Making gold with concrete examples

[Deleted]

I have zero idea of how to make gold with professions. What I need to read and where can I find such info? For an example I can create gems from recipes bought from npc and discover new rare recipes from daily profession research but here comes the problem: Reagents for gems cost as much as the gem itself and I have to sell it under that price to get it sold.

Where is the profit?

People always say "make your research, learn to ah" but what does that mean? I dont think "playing ah" is anything else than selling cheaper than competitors.

[ablib]

I already know where this is going. You're poor in game, and frustrated by it. You're poor for a reason though. Because you don't want to put in the effort to make gold, let alone learn to make gold.

These threads are never productive.

Get the tradeskillmaster addon, and an AH addon (Auctioneer is best, no matter what the baddies say), and read http://wow.joystiq.com/category/gold-capped/

You also need to have a basic understand of finance and economics to be successful. I have a degree in Business. This has helped me immensely.

[Mhyroth]

All I can say is; what do people need to raid/pvp, vanity ? Look what your profession can do with it, see how much mats cost, craft it, sell it for a profit.
If you don't even want to put in the effort to read your professions tab, sory but for me you don't need "clear examples" then.
BUT since I don't want to be too harsh, else people will call me a lot of things which I'm not;
I'll make it easy for you:
If you PvE and Raid; you get gear, you want to perform better so what do you do to get the best out of your gear ? enchant/gem it !
You want to perform at your best, get the most stats, benefits as possible: get food, flasks, potions !
You Pvp a lot: same as PvE above, execluding the potions maybe ?
You level a new character and want to have fancy spells: make glyphs !
You want your character to look badass and have a certain theme: transmog. (harder market so better stay away since you need common sense AND no guide can teach you how to set it up properly. People will tell there are guides and give easy ways to do it, but if you want to maximize profits and stand out, no guide can teach you that.

I can sum up 100 more lines of text with "examples" or ways to make gold. Please open your eyes, think for 5 seconds and you will know what to do..
And if you lack gold to get a profession maxed: go farm for 2-3h then you'll have enough gold to max it out and start earning cash.
Don't expect things to come for you, go for them yourself !

[Deleted]

Gold capped had some good advices on selling points, but I dont really understand how to make profit outside of finding cheap reagents to craft. Since all reagents cost the same amount as the end product and there arent that many "cheap" reagents, I dont understand how to make profit.

[Deleted]

I already know where this is going. You're poor in game, and frustrated by it. You're poor for a reason though. Because you don't want to put in the effort to make gold, let alone learn to make gold.

This. Stop being lazy its not hard to make gold, just takes time and not much of that either once you're set up.

[Alroxas]

I have zero idea of how to make gold with professions. What I need to read and where can I find such info? For an example I can create gems from recipes bought from npc and discover new rare recipes from daily profession research but here comes the problem: Reagents for gems cost as much as the gem itself and I have to sell it under that price to get it sold.

"Reagents for gems cost as much as the gem itself" - Not true. You could always mine the ore, then prospect it at 0 gold cost (or very little gold cost if you are using your farm). Granted this is NOT at a 0 time cost. Alternatively, you could buy the ore from the AH then prospect which will save you time but cost even more gold.

Add in an alchemist (with transmute mastery) and you can convert the prospected uncommon quality gems to rare quality gems (and because of transmute mastery, you might get extras) with the usage of Golden Lotus (Lotii or Lotuses??).

As for research, let me see, sure we have the Gold Capped series from WoW Insider, but there's also numerous guides on wowhead as well (be wary of the potion of luck stuff). But let's scale back a bit more, how about the all powerful Google search? Surely you must have thought, why don't I google "how to make gold in WoW" and see what I kind of results I can get?

Regardless, moving onwards, you'll definitely want some sort of auction add-on of some sort to help keep track of prices/auctions/etc. and there are several out there. (Hint: Curse and WoWInterface has addons!)

Some are easier to use than others but when in doubt, use the Google. It may lead you to youtube videos which can not just tell you but show you how to use these add-ons.

Alternatively, you can use a spreadsheet (excel, or good ol' pen and paper) to track your progress.

Finally, remember as the Goblin's say "Time is Money!" and if it was easy to make gold in WoW, then a) everyone would already be sitting on a few million gold, b) nobody would sell gold (looking at you, gold farmers) because it was too plentiful, and everything would be super expensive because gold is common.

