Money, money, money. Like in many other MMOs, having and growing currency is paramount. In The Elder Scrolls Online, gold is your primary form of currency. Almost everything you buy in the game, involves the exchange of gold for goods. First and foremost, the best way to obtain a starting capital is by questing. You can easily accumulate a lot of gold by doing quests and side-quests. It is, however, not a necessity to have a starting capital because you can also decide to farm resources in the world from harvesting resource nodes. Selling resources via a Guild Trader is always a good way to get started with trading in ESO and make some cash but resource gathering also takes a lot of time. Resource gatheringBy far, selling resources is the most profitable way to make coin. You are trading time for in-game currency. You do not have the risks involved with procurement and making a wrong decision. There is always a need (market) for resources because many crafters do not want to spend their time gathering resources, and rather buy them straight from the market. In summary, resources are a low risk, low cost but time consuming method of making gold in ESO. The most desirable resources are CP150-160 materials, such as (in random order):
CraftingAnother profitable way of making gold in ESO, is crafting. Crafted items can be sold via Guild Traders and, generally speaking, have good margins. Crafting does not simply involve selling crafted items. Crafting also involves selling refined materials. For example, you can buy Rubedite Ore from other players and refine them into Rubedite Ingots and sell those to other players. Refining materials also randomly drops Tempers. Especially Legendary Tempers are valuable on the market, such as Tempering Alloy, Dreugh Wax, and Rosin. Crafting also gives access to deconstruction of items. Deconstructing items you collect through questing or dungeon delving or that you receive as rewards for PvP (Rewards for the Worthy), can be deconstructed for materials, including Tempers, Style materials, and Trait items. Some Style materials can sell for 300+ gold per piece and some Trait items can sell for 20.000+ such as Potent Nirncrux. Furthermore, Glyphs can also be deconstructed for Aspect, Essence, and Potency materials. Lastly, you can craft items and sell them on the market. The best craftable items to sell are consumables. Consumables are items that are one time use only. This means that after consumption, the item is gone forever and cannot be reused. For example, potions and poisons, foods and drinks, Glyphs, and crafted weapons and armor with 'unique' traits such as Nirnhoned. Please note that I did not include consumables such as recipes, motifs, and writs because, generally speaking, these cannot be crafted. What items should I craft and sell? Here are some options that, overall, sell often and with decent margins:
ResellingAnother option to make gold in ESO is by trading goods that other people put on for sale for a low price that can be resold for a higher price. In other words, you make use of market fluctuations. For example, every now and then, the prices for raw and refined materials deflate and inflate. To my experience, after a new DLC or Chapter has launched, prices for these materials tend to inflate and over time they deflate to a 'normalized' level. You could buy when the price is low and sell when the price is high. There is a lot of risk involved with this strategy because the price could also stay low or you could be buying at a high price when you are not aware of it. You could also check if people sell their items via Guild Traders for a discounted price. Some players list their items for a price that is far under the average selling price. Addons such as Master Merchant (MM) and Tamriel Trade Centre (TTC) can help you with that. If you spot an item at a Guild Trader that is way under price, you may want to buy it to resell it for an increased price. However, it is important to also take into account the selling frequency of such an item. Sometimes an item is simply put on the market at a low price because it doesn't sell. If you buy an item for what seems to be a great deal for reselling but the item doesn't sell, it can become a costly method. Meta itemsLastly, you can sell meta items. These are items that are part of the 'meta'. Every patch has its own meta. For example, in the current version of the game, the Inferno Staff of a Mother's Sorrow is very popular because of its critical rating benefits. The game has two meta's: a player versus environment meta, and a player versus player meta. Set items that are popular or hyped sell for inflated prices and more frequent than other set items. Obviously, these set items can only be sold if they are 'Bind on Equip' such as Overland set items. Setting your priceThe price depends highly on market mechanisms. If there is a high demand but low supply, prices generally inflate. When there is low demand and high supply, prices generally deflate. `Because the prices of items fluctuate over time, I will not provide you with a list of prices at which to sell your item at. My tactic is to underprice my items about 50 gold below my direct competitors in the Trading Guild. For example, if I see that person A sells a Truly Superb Glyph of Stamina for 2500 gold, I will list my item for 2450 gold. At some point, however, internal competition will drive prices below the procurement costs. Procurement involves the costs of purchasing (raw) materials to construct a Truly Superb Glyph of Stamina. At that point, you