Monday, April 15, 2013

Week 1 Recap


So the end of my first week as a Gold Blogger has come to an end. I thought I would take a minute and go over some of this week's highlights in gold making and what I have learned.

First, I am happy to say that Jim Younkin of Powerwordgold.net has invited me to be his co-host on the Powerword: Gold Podcast. I was very excited and honored and have accepted the role. Jim's podcast was the first podcast I ever listened to and it got me more into not only gold making but the podcast community. I now enjoy many great World of Warcraft podcasts every week and enjoy talking to those that put on these wonderful shows. So thank you Jim for having me and thank you to the community for being so great!

Now, on to the meat! One thing I started doing this week was tracking my daily gold totals and posting it on my blog. I got this idea from Wowprofitz of wowprofitz.com blog. This is a fun way to see how I am doing on a daily and weekly basis. Its also allowing me to see how much I am grossing on a day and how much I net. Moving forward I am going to start a spread sheet that each day I will enter my gross sales, net profit, and large purchases in. I will make the spreed sheet viewable on my site as well so you can see all my income over the long haul and what I am spending my money on.

Moving onto markets I have learned a few things as well. First, my 77-80.83-84 green sales have been down lately. I lowered my prices a bit this weekend and I saw at least a small increase in sales. I will see how this plays out over the course of the week. It is possible that I am not controlling the market like i used to either. I have not been purchasing as much in the way of greens so maybe the cheap stuff is being bought up and my stuff is rotting on the shelf. I plan to break down my green sales in more depth and see if I can find some patterns in what is and is not selling and make some adjustments. This market is one of my favorites and I refuse to believe it is dead.

Blacksmithing remains my staple of gold making. As I learn more of the Crafted Dreadful patterns I am getting more sales. These items will easily sell at my fallback price of 950g. The only problem I am running into is people underpricing them as low as 125g. With ghost iron bars at 8g-10g each these days there is little to no profit to be made when this happens. Lucky for me I pay much less for my mats and can maintain a decent profit margin but I believe these people are falling victim to the mentality of "since I farmed the mats myself it didn't cost me anything".  Sadly this is not true as "time is money friend!"



Jewelcrafting is my newest market. I am still testing the waters and pricing based on market value rather then a set gold amount. The competition is not nearly as bad as I though it would be but of course there is at least one person who seems to "own" the market that I have to compete with. Still I am managing sales and getting a feel. I am still more focused on learning new cuts rather then posting gems but I am getting there. I do like it a lot though. I will have more to say on JC as time goes on and I find my footing in this market.

Last, I am now posting auctions on four characters. This is all well and good but can be bothersome. Also I don't like camping the AH when I could be playing. I do have a second account that is sitting there not doing much so I may combined all my auctions to one alt who I can park at the AH on one account while I enjoy the game on my other. If sales come in and I need to restock I can make the items and mail them out on the fly. Plus collecting at the end of the day will be easier.

So there you have it. My first week as a blogger and podcaster. Feel free to send me comments and feedback as I am always glad to hear from the community. Thanks all and keep the gold flowing!

-Erogroth

2 comments:

  1. hi erogroth, great job on your new blog. I could read gold blogs all day so I am glad new people came to the community.

    I noticed two things, you seem to have a good supply of ghost iron ore at low prices and you are new to JC.

    Have you expirment yet with ghost iron ore shuffle?
    use your JC to prospect ghost iron ore, you will get plenty of rare uncuts (sun's radiance, imperial, primordial) and then a whole bunch of the green pandarian gems, and the sparkling shards.

    So the rare uncuts are an immediate win, sell them uncut or cut based on market prices.

    All your sparkling shards now turn into serpent's eye, so more free gems every day.

    Now with all your green gems, as long as the market value of the green gem + a golden lotus < the uncut value of the rare gem you can use an alchemist to transmute all of them. Typically all diamond's are good to go except river's heart which might run below the aforementioned breakeven point.

    What to do with river's heart? Well you can use these in your daily research. Once all the blue patterns are learned you can actually still use these for these research and then you learn one random cut of one of the remaining random colors.

    It truly is fun and you look at turning ghost iron ore into 2x,3x,4x,5x profit or more.

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  2. Hi Michael,

    Thanks for reading. Its good to know people are seeing what I put out. I have been doing the shuffle as well. It is keeping my enchanter stocked and the blues have been selling. I had been given the tip on cutting perfects as well and had been trying that out as there are a lot of the jewelry so it helps to break up the items I am selling into different markets. I have actually written two posts on this. The First can be found here: http://hatchery.powerwordgold.net/2013/02/making-gold-without-every-profession.html which was my very first post ever. This one is not on my blog yet. I just need to take the time to bring it over. The second I did just last week and can be found here: http://getrichwow.blogspot.com/2013/04/starting-out-in-jewelcrafting.html.

    I do have the serpent's eye pattern and do that every day. I have been getting some golden lotus from my farm but I rather get motes of harmony as my Blacksmith weapons sell well and for high margin. I keep a dealfinding list running for golden lotus and when it gets to the point I am willing to pay I scoop it up. I have guildies that can transmute for me but my JC is leveling Alchemy now as well so I will have that going for me soon.

    I did not know that if you do a research on a color that you have already unlocked all the cuts for you would get a random one from another color! That is really cool and good to know. Thank you!

    Again, Thank you for your comments and feed back. Please keep reading and check out the Powerword: Gold podcast which I am now the co-host of.

    Keep the gold flowing
    -Erogroth

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