[Deleted]

Gold capped had some good advices on selling points, but I dont really understand how to make profit outside of finding cheap reagents to craft. Since all reagents cost the same amount as the end product and there arent that many "cheap" reagents, I dont understand how to make profit.

Agree with most of the advice on this thread. You understand the basics partly. Its simply a matter of finding what people want to buy, selling it at a price cheaper than others, but at a price thats also buyers will pay. Udentifying there is profit in sych a transaction = gold. Rinse and repeat.

what the first poster said is true. Players who want surefireways can best help themselves by 1. researching/reading forums etc because the techniques are explained repeatedly and they are just basic economics. 2 Equally important element is you have to put the time in to sell stuff. In many cases you cna sell soemthing for more than the reagent costs understand which items are in demand and why.

Do realise this is the absolute worst time to make money on the ah as its summer and end of expansion means demand is very low. As said above the alternative to buying mats from the ah is to go and get them yourself.

[Deleted]

I think I could make gold cap during first 1-2 weeks of expansion from mining and darkmoon faire for the 1-2 month.

[Balazaar]

Here is a tip very few mention when selling current expansion materials. Say you have some ghost iron to sell. You go to the AH and see the lowest price for a stack is 20 gold (or some low price well under what it should be). You do NOT have to undercut the lowest price in the AH to sell your mats. Prices fluctuate and current mats tend to turn over quickly. So if you don't want to sell your mats super low, just price them a bit higher but keep it reasonable.

It will take a bit longer for your mats to sell, but they probably will once the mats that are too low priced sell (and those under-priced will sell out quickly). I do this all the time when the market is too low. Sometimes my mats won't sell on the first listing but as I said prices fluctuate and they will sell, eventually, as long as you price your stuff reasonably.

Another tip ... look through the AH for lower level mats with very few or none for sale and farm those. People need low level mats to raise professions. This can be quite profitable. I farmed embersilk for awhile and made quite a bit of gold.

Get the AH addon, that can't be stressed enough. Do scans and get a price database built up. Loot everything, mine and herb everything. Use your price info and sell everything you can in the AH. Always check prices for disenchanted mats.

It takes some effort to make gold but once you're up and running it isn't that hard. This is advice from a player just under gold cap.

[Deleted]

I think I could make gold cap during first 1-2 weeks of expansion from mining and darkmoon faire for the 1-2 month.

For someone who doesnt understand the ah, then explain how you will do this?

[Hyve]

Just sell whatever junk you find in your bags. You'd be surprised, even basic cooking materials still sell fairly well if you have enough of them.

Doing your dailies, the odd Heroic Dungeon & LFR will give you enough junk to scrap, disenchant and sell to make a nice little sum each week, but as others have said here, if you really want to start earning serious cash you need to work it just as much as you would any other part of the game, PvE or PvP. It takes time, a lot of losses and a few wins to start understanding how it all works.

[Nayami]

If you do LFR a lot, you'll have a lot of Harmony which you can use to sell Golden Lotus.

And for professions the easiest I found is Ore Shuffling via Jewelcrafting

Just level jewelcrafting (and learn recipes) then you buy around 20 stacks of Ghost Iron Ore and just Prospect all of it, and cut the gems that are the most valuable and resell them.

[Christan]

ehh...take an enchanter into strath or the ICC 5mans(shatter the crystals from icc)
farm barons mount, DE stuff, sell cloth, hope out on mammoth mount to vendor / repair the grey items, reset go back in

clear more of it so you don't hit your instance cap if need be.

sell dusts/cloth on AH
(if going into ICC 5mans, chanter/tailor is the best combo, pit of sauron can be finished very fast, but do each of them on heroic each day for a chance at the hilt)
also in pit of sauron...don't fight the freaking dragons...undispellable debuff that does %hp damage...it REALLLLY hurts, i'd run on my nelf DK, run to first boss Smeld drop combat, kill boss, run to second boss----(on heroic i'd kill everything except dragons ofc)
hilt sells really well, cloth sells well, chanting mats...differ by server... can also fly around blasted lands, killing rare spawns for draemyst orbs+greens to DE, keep rares and any greens that look nice for xmog...

