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The Dojo-Wiki needs your help! If you find a topic that doesn't yet have a page in the Wiki, please make one! This page is a work in progress. Please contact the active author before you make any significant changes. Station Trading is the process of buying low and selling high, within one specific station.
Generally this station will be a Trade Hub 1. Station trading is not quite a form of passive income, however the amount of time spent on station trading is entirely up to you. The core mechanic of this profession is to set up a buy order for an item, wait for someone to sell the item to your buy order, and then put up a sell order for the item at a higher price. The margin between the price at which you buy the item and the price at which you sell the item minus taxes and fees is your profit.
Most time is spent updating your orders. In order to maximize your profit, you have to make sure your buy orders have the highest price and your sell orders have the lowest price, both usually by a tiny margin relative to your competitors. In order to start station trading, there are a few things you will require in order to start off. Compared to other professions, especially those that earn you a profit, station trading is relatively easy to get into.
However, as with just about all the activities, your time spent will become more profitable the longer you train and the more experience you have. If you are a very new player, creating a dedicated character for station trading might be the first alt character you will own. Having an extra character in a trading hub has a few advantages.
First of all, it will generate ISK for you with relatively low time investment, allowing you to fund your other EVE activities such as PvP, or even allowing you to pay for your account.
Furthermore, having a character in a trade hub allows you to sell off expensive loot at a good price, and buying expensive ships and modules at a relatively low price, using sell orders and buy orders respectively.
An additional character for station trading does require training though. You will either have to put the training of your main character on hold for a few days, or you can activate a second skill queue for a month, using either money or ISK.
A decent station trading character does not need more than one month of training. At Christmas , every account was awarded a 21 day period of free training, which many people used to train up a station trading alt.
The race of your character doesn't really matter, though if you ever intend for your character to serve as a cyno alt as well, avoid going Amarr. There are several skills which allow you to become better at station trading, in turn making your time spent more profitable.
However, you can begin station trading from the very start already. Any new character with the Trade skill can start, but training more advanced skills allow you to set up more orders, reduces your broker fees and transaction taxes and invest your ISK more efficiently.
All of these are directly or indirectly aimed at increasing your profit. Initially, you will want to increase the amount of active orders you have available to you. The following skills allow you to set up more active market orders. By training all these skills to level V, you will eventually be able to set up market orders simultaneously.
When you start investing more ISK into your trading venture and getting more serious about the profit margins in general, broker fees and transaction taxes will start to play a larger role.
The more you are able to reduce your fees and taxes, the higher your profit margin will be. When you set up a buy order for an item, you will have to pay the broker's fee. This can be reduced by training the Broker Relations skill, as well as increasing your standings with the corporation that owns the station you're trading at. When you set up a sell order, you will have to pay a flat transaction tax, which can be reduced by training the Accounting skill.
Every time you set up a buy order, you have to pledge money to your escrow account. When your order is fulfilled a pilot sells an item to your buy order , the money from the escrow account will be used to pay for that item.
When you have 10 million ISK to invest, and you set up one buy order for exactly 10 million ISK including fees , this means you are now out of ISK and can't set up more buy orders. Training this skill allows you to set up more buy orders with the same amount of ISK available to you. At level V, the buy order that originally caused you to put 10 million ISK into your escrow account, now only puts 2. Do consider, this does not make purchasing an item using a buy order any cheaper.
Once someone sells an item to your buy order, it will use the 2. If an item is sold to your buy order, but you do not have enough ISK in your wallet to complete purchase, the buy order will cancel and the ISK from your escrow account will be returned to you. The fees for setting up the order are lost. Margin trading is also used for scamming, by luring people into buying an overpriced item by having an even higher buy order set up, that will fail upon being fulfilled.
There are a variety of skills that can improve your ability to place and update orders remotely as well as sell and buy items further away from your trading station. These skills are less commonly used by station traders, as most of the trade happens in the station itself. However, being able to remotely modify your orders allows you to fly around the region and engage in other activities whilst keep an eye on your orders in the background. Station trading is done almost exclusively in trading hubs, as these are busy stations where pilots visit to sell off their items, as well as shop for new purchases.
