"Format of Price Checking used on this thread is the 'b'/'s' system. It works like this...
'S' suffix - If an item is instant sold or non instantly bought then the price will have the suffix 'S', when a price has this suffix it is always rounded down to the nearest million.
'B' suffix - If an item is instant bought or non instantly sold then the price will have the suffix 'B', when a price has this suffix it is always rounded up to the nearest million.
All prices using this format are assumed to have taken place in the Grand Exchange.
If something is 78b that means that the last reported transaction was a Instant buy or a Non instant sell between 77,000,001-78,000,000.
If something is 75s that means that the last reported transaction was a Instant sell or a Non instant buy between 75,000,000-75,999,999.
Logic behind the 'b'/'s' system rounding: If someone instant buys something for 34.3m for example they couldn't have instant bought it for 34m but they could have for 35m. The reverse is true."- Mr Moneyhold| General @ Flip Chat | | Recruit @ 90weaps pc | Trades Broker | | Tournament Host- Pm if interested |
PM me if you fight the Abomination
- Last edited on 10-Apr-2018 20:32:30 by Mr Gatsby
One simple economics term you should often reminder yourself of as you flip is Opportunity Cost. That is, the cost of not doing something else (i.e. making GP through pvming, skilling, etc…). Question: is it worth flipping an item considering how much you can make doing something else. To answer this we have to know what Effective Profit is and how it’s calculated. This isn’t the simple calculation of average profit made flipping item X over an hour, because the time between buys and sells are free (you can use this time to do something else). Rather, it’s the profit made divided by the total time price checking, inputting buy offer, and inputting sell offer – which takes less than 30 seconds. So, for example, you make 100k profit on item X and spend 30 seconds. That is an effective profit of 12m GP/h! If the effective profit per hour is higher than your normal money making method’s profit per hour, the item is certainly worth flipping. (Note: constantly price checking and adjusting buy and sell offers reduces your EP as it adds time spent)
How to increase your chances for successful flip without adjusting
Look at the GE graph of the item and see the direction of the trend. See the change in price. With this information, make a reasonable non-instant sell price based on the trend. You may want to non-instant buy slightly higher than the current instant-sell price to match the trend. This works well for items that are clearly rising or falling. This advice is useful if you are an experienced flipper, and it prevents you from increasing your EP because you do not add any additional time to time spent.
- Last edited on 06-May-2018 01:26:51 by TheMagicRNG
I would base this on three categories, each having different weight. These are: 1) Average realized profit per hour, 2) variety of items flipped, and 3) % return on investment from highest weight to lowest weight respectively. The most difficult accomplishment in flipping is maximizing profit per hour. That is because each “micro” action that you make adjusting your items can reduce this amount significantly (refer to effective profit per hour). Not only that but you have to maximize your GE slots in a way that distributes your wealth as effectively and quickly as possible (so this also implicitly factors in total wealth you have). This category values a good numbers sense, a good memory, and discipline.
- Last edited on 06-May-2018 17:16:38 by TheMagicRNG