This is how many trading accounts you need to succeed…
Firstly, let’s clarify a few definitions of success.
Success will be a moving target as every trader is on a different segment of their journey to reaching their final objective, whatever that may be for them. Additionally there are multiple trading methodologies and all traders will have their own that they’re strongest in and have an affinity towards, which will ultimately influence their own definition of success.
So with all of this in mind I’ll provide a few definitions that resonate with me and my methods, and also incorporate various stages of trading skill:
Making small but consistent income
Accounts Required : 1
Once you understand the basics of trading, profits aren’t hard to come by. (If you feel that you don’t have the basics mastered yet then you’re at exactly the right website and feel free to have a look around.) At this stage of your Eve trading career you’re most likely fairly fresh to the game, or new to trading at the very least, and a few of the isk-pennies are just starting to drop.
There’s no magic trick or secret tactic to trading, despite it often seeming that way to many a noob when they start out. At its most basic you simply need to purchase the right products at the right prices and know where there’s sufficient demand to offload those products with a suitable profit margin. And that definitely doesn’t require two accounts.
For me personally I was about a year into my Eve gaming before I started a second account to assist with trading, and at the time I was turning over hundreds of million a month in items and revenue just on my original account – and this works for a host of different trading methodologies.
Getting started is really about knowledge, not how many characters you have spread all over the universe.
Indefinitely PLEX’ing Your Account
Accounts Required : 1
At the time of writing a PLEX (for a month of game time) sells for roughly 530 million isk. If we break that down into a daily amount, assuming 30 days in a month, then we have a PLEX cost of a little under 18 million isk a day you’d need to generate from trading. Granted you won’t do that with a brand new character… or will you…?
Earlier today I had a buy order at a market hub filled for an Arazu which cost me 127 million isk (and change). Four hours later I sold it at the same hub for 149 million. After transaction costs I’m still above the 18 million I need each day to PLEX my account. For the noobs out there this little method is called Station Trading, and it’s really not that much more complex than the three previous sentences make out. During these four hours I probably spent about 10 minutes or so actually focused on the game amending orders, and the rest of the time I just went off and spent time with the family.
Perhaps you could do a handful of these on a weekend so you hardly have to bother logging in during the week to make your trading isk for PLEX purchases. Perhaps you could throw in a few other ship types and do a week or two’s worth on a single saturday morning or evening. Perhaps you could spend a weekend on it, make the 550 million you need for a PLEX, and then go off and do whatever else you want in the game for the month! Or if you don’t need the PLEX just pump the isk into whatever floats your boat in Eve.
The point is that one account is very much enough to be able to PLEX that account indefinitely using only the market and trading.
And before all the haters start jumping up and down about training times/focus and ruining the progression of your main character on the one account you own, the above example can be done with ZERO trade skills, and that’s the point I was making about using a new character. Take your main character, start a new character with no skills in training on the same account, give him a couple of hundred million isk, and go buy an Arazu.
Accounts Required : 2 minimum
This has to be taken in the right context. If you bash away at trading for long enough you’ll be able to buy anything you want, but it’s probably going to take you forever and use up almost all your waking hours every day. It’s just not practical to do on a single character within an acceptable timeframe and still enjoy the game.
Additionally, the amount of time you have to invest in the game on a daily basis also plays a significant part. I own and operate a business that takes up the vast majority of the good hours on my weekdays and sometimes weekends (what with work and family commitments I can safely say that I’m in a similar boat to a lot of your in that sense), so I simply don’t have the luxury of using highly active, expansive and aggressive trading methods. I have to make my trading as passive as possible and so that slows my isk accumulation down. It’s just the nature of the game although I must admit that I do get a kick out of waking up in the morning and often seeing a significantly larger account balance than when I went to bed the night before – gotta love the passive trading strategies.
In my experience, the more time poor you are, the more accounts you need to make big, crazy retarded sums of isk. And remember that with two accounts you actually have six characters to play with. At most I had three accounts with six characters being used for trade (and remember you can run six characters on two accounts), two characters as my PvP mains, and a third as a placeholder CEO for a corp/alliance which I created with some friends for losec manufacturing and POCO investment.
All of these trading characters had Tycoon maxed out so I ended up with almost 2000 market orders almost permanently up. Even with my relatively passive strategies it was still a bit of a chore to manage them given the limited time I had although I must admit that my account never grew quicker than at that particular time. I don’t make the claim to be the best trader around but I was doing pretty damn good, and it wasn’t uncommon for me to see a couple of billion in profits during a week. Multiply that by 50 (approx. weeks in the year) and I was pulling in the equivalent of 100 billion a year.
And at 100 billion, there’s not much you can’t buy.
Right now I’ve pulled my trading back to three characters only, including Eve Mogul who I keep fully separate from my other characters, and I’m keeping things extremely passive and low-key due to the time requirements of family and business – I’m sure many of you can relate. However I can easily PLEX all my accounts for quite some time into the future and right now I’m very content with that.
So where do you fit into the grand scheme of things? Noob; regularly PLEX’ing your account using isk (and not RL cash); or sitting on a mountain of isk so huge that the system you’re in hits 90% Time Dilation whenever you open your wallet?
What’s your experience with trading wealth relative to the number of accounts used?
I’d love to hear from you below…