Okay prior to doing some trades, you have to know some basic statistics. If you skipped statistics in school or didn%26#8217;t listen to your teacher, then this might be the perfect time to brush up on some simple concepts. The way you interpret this data will determine how much you can profit or lose from trading goods in the Auction
House.
How to make more than 27,000g Daily
I was never a gold freak in the game, but this player over here is really raking it in. I was using his techniques but not on this massive scale. Read about my auction house techniques. Click here to find out how this guy is making 27,000g daily.You can use this in conjunction with my auction house trading guide.
Sample AH Tooltip
7-Day Average: Average prices for the past 7 days.
3-Day Average: Average prices for the past 3 days.
Of course, the 3-day average would paint a more accurate picture of the prices of goods. Use 7-day averages for long-term trading and use 3-day average data for short-term trading. For example, if you notice that 3-day averages of Adamantite Ore increase towards the weekend, then it might be a good idea to post on Thursday or Friday, so you can ride the wave of the price increase.
7-day averages lessen the effect of price hikes that 3-day averages show. 7-day averages reflect price action for the week. More or less you should sell goods around these prices.
Mean price: Basically this is the middle price among x points of data (points are in parenthesis). Auctioneer keeps a maximum of 100 data points per item. Now the mean is different from the average for example:
Data points: 1g 2g 3g 4g 10g
Average: 4g
Mean: 3g (it%26#8217;s the mean because two points are above it and two points are below it, exactly the middle)
Now the mean is pretty useless without the Std deviation data. The mean represents the price that is right smack in the middle of the price range. The std deviation tells you how much the price fluctuates from the mean. In this case, you can see that the standard deviation is 91g. The higher the std deviation, the larger the range at which you can sell the goods.
WARNING; High std. deviation will not guarantee profits. It is an indication of price volatility as a result of: i) stupid people who don%26#8217;t know how to price their items, ii) lack of data points
Notice that the item has been only seen in the auction house for 12 times in the past 6 days. That means that not too many people are selling this item in the auction house. BUT I STILL BOUGHT IT from the trade channel and I will tell you why in the next post.
Until then, see you!