farm leather, sell leather...there are a few good places...CoT dark portal(with a tank gather up the entire instance worth of skinnable stuffs)....the spiders or crocs in cata pvp area...forget name atm...(skinner/herb works wonders there)

the best way to make gold i've found is to farm old-content mats... dusts leathers cloth etc from previous expansions, people buy that stuff like crazy leveling alts.
just check prices on all the ores(more reliable) and herbs(less reliable since there are so many different types in a zone)

mainly it's selling old content mats that make the most vs time investment (yes you can make tons flipping things on the AH, sitting there for hours n days, but i like to actually go kill stuff)

[twiddler]

Assuming you have some liquid assets, I would look into price cycles which are reflective of supply and demand. To make it easier for you, generally, prices tend to peak on Wednesdays while they typically plummet during the weekends with off-hours providing the lowest of prices. Though I have not played the game in a very long time, this always and should always hold true considering the fluctuation of play times of most players. What is very important to understand is that on Tuesdays/Wednesdays, resets tend to cause an imbalance between supply and demand whereas demand is greater than supply thus leading to higher prices. You should be able to take this and apply it to other times in the game such as earlier phases of expansions in which goods and commodities are significantly out of equilibrium but of course, this may make a hit in your personal enjoyment and progression.

At this stage of the game, I would definitely hold onto your resources and dump them in the next expansion since there will be less producers/suppliers than now. Just remember that when attempting to be an AH trader, you have to defeat a 5%-15% spread so invest appropriately.

[Deleted]

hes gone from not knowing anything about making money to being gold capped within a few weeks. All the suggestions are viable, but will he put the effort in to learn and then apply what he has learned?

[Debased]

I already know where this is going. You're poor in game, and frustrated by it. You're poor for a reason though. Because you don't want to put in the effort to make gold, let alone learn to make gold.

These threads are never productive.

Get the tradeskillmaster addon, and an AH addon (Auctioneer is best, no matter what the baddies say), and read http://wow.joystiq.com/category/gold-capped/

You also need to have a basic understand of finance and economics to be successful. I have a degree in Business. This has helped me immensely.

Don't bother with Auctioneer it's bloatted and can only do a fraction of what TSM can. Download Auctionator, TSM should be doing your heavy lifting.

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I think I could make gold cap during first 1-2 weeks of expansion from mining and darkmoon faire for the 1-2 month.

That's useful. JK. It takes have a brain to make a killing at the beginning of any expansion, keeping it going is the difficult part.

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I would like to add these threads are pointless. Nobody in their right mind will take you exactly how to step by step make gold. They may give you general theories but in the end you're the competition.

[twiddler]

I would like to add these threads are pointless. Nobody in their right mind will take you exactly how to step by step make gold. They may give you general theories but in the end you're the competition.

That is quite an assertion. If they are pointless, these general theories should not help people, should they?

This is also a common misconception among pessimists on finance forums like Elite Trader whereas it is believed that in no way does this benefit someone sharing their system. More people trading a similar position at a given price and time should indeed help the person who shared the system. Of course, people/institutions with more equity (including the person who shared the system) could, in theory, trade in the opposite direction and become the benefactor.

[Alroxas]

That is quite an assertion. If they are pointless, these general theories should not help people, should they?

This is also a common misconception among pessimists on finance forums like Elite Trader...

How is it a misconception? If I equip/train another player to become a trader who competes for the same number of sellers that I am, then I have created competition. The only benefit is to the buyers who now have more sources to purchase wares from.

General theory is best you'll get because there are so many variables to factor in. For instance, server market dynamics differ between say a high pop server vs a low pop server. Next, RP servers might see more business in xmog items than a non RP server. The best you can do is formulate general theories then collect enough data on your server to find a formula on which items to deal in.

Additionally, if you did write a guide for say Aerie Peak and it was very effective and detailed. Then other people on AE could adopt it and now they are your competitors unless you purposely wrote the guide so you could make a killing via exploiting established trade patterns (a la Trading Spaces).

[kansas311]

Level up alts to at least 80.

Have trans spec alchemy on them all.

Do the daily cooldown.

Make 1k+ a day in 5 min. Make a ton more if you farm your own mats.

[Deleted]

Level up alts to at least 80.

Have trans spec alchemy on them all.

Do the daily cooldown.

Make 1k+ a day in 5 min. Make a ton more if you farm your own mats.

Thanks. Will try.