Hoarding in your World of Warcraft Bank
Did you too buy a dozen razzashi hatchling for 500g, and tome of polymorph: turtle for 1,000g, and looked forward to making a lot of gold at the auction house? And now you refuse to sell them for 50g each? I need to tell you: those prices are not going to go back up again! Even allowing for the rules of MUDflation, they’re not going to reach 500 and 1,000 again. You need to get those albatrosses you are carrying around your neck! Those storage slots are being wasted. Inefficiency is one thing that makes me froth at the mouth. As the Worgen say: you wouldn’t like me when I’m angry, heh.
Stormwind Bank
The number one reason you refuse to sell something at a loss is your ego. Taking a loss is not easy to do. It means accepting you got it wrong. Reader, if you want any gold, you need to tell your ego to shut up just for a moment.
Sometimes, guildmates tell me “I’m going to try and have a go at making some gold on ..” and name some item they think will double in price. Magecloth, Briarthorn, Volatile Air. They buy some up, and hold on to it for a few weeks, eagle eyes firmly on their market, and maybe they sell a few, and get all excited and buy some more, or maybe the market falls slightly, so they hang on to their stock.
Let me pluck my pocket jedi master from my pocket, ah hello Yoda. Do, or do not. There is no try. (Now you’re wondering how I fit Yoda in my pocket, the secret is enormous bags, but I’ll come to that in another post!)
What’s the difference between a gambler who loses gold, and an investor who makes gold? To quote The Naked Trader
[box type=”warning”] Quite Simple: a market gambler is itching to trade and press that exciting deal button. And gamblers make up 90% of accounts that lose[/box]
Did you read something on a gold blog like this, or dip into a gold making guide and hear confident words “buy X Y or Z now!” and then blow 1,000g in the investment, then wonder why you lost all your gold, and stash it in the bank for when it “comes back up”?
It aint gonna come back up! You didn’t make an investment, you took a gamble, and you lost.
The difference between a gamble and an investment is a trading plan. Have you actually investigated the item you bought? Its past as well as what might happen in the future? Do you know what you use the item for, and how many people might want it? Come back when you’ve got a plan.
Stop gambling. And go sell the crap in your bank before you make an even bigger loss, because Aunty Gold Queen said so.
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