I'm going to start off by covering the Auctioneer addon. Much of what I do is based on information I gather using Auctioneer. I will caution you though that the addon is just a tool. You can't use it as the only piece of information when you are making buying and selling decisions. To make buckets full of gold you must understand the WoW economy and learn your particular server's economy.
Auctioneer can be downloaded at http://www.auctioneeraddon.com. The addon is a free program. The developers appreciate donations and anything you can give helps them to keep making updates as the game changes and to pay for things such as server costs. Downloading Auctioneer will change how your Auction House interface will look. Below is a screenshot:
You can see from the photo that Auctioneer has added extra tabs to the AH interface. Auctioneer will also change how your tooltip looks when you hover over an item. You can see this in the photo below.
The data here will change depending on how you configure Auctioneer. My example tooltip also shows additional data that I get from another addon, but that's a subject for another day. Auctioneer is showing us the market price for the copper ore that my curser is hovering over. The market price is obtained by doing scans to collect data over time. The first time you scan with Auctioneer you are only getting data from one particular scan. That is why it is important to do scanning at regular intervals to get more accurate data to make good buying and selling decisions.
The tooltip is also showing us how many auctions of copper ore it has seen. This will help us to make a decision on the reliability of the data. If the market price is based on only seeing one or two of the items, the price is not as reliable as if it has seen auctions for hundreds of the item.
Another item that can be shown on the tooltip is called the Appraiser price. This is a price that Auctioneer is suggesting you sell the item for. This price is based on undercutting the market price and this is frequently NOT the best way to make large amounts of gold.
The tooltip can also be configured to display averages over a specified time period which can be helpful in making decisions. For example you can look at averages over 3 days, 7 days or 14 days.
New tabs are added to your AH interface when you install Auctioneer. I will deal with each of these in different posts but I will introduce them here. The Search tab is something I use on a daily basis. I can configure many different types of searches to find items that will enable me to buy low and sell high The Beancounter tab is where you can track the history of auctions you've posted. You'll be able to look back and see how much gold you've made (or lost) selling a particular item. It will also help you to evaluate the "sweet spot" for pricing that item and the stack size that sells best. The Appraiser tab is an auction posting interface that is a wonderful timesaver when posting many auction.
The very first step in using Auctioneer is to begin scanning so that you can amass data to make buying decisions. This will be the topic of my next post.
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