Tuesday, October 26, 2010

So two guys sit down at a bar....


This month the JMTC Blogging carnival is about "Mistakes You've Learned From While Playing the AH".
I have given this subject a lot of thought, I've considered telling a story about the time I confused a Black Tabby with one of the Siamese Cats and sold it for 15g instead of the 1000g it was worth. I've considered telling about the several times I've tried to Corner a market by buying all of an available stock and re-listing at a profit (this almost never works) only to realize I had neither the time nor the will to maintain a market and ended up loosing hundreds of gold. I could even bring up the recent mistake that most of the gold blogging community had made with Buying up mats for a cooldown removal that never happenend!

Instead I have decided to supply you with a different story.

There are two guys sitting in a bar at the top of the Empire State Building. The first guy has black hair, and the second is a blond. They sit there, drinking their booze, when all of a sudden the black haired guy looks over at the blond and says "Hey man!, Want to see something amazing?". The blond guy looks up from his drink and responds with a "Sure man". So the black haired gentleman walks over to the window, throws it open and steps outside. To the blond guys amazingment instead of falling to his death, he just seems to float there he then steps back in through the window and continues drinking. The blond is amazed by this and says "MY GOD MAN!!!! How did you do that?"; "Easy" says the black haired man "At this height the wind is blowing so hard against the building that the force will hold you there and you won't fall.". The blond man says "I have to try that!" and runs over to the window, throws it open and steps outside. He plummets the full length of the building only to splatter on the sidewalk below. The bartender looks up from his paper at the black haired gentleman and says "You know, you're a real @$$ when you're drunk Superman!"

Now you might be asking yourself what this has to do with gold making. In truth, there is quite a bit to draw from. I have found a lot of the people that come to our blogs are new to gold making and trying to find a way to get ahead, buy their epic flying, or just wanting to build a nice nest egg for Cataclysm.

Yet most of us (the gold blogging community) are rather well established. We have large sums of gold to waste, and although often we are giving you great tips there are times that these tips are also speculation and are not always sure fire ways to make you gold.. Our goal for us is to make you rich (just not as rich as us). Sometimes, however, you need to take a closer look at what we are saying and make sure it's right for you. If we have a post that will require all of your capital, it would be a mistake to wager it against what we say as gospel. If you do not understand the market the tip comes from it might not be right for you. It may pay out big, but there is always the chance that you will lose everything. If we offer you a tip it is not guaranteed to work on your server (although the ideas themselves are normally very sound).

What we truly want is for you to keep the gold you have, to prevent you from making the mistakes that we have, and to help you work through the ones that you will make yourselves. We all learn from these mistakes, and these mistakes define us and make us better for it. So be careful of the advice you get from people you don't know. It may not always be in your best interest.

3 comments:

  1. Awesome tip, perhaps the best for the Carnival I have seen so far. If you are the upper class in gold making I guess I'm lower middle class. I am on my way to my first 100k, but like many others, have been burned with speculation.

    I have a hard and fast rule: I never risk more than 10% of my net worth. That includes my snatch list, materials for crafting, flipping, everything. If I lose 10% of my net worth it may take me a few days to recover, but it would not be devestating.

    My lesson came when I had 2k gold to my name and spent 1.5k gold on epic gems to flip. Sure, making 100g per gem looked great, but I didn't count on a) the highly competitive market; and b) the long post times to recover my investment. I ended up with no operational capital and an inventory I couldn't move.

    To this day, slot #1 in my AH toon's bags is a Bold Cardinal Ruby that I will never sell. Every time I open that bag it is a reminder to me of a mistake to avoid.

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  2. Good advice. Too many newcomers think the gold is easy.....gold is easy once you have knowledge. We got our gold by learning along the way. I really advise anyone who is thinking of speculating to be careful. For myself, I dont bother with it as I dont have any need to speculate. For the moment, glyphs are still just crazy gold.

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