can choose to either go under the procurement cost and take a loss untill internal competition disappears because it is not profitable, or you stop selling the item yourself and look for alternatives. The former strategy is very costly however but it can create a temporal monopoly for you at your Trading Guild. Calculating profitsProfits are the most important metric when trading. Here are some formulae to help you find your profit and profit margin: REVENUE = Listing price * {1-([Listing price(0.01)]+[Listing price(0.07)])} A simplified version of this formula is: REVENUE = Listing price * .92 PROFIT = Revenue - Procurement costs The procurement costs is the sum of expenditure for buying resources, materials, and/or items. Some would call this the Costs of Goods Sold. PROFIT MARGIN (%) = (Revenue - Procurement costs)/Revenue If you want to sell based on a profit margin and want to know for how much you should list it, you have to reverse the formula for profit margin and correct for listing fee and house cut, which gives you the following formula: Listing price = {[( - Procurement costs) / (Profit margin decimal - 1)] / 92} * 100 For example, if you want to sell with a 20% profit margin for an item with a procurement cost of 20,000 gold, your imput would be: Listing price = {[( - 20,000) / (.20 - 1)] / 92} * 100 = 27,174 gold Learn from mistakesLearning from mistakes is important. So, here are some tips:
Some addons just impove visuals. Other addons simply make the game better. Here are five addons you should use to improve your experience in the Elder Scrolls Online. Featuring Action Duration Reminder, RaidNotifier, Shissu's Guild Tools, Inventory Insight and AwesomeGuildStore. 1: Action Duration Reminder - by cloudor You are a brave person and visit dungeons very often. No matter whether you are a Damage Dealer (DD), Healer or Tank: Action Duration Reminder is a must have addon for any ESO player. Action Duration Reminder does exactly what you expect it to do. It shows a numerical timer on each (over time) ability you activate. Reminding you when your Damage over Time ability or Area of Effect ability has to be replaced on the boss. This addon is a nice addition to the game due to it improving your damage and skill rotation. 2: RaidNotifier - by Kyoma Many PVE guild participate in the weekly Trial. RaidNotifier is a nice addition to the game and warns you for any dangers that are ahead. Instead of having to rely on visuals or audio, RaidNotifier will warn you for any danger that may one-shot you. When a boss targets you, you get an on-screen notification that you are targeted by the boss. With this addon you will never be too late blocking or healing yourself through that most difficult part of the trial. 3: Shissu's Guild Tools - by Shissu Whether you run a guild or are high in rank, Shissu's Guild Tools will help you manage your guild. This addon has many features that are missing in the base game. The addon comes with a large list of improvements to the guild windows. Here is just a short list of the most useful and powerful tools this addon has to offer:
A full list of features can be found on the download page of the addon 4: Inventory Insight - by manavortex We've all experienced it: You have a few characters and you just want to rebuild one of them. You start looking for which gear you want to use. So, you start farming the gear or use the quick route of purchasing the gear in a guild store. After hours of farming or spending thousands of coins, you find out that you already own that set item you so desperately needed on another character. Luckily those times are over with Inventory Insight. This addon opens up a new window when you take a look inside your inventory, (guild) bank or guild store. In this window are all the items you own. You can filter them in categories or filter by text search. Hovering the item shows you how many of the item you own and which character or bank has the item. A must have that could save you hours of relogging to find that one item you had on that one character, but you don't remember on which. It also could save you hours of farming or prevent you from spending coin unnecessary. 5: AwesomeGuildStore - by sinrinsidiator
Everybody knows about guild store addons like Master Merchant (MM) by Philgo68 or Tamriel Trade Centre (TTC) by cyxui, but these addons are missing a crucial component. The addon that makes selling and buying items easy is AwesomeGuildStore. This addon, other than MM and TTC, does not show you prices or the amount sold this week or in the past 180 days. AwesomeGuildStores makes selling much easier by altering the listing screen in the guild store window. It allows you to set the quantity, unit price and total price, but also has options to set the price to an average or last sold price. The buying part of this addon is even greater. It allows you to filter the items in categories, eg. jewelry only or recipe only. Besides that you can filter the price range, Champion Points range, quality range, unit price range and even filter by text. And it doesn't end there. AwesomeGuildStore allows you to filter per armor/weapon/jewelry/etc. type, trait and enchantment. The addon can even filter out all the recipes and motifs you already know, so you can easily browse those items you can still learn on your character. AwesomeGuildStore is a must have addon to make coin, maybe even more important than having MM or TTC. Thus a highly recommended addon with more features on the download page. |
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