Friday, 22 June 2018

So you want to make gold...

How do I make gold is a very common question in World of Warcraft and you gonna need to start some where. If you are new to World of Warcraft, a returning player or already making some gold but not happy with the results, then is the perfect guide to get started with.

So what is gold making? Gold making is basically creating opportunities that others will pay for in gold. What ever it is, if your gold amount in liquid increases by creating these opportunities, then your making gold.

There are a lot of ways to make gold, gather materials in the open world, farm gold by killing mobs, sell items on the auction house and trade chat or providing a service like simply creating a portal as a mage and ask a payment for it.

The trick is finding a way that fits you and the realm you play on. There is no easy way, fast way or golden rule to make gold. So forget that a specific gold making method that you saw or heard, because it works on one realm doesn't mean it will work on your realm.

"Take the blue pill and keep doing what you are doing or take the golden pill and start making some real gold"

Lets get started!

Because there a so many ways to make gold, it's easy to get lost so take your gold making step by step.

First thing to understand is realm population. Maybe you want to start a new character on a new realm or you want to use the characters you already have. The easiest way to check on what kind of realm you are is by going to the character creation menu in World of Warcraft and click the 'Change Realm' button at the top right of the menu and see what type of population you're realm is.

So what does this mean these different realm populations mean for me as a (starting) gold maker?
Well there are some differences;

  • Low pop = higher gold amounts in sales, lesser competition, easy market controls, slower sales.
  • Mid pop = decent gold amounts in sales, decent competition, some markets are easier to control then others, decent sale rates.
  • High pop = lower gold amounts in sales, lots of competition, no easy markets to control, decent/higher sale rate.

Keep in mind that at moment I'm writing this post, Legion has come to an end and things may not work as well as normal until Battle for Azeroth releases (14-08-2018).
What kind of realm you pick if you want to start fresh is up to you, but I would recommend a low or mid pop realm to learn the ropes of gold making.

Now comes the next step and that is picking the gold making way.
You may have seen or heard about farming materials or transmog and you can make this much gold, but like a said before, 'no realm is the same' so don't get fooled by that.
Don't start your gold making with transmog, you're gonna be disappointed with all the time and effort you're gonna put into and get slow results. I know it's tempting to see those high value transmogs but if it doesn't sell then you will still have nothing. Maybe you make 5k-10k gold a day and maybe you get sometimes a nice sale, but gold making isn't and doesn't have to be a waiting game.

"A sale isn't depending on value or rarity, it's depended on need. If you need food to eat, then you're not gonna buy a dress"

Same counts for farming materials. You're putting a lot of time in the hope you will sell it all for a good price as fast as possible. The problem with farming is that most items farmed are the items best sold on the auction house. Every post of material will lower the value of the material you want to sell. Why? Well you didn't farm for two hours just to post materials and not sell them, you want to increase the possibility of selling so you have to undercut the others. But you're not the only one selling farmed materials so there is a big chance you will be undercut as well, and the list of materials keeps on growing and growing. Most of the needed materials are on the auction house in overflow, this causes the value to drop because the amount of buyers isn't equal to the amount that's posted.

Now you can craft with your farmed materials but that still means that the value of materials on the auction house won't go up in value and the lower value a material has, the lower a crafted item is in value. That's how economics work in IRL and in WoW.

"Less is more"

Buying and crafting is the medicine for a good and profitable WoW economy's and here is why:
  • You craft what's needed, with farming you are still depended on what your getting
  • Buying materials will get the value up and so will you're profit in crafted items
  • You can buy and craft in 15 minutes a 100 times more value then farmers do farm in two hours
  • Crafted items are end products and most players in WoW need those items. They don't care or want to craft it themselves.
  • There are less crafted items on the auction house then materials to craft with
  • Crafting creates profit
  • Buying and crafting takes less time, so more time to do other fun things in WoW
  • The big rich gold makers are crafters because they can create faster value then farmers

There are some rules for crafting:
  • Don't craft if there isn't any profit to be made
  • Don't craft a item if it's not needed or wanted
  • Search for a market where you have the biggest chance of selling and making a decent profit
  • Sell items like consumables in stacks that people want and don't post as much as possible
  • Don't always undercut, if a raider needs five flasks, he will probably buy the first stack of five he can find. Loads of them don't use a addon to buy, they just want it easy and fast whatever the price may be. Selling isn't a racing game, so overcut when you can
  • If a item won't sell, move on to another craft
  • Expanding you're crafting possibilities increases you're gold income, the more more professions the more you can do.
  • Only craft new items when it's needed, otherwise you may run out of materials that you actual need in some other craft.

    I only recommend to farm materials yourself if they are to expansive for making a decent profit or out of stock.
    But just think, would a person rather buy a full working car or spend time and effort to buy all the car parts to assemble it themselves?

    Flipping is also very lucrative market. Flipping is when you buy cheap and sell high. If you can analyse the market and know what the prices do then I would absolutely recommend it. Most of the flippers are TSM users (auction house addon), this is because you can snipe for cheap items the moment they are posted on the auction house and resell it for more. I would recommend to get some capital first and get to know and understand the gold making markets before you get started with flipping. It can be tricky if you don't know what you are doing.

    Learning and analyzing your market isn't done over night. You have to find the information and know how to work with it and that does take sometime.

    Just to get things strait. I'm not saying don't farm materials or transmog. I'm recommending the use the auction house for buying, materials and craft with them. But do what ever you want to do.

    Now there is a of information to be found on making gold. Here are some recommendations.

    • SamadanPlaysWoW If you are a starter in gold making or want to change it up, then I recommend to follow him on Twitch. He is also making gold step by step and very chill stream to start learning.
    • GumdropsTSM If you're stuck on making gold or want to get more out of TSM, then this is the spot to go too.
    • BregVids You can get some handy gold making tips from Breg, there is always something to discover on making gold on his YouTube channel.
    Communities and resources:
    Now there is way more to talk about but to put it all into one post is gonna be a lot (already is).
    On my blog there more information to be found about gold making and more will come. If you want to stay up-to-date with new posts, then I would suggest to follow me on Twitter Dipping Into Gold.

    I hope this post is and has been useful for you to get a good start in making gold.
    Greetings, Jack the Dipper

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