This environment allows station traders to earn profits, spending their time on getting a better price for sale, as opposed to a pilot who is passing through to sell off his loot. There are several trade hubs in New Eden, the most active one by far being Jita. There are several other stations where trading is viable.
The main trade hubs in Empire Space are;. Depending on the activities on larger alliances and coalitions, stations in Low Sec or Null Sec can also be used to station trade in. In order to get an an idea of which stations see the most trade, you can have a look at the station rank list. You can start station trading with any amount of ISK, as long as the item you can afford to invest in is good to trade in.
Compared to other sources of income, station trading becomes worth spending time in if you can invest at least million ISK. Sometimes people do activities like ratting and exploration to further fund and jump start their station trading business. In order to start station trading, you have to become very familiar with the market window. This is where most of your time will be spent. Here, you browse for items to invest in, check on price developments and update your orders.
The market window consists of various frames, each with separate tabs that show a lot of information. When using the Browse tab in the upper left corner of market window, you can search through a large tree of the different items available on the market. When searching for items to trade in, you'll likely use this to look for profitable trades, unless you already know what you're looking for. Next to the 'Browse' tab is the Quickbar tab. You can use this tab to save items that you're interested in.
This is done by dragging the icon of the item to the quickbar tab. You can organize the quickbar tab into different folders when you have a large number of items in your quickbar. When setting up buy orders, adding all the items in which you chose to invest in to a separate folder in your quickbar will allow for quick checking and updating of your orders. The quickbar contents are saved per account, and shared among all characters on that account.
At the top of the market window, there are four tabs, called 'Details', 'Groups', 'My Orders' and 'Corporation Orders'. When selecting a group of items, the Groups tab will show a list of the different items in that group. Along with a description of the item, this tab will show the best price for which the item is available in this region, the quantity of that item available in this region, if you have the prerequisite skills trained, what the fitting requirements are if it concerns modules, what the bonuses are if it concerns ships, as well as other details depending on the type of item.
The Orders tab is an overview of the different buy orders and sell orders you have currently outstanding. It will also show you the amount of orders you have up, next to the total amount of active orders you can have available. This window, which is a identical copy of the 'My Orders' window in your wallet, is mainly used to keep track of orders that you might have forgotten you had outstanding, to check how many orders you can still set up, to quickly view the value of your orders, the amount of ISK in escrow and to roughly calculate your net worth.
Orders that have been made using the funds from a corporate wallet can be found in the Corporation Orders tab.
You will only see orders here if you have the correct roles in a corporation that allow you to set up orders using the corporate wallets. With the right permission settings, you can also see corporate orders belonging to other members of your corporation. The Details tab shows the different orders that other pilots and traders have set up. When station trading, this will be your most used tab. In this window, there are two separate tabs, called 'Market Data' and 'Price History'.
In the Market Data tab, you can see the orders that have been set up by other pilots, traders and corporations, as well as your own. For each sell order and buy order, you can view the price, the quantity, its exact location, the range of the market order as well as the expiration time.
In order to easily distinguish between orders belonging to you and orders belonging to someone else, it is recommended that you enable highlighting of your orders right away, by clicking 'Mark my orders' in the option menu that can be opened by clicking on the little cog in the upper right corner of the details tab. You will always want to have the Sellers and Buyers windows sorted by price. This way, the Sellers window shows the lowest sell order the top, whilst the Buyers window shows the highest buy order on top.
This way, you have the most relevant data sorted properly for when it comes to station trading, as you will be competing with the highest buy order and the lowest sell order in these lists. The expiration time is quite important as well. This indicates when the order was last updated. All sell orders and buy orders have a set expiration. Modifying and updating an order will reset it's expiration time, which gives you a good indication of the competition you're facing when it comes to this item.
Orders are set up with expiration times of 1 day, 3 days, 1 week, 2 weeks, 1 month or usually 3 months. This means that when an item was updated an hour ago, it will have an expiration time of of one the of set times, minus one hour. In practice, this means that any order with an expiration time of more than 89 days was last updated today.
These can be considered actively competing orders. When searching for items that you would want to trade in, the Price History tab is a very important source of information. This tab consists of historical information either in the format of a table, or visualized in a graph.
Both the graph and the table have information that can help you in deciding if the item you're looking at is worth investing in.