them anymore just becasue turning 28k isk into 50k isk is not the best use of my money now, but it is a good place tom start.
Samroski
Middle-Earth
#4 - 2012-10-17 16:31:33 UTC
Scala Oksaras wrote:
I've got about 25M to spend as my start up capital and want to start trading as my primary income.

Right now I can't fly an indy - thats a good couple of weeks away at best, so I was thinking of trying to margin trade in a station. Is that a good idea with such a small starting block of iskies?

What are your thoughts? Cool

Not sure what you mean by "margin trade".

There is a skill in eve called margin trading, which lets you set up buy orders, and the money is not all taken immediately from your wallet. If this is your idea, then, yes it can be useful, as it lets you set up buy orders and leaves ISK in your wallet to use otherwise. The skill also lets you set up a large number of buy orders with a relatively small capital (your case).

By 'margin trade' you may also mean that you'll try and undercut competition. This is what most traders do in a market hub i.e. sell their goods 0.01 ISK below the competition (or buy goods 0.01 isk above the competition). As you cannot haul, this is probably the way to go. In a busy hub, updating your orders frequently may be a good way to make money.

The more information you can get about the items you deal in, the better your trade abilities. Try clicking the SHOW TABLE button in Market Details to see more information like volume moved each day.

Have fun!

Any colour you like.
Abdiel Kavash
Deep Core Mining Inc.
Caldari State
#5 - 2012-10-17 17:12:56 UTC
I made my first 100M by hauling TII modules from Rens to a minor trade hub in Derelik, in a Bantam. Nobody ever suspects the Bantam.
Apachekills
Time Sink Gaming
#6 - 2012-10-17 17:28:26 UTC  |  Edited by: Apachekills
Trading is one of the easiest ways to make isk in the game. Just some thought for you to help you get going.

ArrowGet Accounting to 4 (preferably 5)
ArrowGet Broker Relations to 4 (Again Preferably 5)

Why? Most new traders do not factor in taxes and broker fees into there trades. You need to be mindful of what your tax rate is, so you can always stay profitable. these 2 skills lower taxes and broker fees respectively.

ArrowGet the Corporation's standings as high as possible for the station you are trading in.
ArrowGet the faction standing as high as possible as well.

This goes along with Taxes and broker fees as well, the higher your standing the lower your fees will be. This one isnt as easy as getting the 2 skills as previously stated up. But once you get some isk you can do the tags trick and run the lvl1 and lvl2 cosmos missions with very low skillpoints invested.

ArrowKnow your tax rate

Buy 1000 units of tritanum and keep it in your hanger. right click and hit sell this item make a note of your broker fees, and your tax rate. Also keeping in mind that if you are buying on the market then you will have broker fees when you buy as well. to keep it simple i use this formula (Broker fees*2)+tax rate. Yes your broker fees will be a little less when you are buying items, but for the sake of simplicity i use that formula.


Arrow Edit: Praise retracted

ArrowRed Frog Freight is your friend

If you do plan on doing some regional trade and need to move alot of m3 but dont have a freighter. Look no further than red frog. Very rarly do my contracts take more than 8 hours to complete.

ArrowDont be afraid to ask questions

MD here can be friendly, but they can be brutal as well. If your question is "how to i calculate how my corp standings effect my taxes" that is a great question and someone here will point you in the right direction. If your question is "im a noob and tell me all your secrets of trading" then you will be flamed endlessly.

....
Reticle
Sight Picture
#7 - 2012-10-17 18:08:51 UTC
If you had an industrial (you can train into one in less than 24hrs, regardless of how your skills are specced, and you SHOULD train into one asap), you can take advantage of the NPC arbitrage (NPC goods sold and bought by NPC corps, like Quafe) built into the game. It's an easy way to make a definite profit. There are a few tricks to learn, but it won't take you long to learn them.
Gogela
Epic Ganking Time
CODE.
#8 - 2012-10-18 00:06:56 UTC
I say take a good hard look at the Ninja Looting profession. I have a post with some setups here...

It's super cheap to maintain and you can make an absolute killing sometimes! It's fun... teaches you a lot of the mechanics in the game, and in looting combat fits you will see how a lot of people are fitting their various ships. The best part is you can make as much or more than any miner or mission runner doing something that is actually challenging and FUN!

Signatures should be used responsibly...
Kolnan
Royal Amarr Institute
Amarr Empire
#9 - 2012-10-18 02:45:52 UTC
Some good advice here! Thanks all for the information.
Scala Oksaras
Obvious Distraction
#10 - 2012-10-18 06:38:53 UTC
Many thanks for all the advice :)

Mailing lists have been mentioned, how do I get onto one?

The hauling of TII items sounds like a plan too, but it looks like the initial purchase costs are somewhat higher there?
Le Prospecteur
Center for Advanced Studies
Gallente Federation
#11 - 2012-10-18 08:07:57 UTC
Scala Oksaras wrote:
Many thanks for all the advice :)

Mailing lists have been mentioned, how do I get onto one?

The hauling of TII items sounds like a plan too, but it looks like the initial purchase costs are somewhat higher there?


Open up your evemail window ingame, bottom left of the window will be a button labelled 'subscribe to mailing list' or some such, click on that and enter the name, et voila.
Scala Oksaras
Obvious Distraction
#12 - 2012-10-18 08:15:39 UTC
The more obvious the answer, the thicker I feel! Thanks :)
Sola Mercury
Republic Military School
Minmatar Republic
#13 - 2012-10-18 08:26:39 UTC
Trade skill books in Jita. low risk trades, you can do it with little money.
As your wallet grows, move to other trades.
enterprisePSI
#14 - 2012-10-18 09:42:38 UTC
While trading, listen to carcass tools of the trade. Straight

The tears of the many, outweigh the tears of the few. Or the one. enterprise-psi©
McPod
Tier Four Technologies
#15 - 2012-10-18 10:50:39 UTC  |  Edited by: McPod
Buy at jita, sell somewhere else. Preferably low-sec or null-sec where people people wont 0.01 isk you.
Scala Oksaras
Obvious Distraction
#16 - 2012-10-22 07:55:27 UTC
Thanks :)

I've noticed this 0.001 ISK'ing crap... surely its just a tool to stop the other guys sales - you can;t be making much profit if you play those kind of games...


Randomly I did make 163M from an opportunistic ninja salvage/loot last night - so I've got a bit more capital to play with :D
Jesuis Cache-Cache
#17 - 2012-10-22 10:47:41 UTC
Don't knock the 0.01 thing. That is the way it should be done. It ensures you keep the highest profit margin for an item.

Every aggressive seller is competing for the pole. If you are going to cut, then cut the lightest amount possible. It's bad for traders to start cutting by large amounts. The next thing you know ....the item has dumped and you have lost out on millions.

"I know a man who gave up smoking, drinking, sex, and rich food. He was healthy right up to the time he killed himself." - Johnny Carson 
Demolishar
United Aggression
#18 - 2012-10-22 10:54:06 UTC
25M? No point trying to trade with that little.
Hrothgar Nilsson
#19 - 2012-10-22 19:03:23 UTC
I've made several billion ISK trading meta & T2 items, hulks, mackinaws, and other ships, buying low, selling high.

Check for volume on items, and pick ones that have a good gap b/w buy and sell.

I've... seen things you people wouldn't believe...

Attack ships on fire off the shoulder of Orion...