Thursday, November 17, 2011

Flipping Items without Flipping Yourself

This post is just a short one with something important to consider before one starts flipping items-whether it be flipping an epic, flipping a rarer item (Mounts, trading card game items, etc) or essentially flipping by buying materials and selling a produced item.

First, a definition of flipping. Simply put, flipping is buying an item cheap and selling higher. Some people buy massive amounts of items and flip them for a small profit. Some buy a few items that sell more slowly and flip for higher profit. The later is what I prefer to do.

The problem came about for me recently with this: What was my backup strategy? If the item didn't sell, even after doing my homework etc as to value, supply, and so forth, what would I do? There are a lot of options, I could disenchant it, or learn the item if its a mount. But then I make no profit. I could give it away, or use it as a raid prize. Ehh, maybe better, but I still get no profit. Or I could keep trying, or tuck it away for a time, and hope to sell it in the future. Still, not as nice an idea.

The point here is NOT to show you the best way to deal with an item you can't move. There are simply too many variables for too many items to do that. The point is to make you think-to prepare. What is your exit strategy if things don't go as planned? Now that I got burned (Accidentally learned "Reins of Poseidus" after I bought it for 45k, and was trying to flip for 70k) I'll always have a plan, or be willing to take the risk. But at the same time, now that I know that about myself, I'm more willing to take some risks.

Be prepared- Not scared

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