With the Grand Exchange (aka the GE) available many people believe that merchanting has become much harder, however I will show you how to take advantage of the feature that the GE brings along with it. I will talk to you about flipping items in the GE. So, answer me, who wants to be a billionaire!
Before we get started we need to know how the GE works. The Grand Exchange allows a player to purchase a maximum number of items every four hours, this is crucial because it shows you which items are worth investing in – but I will get to that later.
When you put an offer in the GE, whether it is buying or selling, it searches across all worlds for items that meet your requirements. This means that you do not need to hop between different worlds. When your offer is first put in the GE any offer that meets your requirements will instantly complete the trade, however if there are no offers that meet your requirements, your offer will remain in the GE and can be canceled at any time.
Next, the GE gives an accurate guide price of how much the item is worth. This is a very useful tool when trying to flip items. However sometimes the guide price may be slightly over or slightly under the actual price of the item.
I want to make note that item flipping is very easy but may be difficult when you first start it. The time when most people give up on flipping items is on their very first item flip. But don’t worry, I’ll do my best to keep you from calling it quits.
Getting your first few million:
Before we start item flipping there is the inevitable barrier that prevents anyone from starting item flipping. I will show you how to overcome this obstacle. To start item flipping you need to have at least 3-4 million gp. If you currently don’t have that much gold, below are a few ways that may help you reach your goal. Don’t be discouraged, after your first few million your money will soon skyrocket!
I prefer to use this way because of the high rewards that come with it, however it takes plenty of dedication and patience. Start off by mining copper and tin ore, these will help you until you achieve level 15 mining. be sure to drop your ore while mining to allow you to get to level 15 mining quicker. Mine iron ore- and a lot of it. Iron ore is worth several hundred gold and is always in demand, try to bank you ores after each full inventory. After you reach level 45 you should have enough iron ore to sell for around several million gold.
After your first few million:
Now you are all set to start flipping items. What you need to do is to go to the grand exchange most traded items list (it can be found here: http://services.runescape.com/m=itemdb_rs/top100?list=0 ) start with items that are worth a few hundered gold and are on the top of the list – Lets take gold ore for our example item. Follow the steps below but with several other items that you collected from the GE top traded list:
1) Buy the gold ore in the GE but add 10% of guide price to the value. Record the cost of the gold ore, lets say in this case 300
2) Sell the gold ore in the GE but lower the value by 10% of the guide price. Record the amount you sold the ore for- lets say in this case 280
3) Buy several thousand gold ore for the value you sold the gold ore plus one gp. In this case 281gp
4)Wait a maximum of 10 – 15 minutes before you cancel the GE offer
5) Sell the gold ore that you obtained for the price you bought the gold ore for but subtract one gold. So in this scenario, 299 gold!
The first time you complete the process you may see around 100K profit on your sales, however this profit increases as time goes on. This happens because with more money you are able to purchase a larger quantity of items and thus gain more profit per item.