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The Mattius
Enigma Technologies
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Posted - 2010.01.24 16:52:00 -
[1]
I'll get this bit out the way so you can read the post without grinding your teeth....
I am NOT asking for advice on how to make ISK.
I have been trading for a while now, mostly part time, but like so many of the regulars in here, I am finding the process of making ISK very addictive!
Up to this point I have had a very very simple business model that consists of buying low and selling high across a wide range of items, and have made a good amount of ISK. Actually, let me clarify that statement as it largely concerns the point of this post.
My wallet has increased day on day, and I have substantially more ISK now than when I began trading (albeit part time) a year or so ago.
What I am unclear on, is actually how much ISK I am making, and this is down to how I run the corp wallet and my rather basic accountancy procedures. Up until this point I have not used a corp office, or separated my ISK into wallet divisions. I simply put all items in my personal hanger, and buy and sell everything from the master wallet division.
I can see that this will be a problem going forward as my ISK pool gets larger, with difficulties in accountability and also the ever greater risk of all my hard earned disappearing with the dreaded misplaced buy order decimal point or scam etc.
So..... I am looking for advice on scaling things up, using a corp office and how to set-up a corp wallet properly, and any external programs that will help me maintain control of my ISK and assets.
Is there a guide on this? Would any of you consider writing one if not? Or simply any hints and tips on how you run your own corp posted below would be gratefully received.
TM |
Ji Sama
Caldari Tash-Murkon Prime Industries United Corporations Of Modern Eve
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Posted - 2010.01.24 16:58:00 -
[2]
I have some great advise for you:
I will sell you 2000 prototype iris launcers, for the small sum of 500K each.
Thats just a simple billion isk.
You then relist them, and sell them for 1M to 2M isk each.
And that way you make 2B to 4B isk easely..
Contact me ingame for transfer, these go as hot bread, check contracts in jita.
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SetrakDark
Caldari DarkCorp Holdings
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Posted - 2010.01.24 17:02:00 -
[3]
Originally by: Ji Sama I have some great advise for you:
I will sell you 2000 prototype iris launcers, for the small sum of 500K each.
Thats just a simple billion isk.
You then relist them, and sell them for 1M to 2M isk each.
And that way you make 2B to 4B isk easely..
Contact me ingame for transfer, these go as hot bread, check contracts in jita.
Man, I am a terrible poaster. Just look at this.
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Internet Troll
THE INTERNET IS SERIOUS BUSINESS
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Posted - 2010.01.24 17:08:00 -
[4]
Originally by: SetrakDark
Originally by: Ji Sama I have some great advise for you:
I will sell you 2000 prototype iris launcers, for the small sum of 500K each.
Thats just a simple billion isk.
You then relist them, and sell them for 1M to 2M isk each.
And that way you make 2B to 4B isk easely..
Contact me ingame for transfer, these go as hot bread, check contracts in jita.
Man, I am a terrible poaster. Just look at this.
Stop ****ing trolling meh
Quote:
Do Not Feed the Trolls.
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The Mattius
Enigma Technologies
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Posted - 2010.01.24 17:19:00 -
[5]
Originally by: "Ji Sama" I have some great advise for you: I will sell you 2000 prototype iris launcers, for the small sum of 500K each. Thats just a simple billion isk. You then relist them, and sell them for 1M to 2M isk each. And that way you make 2B to 4B isk easely.. Contact me ingame for transfer, these go as hot bread, check contracts in jita.
Well thanks Ji, not sure weather that is reading compression or simply a troll.
Just to clarify again, i am NOT looking for advice on making ISK, thank you
TM
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Cecilia Syal
Minmatar
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Posted - 2010.01.24 17:44:00 -
[6]
Edited by: Cecilia Syal on 24/01/2010 17:51:17
Have you considered using one character to manage buy orders, one to do the sell orders? might make accounting more clear for the spent/profit? if your going from just one person doing it to a corporation might be good to specialize them. also using separate wallets for buying/selling can do the same, and keep a restricted "reserve" wallet with your nest egg? edit: its not good to use main wallet cause tax's/bills etc are paid from that.
then you can use other wallets for test ventures, like bpo buying/bpc selling/trading, and see which grows faster for the time put in, even faction ship trading, allows you to use other accounts in corperation to test and see profitability of different strategy's, its almost like starting off again, put 50mil into a new account division and see if you can grow it trading something different or a different way.
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Lord Zarcam
Amarr Royal Amarr Institute
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Posted - 2010.01.24 18:58:00 -
[7]
It's a game, don't over think it. As long as your wallet is growing, your trade business expanding, and you are having fun, who really cares.
But if you really need to know, try some of the accounting tools available for this game.
In Space, No One Can Hear You Scream! |
Veevi Fenikusu
Minmatar TETN
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Posted - 2010.01.24 19:01:00 -
[8]
Originally by: The Mattius
Well thanks Ji, not sure weather that is reading compression or simply a troll.
Just to clarify again, i am NOT looking for advice on making ISK, thank you TM
He's trolling himself here, don't pay attention :-)
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Krathos Morpheus
Legion Infernal
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Posted - 2010.01.24 19:04:00 -
[9]
Try the EVE Trader app. It is nice to track profits and gives you a top profit items that helps you to see where your money comes from.
