Market Discussions

Hi-
new player here playing the market, running trade routes.

I came across an officer item BUY order in amarr for 479m...in same station there was a sell auction for 499m for same item.
I remember seeing this item in jita for 399m so thought Id make some quick isk.
I get to jita and the item is only 200m, score im thinking.
I hurry back to Amarr and carefully hit sell item, everything looks good- im getting 468m in my pocket after taxes.
Item goes immediately up for auction at 479m when i hit sell.

a few question.
its on auction for 23hours, should/can I cancel this auction? I would lose the fees associated I understand.
How do I recognize something like this in the future? I see no indication to look for on this particular sell.
How would the original margin trader make money on doing something like this? Again, I dont understand and I see this as a completely failed game mechanic.
I filed a petition and then came here and learned about margin trading scams...still dont quite understand, seem's to me that I am the only loser on this particular sell or am I missing something?

Any help would be appreciated.
BTW, my net worth is/was 488m so this obviusly hurt me alot cause Im down to 288m with an item that im not sure will earn me profit.

Thanks

i dont quite understand. It appeared to be like a regular item. At what point would I see "view market details" ?
its currently in "my orders" I have not tried to cancel this yet because I am not sure that is my best role to take.
I'd be happy at this point to cancel and get the item back and put it up for sale in jita.

when I go to "my orders" I can see the view market details tab...I dont follow you.

there is currently no way to spot the margin trading scam. the only tip off is that it is too good to be true.

any contract someone links in local for ANY reason for example, my loss is your gain. 1.3b isk for say 2 items.

you right away check the price on the local market. you will usually find a buy order for the same amount of items for sale at say 2.3b isk total.

if you see something to that effect ignore it.

what they did was place a buy order having only paid a certain percent due tot he margin trading skill and sen all their isk to an alt.
when some poor sod buys the contract looking for a quick greedy gain, they try to sell tot he buy order but the buy order is instantly cancelled as the buy does not have any isk to pay the outstanding dept .

basically if it looks too good to be true 99.98% it is.

Second rule of Eve... ...don't know it?, then you should.

However, if you feel compelled to persue an item ALWAYS look at the Price History tab, set it to the table layout and set the duration to 1 year. This will show you the various selling prices, from this information you can gauge what the 'normal' price may be.

As a trader NEVER trade in items you are unfamiliar with!

Chalk this event up as a great learning experience.

Fly safe. o7

OP: Eve is full of setbacks. Learn from this minor mistake and move on. Soon you'll have billions- and better to loose 100m now than 100b later to this type of scam.

Example of a margin trading scam that should be picked up immediately (but is not).

Note the order expiry dates- all set up within the last few hours using different duration orders.

In buy orders, note the minimum number required (2) forces you to first buy the 2nd unit at a higher price.

If it in high sec, it's too good to be true, I only trust null sec contracts since you only have access to them most of the time if your a blue.

Officer module trading is only good for buying in Jita and selling in Jita. People don't usually buy them in other places.

Or do the scam with a single unit of an item worth more than ~25% of his scam price. Like selling an item which normally sells for 200m for 400, and having a margin buy order at 450m. If someone sells the item to him at ~100m to suck out his escrow, he still wins.

In the sell dialogue there is a button for advanced option.
In the advanced options you can choose the duration of your sell order, e.g. "Immediate". This should help against accidentally setting up sell orders because of margin defaults.