Post by JellyFisk on Oct 10, 2012 7:25:13 GMT -5
Hey fellas! I know all of you need money to level your skills in Runescape, or to acquire that sweet armor/weapon that's just out of reach.
However, it seems as many of you haven't tried out flipping/merching-methods because it seems difficult and you don't really know where to start.
Therefore I've decided to make it a little easier for you to enter the business, by patching together a few awesome guides and highlighting what you need to know.
Before we start, I advise you to have at least a few hundred thousands GP, or else the profits will be marginal, and you would earn more by doing boring tasks like running ess for RC'ers
If you don't have this kinda money yet, you could take a look at this great guide for ways to earn money :
forums.zybez.net/topic/1524841-tee-3s-versatile-money-making-guide/
First off, Id like to try explain what item-flipping is and why it is profitable.
Item-flipping basically means buying an item for the lowest possible price, and selling for the highest price anyone is willing to pay for it (within a short period of time).
For example, you could buy flax for 78GP each, and sell for 82 GP each (these prices are imaginative, and should not be used when you start flipping!) giving you a 4GP profit off of each flax. "4 GP?!?!" you say? Yeah, it might seem a little low. But remember, this is the profit you get from selling only 1!
When dealing in low-price items (like flax, runes, feathers etc) you usually buy and sell as many items as the buying-limits* allow you. In the example above, this limit would allow you to buy 25 000 flax every 4 hours. And when you sell 25 000 flax with a 4GP profit off of each, you earn 100 000GP from that single trade! Sounds more interesting now, huh?
*Buying-limit is the amount of a specific item you are allowed to buy in a 4-hour period. This limit may range from 1 to 25 000, and is dependent on what type of item it is. For a complete list of items with the coherent buying-limits, please follow the link below.
runescape.wikia.com/wiki/Grand_Exchange/Buying_limits
"Well that wasn't too hard" you might think, and guess what, you are right! Item-flipping follows a few basic principles which most of you should be able to understand. What people seem to be puzzled by, is what item to choose, how we manage to determine how much to pay for the items, and what price to sell them for. Allow me to answer those questions one at a time.
-Choosing an item:
The first thing you need to do when deciding to flip, is to choose an item to buy. When first starting out, my advice to you is to go with an item from the "most-traded" list located on the Grand-Exchange part of the Runescape site (Click the Link below)
(services.runescape.com/m=itemdb_rs/top100.ws?list=0&scale=0).
These items are bought and sold in large quantities, thus making them easy to acquire, as well as getting rid of. In this example, we are going to buy and sell coal!
A quick search on the G.E page tells me the coal-price is rising, something that I personally see as a good sign. Less of a risk for the price to crash (fall) while I'm AFK or away doing other stuff, not paying attention to the G.E.
- Finding the right selling price (yes, you do this BEFORE finding the buy price) :
I like to divide this part into three steps:
1: Finding the guide-price (this is done by going to the Grand Exchange,
click on "buy item", search for the item (coal in this example) and click on it.
Voila, the price that shows is your guide-price! In this example the coal guide-price was 233 GP
2: Increasing the buying price by 15-20%, and putting up a bid for 1 (ONE) item.
By doing this, we buy the item at the price our co-flippers are choosing to sell it for.
In the example, I increased the guide-price by 15%, and put in a 268GP bid for one coal.
3: The bid should be accepted immediately , and while collecting the item you should also notice what the actual price was. As seen on the example-picture, I had to pay 238GP for 1 coal, which I then consider to be my selling price! (This is the price the other flippers are selling their coal for, and we want to copy them!)
- Finding the right buying-price!
This is quite similar as finding the selling price. The difference, however, is that we're doing the procedure the opposite way!
We start out by putting our newly bought item out for sale. When creating the "auction", it will display the current guide-price
(just as it did earlier), but instead of increasing the price, we this time DECREASE it by 15-20%, selling that single item with a loss.
Don't worry, you'll earn it back!
Example-picture shows that I tried selling my 1 coal for 209 GP (while we know that the guide-price at the time was 233 GP!)
The item should sell immediately, and when collecting the money you see what it actually sold for, and now know what other flippers are buying their items for!
Once again we copy the other flippers, and use this as our buying price.
In the example, my coal sold for 236 GP, which I then of course used as my buy-price.
Now we've gone through how to choose an item, how to determine the buy- and selling-price. But does it actually work? Lets take a look on the end result of my coal-example:
As you can see, I bought 5k coal for 236 GP each, sold em for 238 GP each, and earned a whopping 10k gold! You could also notice that I only traded 5k coal. The trading limit for ores are currently 25 000, so if I had used the full limit, my profit would have been
25 000 * 2GP, giving me a nice 50k extra cash right in the money-pouch.
Well that's the basics! If you like to know more right away, and get some deeper knowledge of the arts, I advise you to go through this awesome-flipping guide:
forums.zybez.net/topic/1491445-flipping-with-free-trade-guide-to-millions/
Here, Compensate explains everything I've written above, as well as tons of other info that I highly recommend everyone to read when you start getting the hang of item-flipping!
also, here's a great replacement for the standard G.E site:
www.grandexchangecentral.com/index.php
Very useful when you start knowing what to look for in price drops/rises, trends over a year etc.
Hope this was helpful, and that you can use this information to become as loaded as Mr. Moneybags here!