EVEwatch Sidebar soon "It is the unofficial force ù the Jita irregulars. " |
Festidious Verrucas
Draconis Alumni
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Posted - 2010.01.25 09:24:00 -
[10]
Though I have used other apps for tracking my proffits, I tend to stick with EvE Wallet Aware. It's a great app and uses the API information of your sales and purchases and tracks proffits etc...
This probably the best tool (imho) to use.
As for some of the other points, I use one corp wallet assigned to trade and when I trade, I always have that wallet active so the corp gets the isk made along with the broker fees and tax.
All purchses get dumped into the delivery hanger - so I can drag them to my personal hanger and sell from there. It's quite simple really.
You don't need a corp office at a trade hub; infact some of them can be very expensive - so why bother? unless you are using multiple chars to trade - but even then you'll probably be multi-region trading anyway.
Offices and especially those in the main trade hubs are expensive and just eat into proffits.
Anyways just my comments.
Fly safe,
Fes.
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Roguehalo
Caldari Resonance Laboratories
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Posted - 2010.01.25 09:45:00 -
[11]
I'm not really sure what the problem is here.
You just do some simple addition. Repeat after one week. Take 2nd sum from the 1st sum and the result is profit.
Just add isk in wallet + isk in escrow + sell orders + unlisted assets + anything else you own = wealth
The only thing you have to worry about is that sell orders are not listed at cost. But if you routinely sell everything you list that's not really a problem.
Like other people have said don't overcomplicate merely for the sake of it.
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Snibeecha
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Posted - 2010.01.25 12:11:00 -
[12]
I have just picked up trading (station and arbitrage) this week, so there are probably better ways out there to handle stuff but this is what i do.
I sent my trader alt 300M and started doing stuff. Each day i add the money in wallet, escrow and sell orders and put it into an excel sheet that calculates wealth, profit and ROA and makes shiny graphs. Ofcourse here the assumption is that everything up in sell orders actually does sell, but so far i've found that happening.
If the numbers go up, i'm happy. Secondary is that I like to see an exponential-like increase in absolute profits and a decent ROA.
I do use another character to buy stuff in a high volume hub, then use couriers to send it elsewhere. This messes a bit with profit-calculating programs since some items will have been acquired for 0 ISK by the selling character, but nothing that a little excel goodness won't take care of.
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The Mattius
Enigma Technologies
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Posted - 2010.01.25 17:22:00 -
[13]
Thanks for the replies.
Yes, over complication is something i am keen to avoid. But as the sums i start throwing around become larger, and with the possibility of moving into business ventures on MD, I would like to make the process of being audited and, the ability to show a strong trading profit as easy as possible.
I'l take a look at the tools suggested. I like the sound of the Eve Trader App, and the ability to highlight top profit items.
TM |
Ledif Nieht
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Posted - 2010.01.25 18:10:00 -
[14]
Edited by: Ledif Nieht on 25/01/2010 18:10:45 I would just use the in-game browser with a Google Documents spreadsheet.
Create three pages in the sheet, one for buy, one for sell, and one for a summary page.
On the first two, have columns like the following:
(*)Item (Item Name) (*)Units (Number of Items) (*)Unit Price (Price per Item) (*)Total Price (=PRODUCT(NumberOfUnits*UnitPrice) (*)Action (Buy or Sell) (*)Status (Open or Filled) (*)Estimated Fees (=(TotalPrice*.01) or Whatever Your Fees Are) (*)Place (Where Bought or Sold) (*)Date (Purchase or Sale Date)
Then on the summary page you can easily create formulas that will take your revenue - fees - costs to give you profit.
Once you have it all built out like this, there are all sorts of advanced metrics you could get if you took the time to build the proper formulas in the sheet.
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Drab Cane
Carbenadium Industries
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Posted - 2010.01.25 19:57:00 -
[15]
Edited by: Drab Cane on 25/01/2010 19:59:44 Starting a corp and using corp wallets is a great way to separate your business wallet and assets. Festidious Verruca's suggestions may work well for you.
If you feel it necessary to use alts down the road, you can add them to the corp and they can use the same corp wallet, thus consolidating all your activity in one wallet.
It not only makes your accounting easier (especially with the various wallet apps) but it also makes it easier for an auditor to review your activity, should you decide to start a Bond/IPO down the road. When you run an investment, keeping the fund's activities separate will be a necessity.
When I compute my trading activity for myself, I just have to add the total outstanding sell orders, total escrow in buy orders, cash in wallet, and the cost of any inventory that hasn't been put up on sell orders yet. That gives me a Net Asset Value (NAV) that I can work with.
Edit: added the following,
Computing your NAV at the end of each week (or month, or whatever works for you) and comparing that with your previous NAV will give you a quick idea of how fast you're making profits.
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- Who Dares, Wins
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The Mattius
Enigma Technologies
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Posted - 2010.01.25 20:00:00 -
[16]
Just taken a look at EveWalletAware.
It is exactly what i was looking for, so thx for that.
It has all the bits i need for keeping track of my trading, without all the extra bits that the other programs have that i would not use.
Thanks for the advice so far, given me a few ideas on how to go forward as i expand things.
TM
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