I remember the day when I dreamed about affording a Drake. Now, I barely remember to buy insurance on sub-battleships, as the little ISK I might save after buying the ship, buying the insurance, and getting it blown up, is nearly inconsequential.
After I became a semi-successful trader, I was constantly approached by people asking me to ‘train’ them in the fine art of trading. Unfortunately, most of the people looking to be ‘trained’ are looking for a solid, one size fits all formula that they can follow every day…with the end result being lots of ISKies piling up in their wallet.
That brings me to the first secret of trading. There is no one way to do it. There is no one size fit all approach, or secret formula to which we hold the key. Many traders fall into things by accident because of other interests, or through talking with friends. Sometimes, you just get lucky.
Secret # 2: It mostly takes work. I say mostly, because sometimes you get lucky and make a ton of ISK on something you weren’t really planning to make that much on. However, the rule is that it takes work to be successful at trading. There’s research, and updating orders, and watching prices, and more research. Some systems may be more hands off then others, but there is no ‘five minute’ approach that will make you rich overnight. (Unless you’re a good corp thief.)
Secret #3: Time is money. Trading includes a lot of ground work, and some setup. Usually, those who are willing to go into it for the long haul are the most successful. Those wanting to trade for a week and build up their resources before going back to their dirty rotten pirate scummy lives tend to get more frustrated than anything.
Secret #4: Trade what you know. If you’re a pvper, trade ships and mods. Chances are you already know what people use most…If you’re a carebear, research resources markets, and/or mining equipment.