Trading 101: An Introduction to the BasicsPosted: 2010-11-08
Time brings change; careers and interests change over time in Eve as they do within all our lives.
I started my Eve career off mining in highsec, then lowsec, then mining in WH space. Later on I moved to nullsec and recently trading has peaked my interests. Below are some general tips that hopefully will spark your interest in trading or, if you are an already established trader, will help you refine your skills.
Blake’s Advice for Trading:
- Review the Ferengi Rules of Acquisition (yes, I have seen every episode of ST:TNG).
- Buy low, sell high.
- Find a market. This can be T1, T2, meta, fuel, PI, ships, etc within highsec, lowsec, a mission hub, a nullsec market (they do exist!). Recently, Chribba took sov in Providence to make 9UY4-H a open trading station.
- Get your Accounting and Broker Relations skills to IV to reduce taxes.
- Have some start-up capital, any amount will do. I started with 2 B.
- Watch the Market Forum on eveonline.com for anything written or commented by Akita T.
- Beware of advice on the Market forum due to people wishing to artificially inflate a product.
- It is not called Spreadsheets in Space for nothing, get Excel (or Open Office for you people) open and start your research.
- Use a program to track your profits. I use Eve Trader since it can aggregate multiple wallets and produce pretty graphs. The original project has been abandoned; however, due to the open source of the code, the project has been picked up and had been updated. Not all features work, but the core ones of aggregating multiple wallets and doing the math (sell – buy – taxes = profit) work. Updated project here.
- Minimize Jita local. It is terrible and will give you a headache.
- If you are wardc’d, use Red Frog Freight to move your goods around. It costs me around 5M to move up to 900,000 m3 13 jumps with a max of 1B collateral.
- Get at least two monitors. You will want to have your Jita/Amarr alt on one screen, your research, and your new market on the other screen.
So how am I doing?
I’ve been trading in a new market for the past 22 days and am averaging 62.4 M / day in profit.
Want to know more? Send me any amount of ISK and I will send you double back!