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Meculus

Meculus

Elite
Joined
Sep 4, 2008
Posts
4,213
Location
Nevada, USA
Avatar Name
Blastoise Meculus Yarlboro
I'm quite new to EU, but figured I'd share a little of what I've learned with the other folks that have recently joined. I started out like everyone else "sweating" god that's boring, and after I had a few ped to work with started trading. Now even though I saw a whole world of opportunity here, and was tempted to deposit so I'd have more funds to buy and sell, I figured I'd wait until I had a better understanding. The long hard road turning sweat into a good sum of money has a lot of educational value. I've made some ped and lost some ped during my short ongoing experience, but doing it on such a small level is a much better way to learn from your mistakes, and not get pissed by blowing a bunch of money when you don't have a basic understanding of what your doing. Long story short: be patient, learn from your mistakes, and have fun. I guess fortunately for me, the whole math end of things is actually fun, so trading is quite entertaining.

I've been in EU for about 4 weeks, turned my first 1k sweat into 250 PED not including what i've spent on skilling, mostly hunting and mining to get my skills up. My basic system may be helpful to the other noobs around: sweat until your sick of it take your PED and and buy up whatever you can get your hands on that you think you can make 20% on, where this will probobly take multiple trades, since a 20% profit on one trade isn't an easy thing to come by, it wil show you quite a bit of how the street trade works. Then once you hit your 20% after X amount of trading, spend 10% on hunting,mining, I dont recommend crafting for new folks, can get expensive, but gl if you try :) then repeat the process. this will allow a slow but steady increase in your ped count and allow you to enjoy the other aspects of the game. I do encourage depositing at some point, after all gotta do your part for MA, they give you a damn good game for free, show em a little love once in a while ;)
 
I agree that starting from the bottom and working your way up is a much better learning experience then just going straight to depositing. There is something to be said for melting through a calculator and crunching numbers, does build some character.

I suggest before you diversify too much in the items your selling, to pick items or a trade that interest you. Like being a weapons dealer, selling armors or selling matter. This will help you to get some bearing on specific markets; prices, specific items, trends, etc. It will help :) Tough to try and do too much at once, you will end up short selling your self ;)

GL :wtg:
 
Harvest said:
I agree that starting from the bottom and working your way up is a much better learning experience then just going straight to depositing. There is something to be said for melting through a calculator and crunching numbers, does build some character.

I suggest before you diversify too much in the items your selling, to pick items or a trade that interest you. Like being a weapons dealer, selling armors or selling matter. This will help you to get some bearing on specific markets; prices, specific items, trends, etc. It will help :) Tough to try and do too much at once, you will end up short selling your self ;)

GL :wtg:
Click to expand...

good advice, thanks for adding your input :)
 
Nice post +rep for it.
BTW hope you plan to clean up that dog shit i like to keep a clean yard.
oops to many rep outs catch you on the flip side:)
 
Meculus said:
I'm quite new to EU, but figured I'd share a little of what I've learned with the other folks that have recently joined. I started out like everyone else "sweating" god that's boring, and after I had a few ped to work with started trading. Now even though I saw a whole world of opportunity here, and was tempted to deposit so I'd have more funds to buy and sell, I figured I'd wait until I had a better understanding. The long hard road turning sweat into a good sum of money has a lot of educational value. I've made some ped and lost some ped during my short ongoing experience, but doing it on such a small level is a much better way to learn from your mistakes, and not get pissed by blowing a bunch of money when you don't have a basic understanding of what your doing. Long story short: be patient, learn from your mistakes, and have fun. I guess fortunately for me, the whole math end of things is actually fun, so trading is quite entertaining.

I've been in EU for about 4 weeks, turned my first 1k sweat into 250 PED not including what i've spent on skilling, mostly hunting and mining to get my skills up. My basic system may be helpful to the other noobs around: sweat until your sick of it take your PED and and buy up whatever you can get your hands on that you think you can make 20% on, where this will probobly take multiple trades, since a 20% profit on one trade isn't an easy thing to come by, it wil show you quite a bit of how the street trade works. Then once you hit your 20% after X amount of trading, spend 10% on hunting,mining, I dont recommend crafting for new folks, can get expensive, but gl if you try :) then repeat the process. this will allow a slow but steady increase in your ped count and allow you to enjoy the other aspects of the game. I do encourage depositing at some point, after all gotta do your part for MA, they give you a damn good game for free, show em a little love once in a while ;)
Click to expand...

nice thread mate.. very good advice.

i'll echo whats already been said.. best to specialize at the start of your carrier so that you're not spread to thin.
 
Vgood post,
+rep

GL in the future
 
Yes...

Yes, going with one profession is a good idea... but at the same time, it's good to have multiple professions over time, a little. I remember skilling and skilling when I first started on long blades... switched over the fists and my hp grew a few points in less than 2 days... so yes, skilling is good in one area but don't forget to at least work on maxing out ha on each weapon in the tt when you get around to it. Same with sib crafting and mining if you choose to go that route.
 
thanks everybody for adding more helpful tips in this thread, i also wanted to note that if anybody needs help or suggestion to feel free to PM me in game, our soc is recruiting too and can be very helpful to new comers:D
 
little bump in hopes this can help another wave of folks
 
Very good post and I hope it helps out fellow noobs like myself. I deposited and kinda wasted away tons of peds but it was a learning experience and now I know how stretch things between deposits and how to make my peds work for me. Good luck on your adventures!
 
