This post is written in part to participate in the Blogging Carnival hosted this month once again by Marcko over at JMTC. I would like to express my appreciation for once again opening his doors to the Gold Blogging community.
It's all about the game plan. There are a lot of facets to the question about my particular Gold Making Strategy for Cataclysm. Cataclysm is a vast expansion. To be able to sum up my entire Strategy in one post just isn't possible. In this post, I'm going to go over my first weeks plan then I'll be going over some major aspects which can be applied to any perspective gold maker.
My number one priority for launch is Realm first 525 fishing. I have the patients, it's just all about the speed. The opportunity cost of spending my first 4 hours in the game fishing I would estimate at about 40,000g. A quality farmer with quality planning and preparation should be able to draw in 10k an hour during these first few hours. Sure this depends on your server and if the wealth is there, but 40,000g pales in comparison to the total amount of gold to be made during the first week.
Once realm first has been awarded for fishing, I will move on to farming. This will be in place for the entire first week. Now, here is a part where some folks may disagree with me. I'm only farming one skill. Mining. Why? Well, mostly because I'm not dropping Jewel Crafting to pick up herbalism on my main toon. However, there are a few other reasons that play a role here. Focused Intensity. Knowing my farming route and being able to execute quickly while not dying is key to success. It will be much more productive for me to focus solely on mining rather then doing a mediocre job combining both mining and herbalism. Moreover, I feel that mining fuels a much higher profession hierarchy then herbalism. This will, in-turn, make mining more profitable for me during the first week.
After the first week is over my game time will go back to normal. From this point on farming will still probably remain the most active part of game time for me. As prices decline, I will once again get back into the auction house. I'll wait to find out which items are trending and fight my way back into the markets in which I feel comfortable.
For the rest of the expansion, I will be playing the markets with these three ideas in mind. Any auctioneer from novice to tycoon can put these ideas into practice and be successful with them.
This is the way I engage with the Auction House on a daily basis. One of the things you hear a lot of people say in the Gold Blogging community is that diversification is the number one key to success. This is true in most aspects, however I like to be a little more cautious. I practice safe diversification. Basically what I'm doing is diversifying, but not over extending myself. I don't go into a new market on a whim. If I don't know enough to be profitable, I don't open myself up to get burnt by a more in-tune player. I focus on markets that work. This allows me to be more profitable.
This is something that some people are very uneasy with at this point in the game. You see many people stockpiling. Investing nearly all of their gold in things that may or may not rise in prices. Don't get me wrong, you should be stockpiling. I know I am. But only to a certain degree. People are stockpiling for one reason. It's not profit either. It's to battle inflation. Inflation is going to happen. A large majority of players have stashed away more gold then ever over the last year of WoTLK. Players will be willing to spend more gold then ever in Cataclysm. The prices in commodities will rise. People are stockpiling to make sure their gold keeps up with the inflation rate. It's a good strategy, but this expansion offers so many changes I'm a little uneasy in dumping it all into goods. I'm still trying to keep a large majority of my capital in liquid form. Why? It allows me to be more flexible.
While I preach safe diversification, I still have to be able to ride the waves of change. An auctioneer who can adapt and be ready for new challenges when they present themselves is a successful auctioneer. An auctioneer who doesn't like change and fails to embrace it is a stagnant auctioneer. If you're unable to be flexible with your investment strategies because all of your assets are tied up in goods you will surely miss profitable opportunities. Always be cautious with new investments, but there is no reward without risk. Remaining flexible in the ways you can make your gold work for you is paramount to being successful.
That's what I'm doing. My first week is planned out. I'll be off work, playing like crazy, and consuming caffeine like they are never going to make it again. Sure it's completely unhealthy, but this one week binge will net me a huge reward. From that point on it's all about staying light on my feet and ready to ride the new waves to success. No one knows what Cataclysm holds, but going in with a game plan will make everything easier.