It’s easy to think of gold making as a collection of Tips and Tricks. As a treasure map set before you with a big red X that says go here, farm this. If that is what you are looking for there are several posts around you should enjoy. However if you want to meet your true potential, you need to understand the market. It is a living, breathing entity, Or rather several entities. I hear from people all the time that tips don’t work for them on their server and it’s true. Take a look at my post on farming in Eastern plaguelands as an example. It’s a huge gold maker on my server and a look at the Undermine Journal will show you about 50% of the servers out there show prices like mine. The other 50% however have prices as low as 1/10th what I see. The truth is the populations, demand and yes exploitation of the markets by greedy underhanded gold moguls like us has a great deal to do with price. So take a look at your server and see where your markets stand and heed the wise tips below!
“What's worth doing is worth doing for money.”
Crafting is one of the stables of the wow economy. Diversify your skills. Get a character to to top skill levels on as many professions as you can. Don’t neglect the free skills like cooking and fishing. They may be boring but they have great profit potential. The more you know about these professions the more you will be able to pick out the mat markets that drive these and get a better understanding of why what items are selling.
“I don't throw darts at a board. I bet on sure things”
You don’t want to just take guesses in WoW. You want to find constant sources of income. You will find your own niches and you will find your stable markets
“Blue horseshoe loves BlueStar Airline”
If recent events are any indication, all information you receive is not to be taken as gospel. A large chunk of the gold community ran out and snached up loads of eternals and Frozen orbs in preparation of the Gem transmutes being taken away. This did not happen and was originally a tip pulled from datamining, and a few of us got stuck in the mine.
“We're all just one trade away from humility.”
You will make mistakes. It’s the nature of the game, the only hope is they are not HUGE mistakes. The best way to avoid this is simply to Diversity. Don’t put all your eggs in one basket. Spread them out and you should have great success in spite of your mistakes.
“If you need a friend. Get a dog..”
You will not be loved by everyone, In fact you will have several people that utterly hate and despise you. I’ve probably received 20 mails from various people either yelling about being undercut, complaining that I am pushing them out of a market, or accusing me of price gouging people. Also the thought that you are going to be well loved by the people that know of your wealth you are more than likely mistaken. You’ll be accused of buying your gold and for the most part a lot of people are going to resent you. Envy is an ugly emotion…… ohhh by the way speaking of pets did I mention this is a good market?
“The point is ladies and gentlemen that greed, for lack of a better word, is good. Greed works.”
Enough is never Enough….. there is always more so go out there and make your way in the World (of Warcraft)