Market Maven to Market Mogul Part 2

The other day, I wrote about the Eve Market place, who uses it and how.  Market Maven to Market Mogul: Part 1.  Now I wish to discuss the skills that you should get if you want to "play" the market and make it a profession or use it to sell your wares with as much profit as possible.

The skills that you should work towards right away are

• Trade 5 (buy and sell order limit increased by 4 per level (pre req for more advanced skills)
• Accounting 5 (reduces tax by 10% per level)
• Broker Relations 5 (reduces transaction fees by 5% per level from 1% fee)
• Retail 5 (raises the limit of buy/sell orders by 8 per level)
• Wholesale 5 (raises the limit of buy/sell orders by 16 per level)
• Procurement 3-5 (increases the distance ability to place remote orders - not critical, depends on what you want to do)
• Daytrading 5 (increases the range at which you can CHANGE orders (up to regional distance @ level 5)

The skills above are pretty essential to anyone who is serious about using the market.  The only one not entirely needed (depending on whether you want to be a station trader or some hybrid) is the "procurement" skill.  Also "day trading" might be unnecessary, but my advise is to train it.

There is another skill that I will mention, but I generally advise against it unless you know what you are doing.  It is called "margin trading".  It allows you to make buy orders without having to put the whole amount into escrow.  It lowers the required escrow ISK amount by 25% per level.  At level 5, you will only need to have about 24% of the total to be able to make a buy order.  This can get you in to trouble.  If you place a buy order and someone wants to fulfill it, if you don't have enough to cover it, the buy order will be canceled.  You will lose any ISK in fees that you were assessed.  It can also cause you to squander a valuable opportunity.  You can't turn it off, so if this is something that you might worry about, don't train it.  There are also some unscrupulous individuals who use this to their advantage by scamming people out of ISK.  I will dedicate that whole mechanic to another post.   

These are the skills that you will need.  Trust me, train them all and you will be able to corner the market if you are methodical and fastidious.  Check back for Part III, coming soon.  As always, fly safe-ish.