Meculus said:
buy up whatever you can get your hands on that you think you can make 20% on, where this will probobly take multiple trades, since a 20% profit on one trade isn't an easy thing to come by, it wil show you quite a bit of how the street trade works. Then once you hit your 20% after X amount of trading, spend 10% on hunting,mining...
Click to expand...

Great post, but maybe I'm being a little dense. Are you saying to buy things you can get 20% markup on? Then spend half of your earnings on fun stuff?

I guess I'm getting hung up on the "20% profit" part, especially if it involves multiple trades. Can you give an example please? I learn much better when reading examples rather than straight-up theories. Thanks!
 
SparkyJordan said:
Great post, but maybe I'm being a little dense. Are you saying to buy things you can get 20% markup on? Then spend half of your earnings on fun stuff?

I guess I'm getting hung up on the "20% profit" part, especially if it involves multiple trades. Can you give an example please? I learn much better when reading examples rather than straight-up theories. Thanks!
Click to expand...

i think what he is saying is buy cheap sell high ...

example:
buy lotss of small amounts of iron at 116% and stack it and sell large sum for 120%

i think that might be the type of thing that he is trying to say...maybe im reading it wrong too donno :silly2:
 
listen to my man, he is a freakin wonder! Great you spread out your experience m8, +REP of course for this! C ya tonight :rolleyes:
 
SparkyJordan said:
Great post, but maybe I'm being a little dense. Are you saying to buy things you can get 20% markup on? Then spend half of your earnings on fun stuff?

I guess I'm getting hung up on the "20% profit" part, especially if it involves multiple trades. Can you give an example please? I learn much better when reading examples rather than straight-up theories. Thanks!
Click to expand...

sorry if i didnt explain myself clearly, let me give you an example, if you have 10 ped and you invest that into some item you plan on reselling, say you make .5 ped profit off your 10 ped investment. You now have 10.5 ped to reinvest into the next item you plan on trading. You would repeat this process until you had 12 ped total, giving you a 20% profit overall, before you go on your next hunting/mining trip, in which you would dedicate 1 ped in this instance, to that activity.

This is just how i choose to do it, and as of now, i pretty much only trade, but i figure im doing something right, because in 7 weeks now ive turned my original sweat into 750 ped. So i guess you can interpret that how you would like, gl all.
 
Ah now I understand what you are talking about, great post by the way!
 
Till I'm sick of sweating? I've been doing it for the past 3 weeks and still going strong lol
 
that day will come dae, that day will come ...
 
Bad pun par, but I'm known to be a very resistant man, hehe

In any case, I think saving up a bit more then just 10 PED might be a bit more optimal, if only to speed up the process of trading
 
Daemus said:
In any case, I think saving up a bit more then just 10 PED might be a bit more optimal, if only to speed up the process of trading
Click to expand...

You are quite correct that the more ped you have to start with the larger those %s will be. However, i was sick of sweating after 2k, and figured there had to be a better way. Thats where this all came together for me, i'd much wrather stand in town and trade than sweat, to each his own :)
 
god or lootius or who ever is in charge: I want disciples just like that? How hard can it be ;)
 
True enough, but if everyone was like him, then I doubt we would be talking about humans

In any case, he's quite a role model to aspiring players out there
 
little bumpage for the next wave of new folks
 
i started in pe for about two months doing this sort of street trading, it's quite rewarding and taught me that entropia was a place where one could make money and made me go on with my initial deposits.

you can do quite well if you are willing to stand around buying something for a decent street price and then sell that on for market value to a person using lots of lots and materials.

it's rewarding but ofc not much more interesting than sweating, but this sort of activity paid for the very first berys, daikibas and sabakamas i killed as a noob.

gratz for figuring something out that works for you and + rep for sharing the concept.
 
bump for another wave
 
Good general post, but a little vague. Buy low sell high is of course useful for noobs to hear, but that gives them only slightly more information than they had to start with. As a note on trading profits, you are not going to get 20% return on almost any noob item that you buy. Additionally buying low from other noobs(which is what you'll probably doing), can give you a bad rep.(aka people that try to buy sweat for 4 pecs and then sell it at 6 pecs per)

Agree with comments stated above, specialization is definitely a good idea, but be aware what that means. Specialization means that you focus on a couple of items to trade, and therefor provide a service.(Putting together large stacks) However that also means you have to find someone who wants these items, which can be quite difficult.

I will of course admit my post is a bit vague too, but you'll find this is the case for most traders giving out information. ;)

One final thing is to be aware of the opportunity cost of trading. If you spend 2 hours trading and only make a couple peds this time would have been better spent sweating. You can easily get 300+ sweat an hour, which will have been greater than the profit you could have made trading.
 
Heh, traders are about as forthcoming as miners when it comes to useful, detailed information. ;)
 
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