If you have any constructive criticism, or good advice on the topic, please leave a reply and I'll try add it to the tutorial!
-Jelly
However, it seems as many of you haven't tried out flipping/merching-methods because it seems difficult and you don't really know where to start.
Therefore I've decided to make it a little easier for you to enter the business, by patching together a few awesome guides and highlighting what you need to know.
Before we start, I advise you to have at least a few hundred thousands GP, or else the profits will be marginal, and you would earn more by doing boring tasks like running ess for RC'ers
If you don't have this kinda money yet, you could take a look at this great guide for ways to earn money :
forums.zybez.net/topic/1524841-tee-3s-versatile-money-making-guide/
First off, Id like to try explain what item-flipping is and why it is profitable.
Item-flipping basically means buying an item for the lowest possible price, and selling for the highest price anyone is willing to pay for it (within a short period of time).
For example, you could buy flax for 78GP each, and sell for 82 GP each (these prices are imaginative, and should not be used when you start flipping!) giving you a 4GP profit off of each flax. "4 GP?!?!" you say? Yeah, it might seem a little low. But remember, this is the profit you get from selling only 1!
When dealing in low-price items (like flax, runes, feathers etc) you usually buy and sell as many items as the buying-limits* allow you. In the example above, this limit would allow you to buy 25 000 flax every 4 hours. And when you sell 25 000 flax with a 4GP profit off of each, you earn 100 000GP from that single trade! Sounds more interesting now, huh?
*Buying-limit is the amount of a specific item you are allowed to buy in a 4-hour period. This limit may range from 1 to 25 000, and is dependent on what type of item it is. For a complete list of items with the coherent buying-limits, please follow the link below.
runescape.wikia.com/wiki/Grand_Exchange/Buying_limits
"Well that wasn't too hard" you might think, and guess what, you are right! Item-flipping follows a few basic principles which most of you should be able to understand. What people seem to be puzzled by, is what item to choose, how we manage to determine how much to pay for the items, and what price to sell them for. Allow me to answer those questions one at a time.
-Choosing an item:
The first thing you need to do when deciding to flip, is to choose an item to buy. When first starting out, my advice to you is to go with an item from the "most-traded" list located on the Grand-Exchange part of the Runescape site (Click the Link below)
(services.runescape.com/m=itemdb_rs/top100.ws?list=0&scale=0).
These items are bought and sold in large quantities, thus making them easy to acquire, as well as getting rid of. In this example, we are going to buy and sell coal!
A quick search on the G.E page tells me the coal-price is rising, something that I personally see as a good sign. Less of a risk for the price to crash (fall) while I'm AFK or away doing other stuff, not paying attention to the G.E.
- Finding the right selling price (yes, you do this BEFORE finding the buy price) :
I like to divide this part into three steps:
1: Finding the guide-price (this is done by going to the Grand Exchange,
click on "buy item", search for the item (coal in this example) and click on it.
Voila, the price that shows is your guide-price! In this example the coal guide-price was 233 GP
2: Increasing the buying price by 15-20%, and putting up a bid for 1 (ONE) item.
By doing this, we buy the item at the price our co-flippers are choosing to sell it for.
In the example, I increased the guide-price by 15%, and put in a 268GP bid for one coal.
3: The bid should be accepted immediately , and while collecting the item you should also notice what the actual price was. As seen on the example-picture, I had to pay 238GP for 1 coal, which I then consider to be my selling price! (This is the price the other flippers are selling their coal for, and we want to copy them!)
- Finding the right buying-price!
This is quite similar as finding the selling price. The difference, however, is that we're doing the procedure the opposite way!
We start out by putting our newly bought item out for sale. When creating the "auction", it will display the current guide-price
(just as it did earlier), but instead of increasing the price, we this time DECREASE it by 15-20%, selling that single item with a loss.
Don't worry, you'll earn it back!
Example-picture shows that I tried selling my 1 coal for 209 GP (while we know that the guide-price at the time was 233 GP!)
The item should sell immediately, and when collecting the money you see what it actually sold for, and now know what other flippers are buying their items for!
Once again we copy the other flippers, and use this as our buying price.
In the example, my coal sold for 236 GP, which I then of course used as my buy-price.
Now we've gone through how to choose an item, how to determine the buy- and selling-price. But does it actually work? Lets take a look on the end result of my coal-example:
As you can see, I bought 5k coal for 236 GP each, sold em for 238 GP each, and earned a whopping 10k gold! You could also notice that I only traded 5k coal. The trading limit for ores are currently 25 000, so if I had used the full limit, my profit would have been
25 000 * 2GP, giving me a nice 50k extra cash right in the money-pouch.
Well that's the basics! If you like to know more right away, and get some deeper knowledge of the arts, I advise you to go through this awesome-flipping guide:
forums.zybez.net/topic/1491445-flipping-with-free-trade-guide-to-millions/
Here, Compensate explains everything I've written above, as well as tons of other info that I highly recommend everyone to read when you start getting the hang of item-flipping!
also, here's a great replacement for the standard G.E site:
www.grandexchangecentral.com/index.php
Very useful when you start knowing what to look for in price drops/rises, trends over a year etc.
Hope this was helpful, and that you can use this information to become as loaded as Mr. Moneybags here!
If you have any constructive criticism, or good advice on the topic, please leave a reply and I'll try add it to the tutorial!
-Jelly
