It's highly recommended that you download an addon that gives you long term market data. We recommend The Undermine Journal. They update it every few days with new data.
You can use your ingame scanner as well, but players who post Grey Pants for thousands of gold can really screw with the numbers, so you want long term data.
- Load up Tycoon by clicking on the Dynasty Icon (Mana Flask) on your minimap ring. Then select the Tycoon Icon.
- If you're using The Undermine Journal, then select the "Data Source" dropdown box and select either TUJ (Realm) or TUJ (Global). Tycoon will now use TUJ for calculations.
Auctions (Buy Button) gives you a quick list of items which can be bought and resold for quick profit. It's really important to use The Undermine Journal for this module because you need long term pricing history to determine if you can likely resell the item for a higher price.
Items with a 'green negative trend %' means this item has been selling for a higher price in the past, and you can likely make profit by reselling it.
Example: If an item has a -100% trend and the item costs 1000 gold, it means that in the past this item has been seen on the market for an average of 2000 gold, and you can likely buy it for 1000 and resell it for 2000.
If the math is complicated, don't worry, just click on the item it will tell you what it's currently selling at, and what it usually sells at. That's all you really need to know.
Auctions (Sell Button) scans for items in your bag and tells you which items can currently be sold on the market for higher than average, or lower than average prices.
Before using this feature, make sure to scan the Auction House using the Tycoon Scanner. This is going to get the current prices of all the items on the Auction House.
To keep things simple, when you look at the data you want to look for a positive green trend %. Example: If it says you have an item at +100%, it means that item is currently selling at a price 100% higher than usual. So if it usually sells at 10 gold, it's currently selling for 20g. This means it's a good time to sell!
If you have an item at -100%, that means the item is currently way under priced and you should hold on to the item until the market gets better.
Sometimes the trend doesn't display anything. This is usually because the item is not currently up for sale on the Auction House and Tycoon can't check it's current price to perform calculations. Since this item isn't up on the auction house, it can mean it's a good time to sell because you have no competition and you can set the price. If you're using The Undermine Journal you can determine a good price by hovering your mouse over the item and checking the "14 Day Price". This will give you a solid average number. You can even try selling it for higher than that since there's no competition.
"Cur. Value" tells you the average price the item is currently selling for per item. So if you have a stack of 100 materials and it says it's Current Value is 10 gold, it means each item sells for 10 gold, it doesn't mean the entire stack sells for 10 gold.
Instances tells you how much gold you can make on average per hour in every instance.
Caluclations: It takes data such as the average time it takes to clear the instance, what mobs are in the instance, the number of mobs in the instance, what each mob drops, then takes the drop rate from Wowhead, and calculates it all together to find the average "value" of each mob, then multiplies the average value of each mob by how many mobs in the instance and that gives you the average amount of gold you'll make from that instance.
Crafting gives you the costs to make every recipe if you purchased all the mats from the Auction House. Then it will check the value of the finished product to determine if it's profitable. Then it will tell you how many recipes are profitable for each profession and the total amount of gold you could potentially make.
Gathering tells you how much gold you'll make from gathering with mining and herbalism. It takes the average number of nodes found per hour in each zone, the amount of material found per node, and the current value of the material on the market and calculates it to determine how much gold per hour you can make.