Gold Flipping: The 3P’s of Success
What if I told you there was a way to leverage your knowledge and talent playing video games into a second income? What if I told you that many video game enthusiasts just like you were actually making small fortunes using a method known as “gold flipping” and that you were just moments away from learning how it could change your life?
You’d be interested, right? Well keep reading, then, as the next five minutes could make a huge difference in your standard of living.
What is Gold Flipping?
First, let’s get you better acquainted with the term “gold flipping.” Chances are you may already be familiar with the idea of gold farming, even if you’ve only ever read about it. The idea is simple. Just about every massively multiplayer online game has some sort of built in currency system. For example, in World of Warcraft, there is gold, silver, copper, etc.
As this currency provides its owners with huge advantages as well as the means to simply better enjoy the game, people understandably spend a lot of time doing their best to gather it. While this can be fun at first, tedium can begin to set in, especially if your lofty goals are based on how much you’d like to earn.
This is where gold farming comes in. There are people out there who spend their days dedicating hours upon hours to “farming” gold (or whatever the currency is), then selling them off to other players for real-world money. These players get the currency they wanted the entire time and the farmers walk away with a healthy paycheck.
Gold flipping works in much the same way, except the idea is to go after items as opposed to currencies. So just like massively multiplayer online games all have currencies, there are wide array of items that enhances playability.
These may include things like weapons, materials, armours, devices, potions, maps, etc. Gold flippers, spend time “harvesting” them and then flipping them for easy cash.
The differences between gold flipping and gold farming don’t end there though. Gold flipping arguably requires a greater skill set because the items you’re harvesting don’t have as static a value as currency does. Gold flippers who aren’t careful to distinguish between the two activities will quickly end up frustrated and without a paycheck.
In order to succeed with gold flipping, you must have a firm grasp of the three P’s. they are:
To borrow an idea from massively multiplayer online games, you want to use a sniper rifle, not a shotgun, when you get into gold flipping. By this I mean you need to be precise in your execution, as any mistake—no matter how small—will end up costing your bottom line.
Remember how I said gold flipping was less static when it came to prices? That means you have to remain knowledgeable on market trends and other available data.
This will not only help you determine what your asking price should be for any given item, it will help you decide which items are most worth your time to go after.
Obviously, you want to maximize the time you spend on those items that are most in demand at the highest prices.
Next, you need to consider your productivity. In simplest terms, this just means your overall rate of production.
But it also means eyeing this rate with a sense of profitability in mind. You need to be thinking about your costs if you want to be successful with gold flipping and how those costs could be eating into your profits.
Lastly, there’s the big one—the one we keep coming back to. If you can’t make gold flipping profitable, then there’s simply no reason for you to be doing it. Spend the time playing the games instead, if you can’t seem to turn a profit.
Fortunately, it’s easy to do so when you understand the intricacies of how gold flipping works. The basic premise is the oldest there is: buy low and sell high. This is always the cornerstone of successful gold flipping.
However, other real-world financial methodologies exist with gold flipping as well. For example, you can practice gold flipping speculation as another source of revenue. This takes a bit more work and experience but, just like the real thing, it can make your business very profitable.
Another popular way to make more with a gold flipping business is by acting crafting your own items in the game and selling them. Obviously, you want these items to take less time to produce than others you might chase down for gold flipping. So long as you can sell them at a healthy profit, that’s a great way to get more for your business.
Consider the following websites if you want a better idea of how much you can make from gold flipping. It will quickly become obvious how much potential exists:
Keep in mind these are just a small amount of online games you can target for your gold flipping business. There’s no law that says you can’t target more than one as well. This is where precision comes into play. You want to make sure you’re considering all the games out there, so that you’re able to consider all the options available too.
That’s not to say you need to harvest and flip in each game, but the more you have to choose from, the better you’ll do.
The good news is that gold flipping is a very real business many treat as a full-time venture. Others do it in their free time for easy money they can use to cover luxuries or other minor expenses. Either way, as long as you understand the importance of the three P’s and how to apply them to gold flipping, you can begin making real money too.