Can you make massive money through trading in EVE online?
The answer is a big yes.
If done correctly, trading is a lucrative profession where you can earn huge profit if done correctly. The ISK earning per hour is simply limitless, especially if you put all your efforts into it. And guess what, you can even continue earning profit even if you are away from the game. So set the trades up correctly, brew yourself a nice cup of coffee and enjoy the sceneries while you’re account is earning ISK.
Introduction to Trading
What exactly is trading?
Trading can be simply define as placing buy and sell orders on the market. You place a buy order for a popular product, have the order filled and sell the product at a higher price.
What skills do you need to be good at trading?
Just like everything else in EVE online, you need to pack yourself with these skills to be a successful trader:
- Accounting – Transaction tax is reduced by 10% per level
- Broker Relations – Cost of setting up market orders is reduced by 5% / level
- Contracting – the number of concurrent contracts is increased by 4 / level
- Day trading – Makes remote modification of buy and sell orders possible
- Margin Trading – percentage of ISK needed for buy order escrow is reduced by 25% / level
- Marketing – Allows remote selling of products
- Procurement – Allows placement of remote buy orders
- Retail – Allowed active orders is increased by 8 / level
- Trade – Allowed active orders is increased by 4 / level
- Tycoon – Allowed active orders is increased by 32 / level
- Visibility – Increases the range that buy orders can reach up to the whole region at level 5
- Wholesale – Allowed active orders is increased by 16 / level
How is Trading Done?
Below are the steps on how you do trading and start earning profits.
- Make Money to Start Trading With
The first thing that you need before you can start trading things is some money. Obviously, you need money to purchase things that you can resell. To acquire money, you can either do some mining or look for NPC agents and complete missions for them. You don’t need a huge amount of money to start. What you need is just the right amount to purchase a healthy amount of goodies that you can start your trading career with.
- Choose What to Purchase
Now that you have acquired some money, you can start purchasing things that you can use for trading. Don’t just buy anything that you want. You have to remember that whatever item you choose to trade; you would have to initially set up a buy order for that item. Set the buy price to an amount higher than all of the other buy prices in that region to attract a good buy order.
You also have to consider the range when you set up your buy order. If you don’t put restriction on the range, you may end up going all the way across the region to pick up what you purchase. Long trips with an empty cargo hold are an effective way of throwing your money away.
Also consider the item that you are about to purchase. They should be worth selling for you to gain profit. Choose an item whose highest buy price is lower than the lowest sell price. Selling the item higher than what you originally paid for it is the idea on how to gain profit.
Restricting your trading to one region may not be a good idea. Going around different region may score you an even more favorable profit margin.
- Time is Gold
You always hear this popular adage everywhere.
Well, this holds true also in EVE online. Time is essential. Time is money.
Say you chose an item where you think you can make a lot of profit on but then you have to travel several hours to sell the product. The value of the product is significantly lowered by the transit time.
You should not just pay attention to the profit but also the time that you entirely spent on the product. If you want to get the ISK per minute that you made a trading for that product, you have to calculate how many minutes you take from researching the product and selling it, then divide your profits by that number.
You find your success in the trading industry if you know how to increase that number consistently.
- Know the Market by Heart
What does it take to know the market?
You know how much a product is worth selling for, the number of buy/sell orders placed, and whether what’s the trend when it comes to profitable purchases, and so on. It takes a lot of experience and a several hours spent in research to really get to know the market.
You will find many NPC corporations that are consistently buying and selling various trade goodies. It’s your task to find out who buys and sells what.
You should also regularly check the Price History tab in the market to know the number of orders placed each day. You will see the buy and sell history of a particular item. You can use this data to choose what item to trade for. You won’t be able to make much money on items that have no regular buy and sell orders while you will have a hard time making a profit on an item that has a a large number of daily orders.
- Cargo Space
If you want to increase your profit per unit of time, it’s a wise idea to choose a cargo space that can hold a huge number of items. But you should not only take size into account when choosing your ship; you also need to consider its speed. You can still make a huge profit using a small ship over a huge industrial one if the smaller ship is faster and takes a shorter transit time.
In addition, don’t fly around with an empty cargo. If it’s already empty after you have sold your goods, buy something else to trade as soon as possible.
Click here for more helpful tips on how to play EVE online.