02-17-2012 02:36 PM
In the past, I have always used the fast way to cash out my L$s. But I've recently been wondering if it would be more beneficial to use the "limit sell" option.
But.. this is completely new to me and I am not sure what numbers I should look for. Should I offer to sell at a higher or lower number than is listed at the top of the list.. how do I decide a good exchange rate to ask for?
I looked for a beginner guide to LindeX.. or a Lindex for Dummies type write-up, but found nothing.
Does anyone have insight or suggestions to offer?
(owner of LC Sculpts)
02-17-2012 02:42 PM
Money sitting in your Linden dollar balance is wasted money, so there's no harm whatsoever in putting it for sale on the Lindex as a limit sale, look at the figures, how many Linden dollars are for sale at price x, go one level below the big bulk and let it sit there for a few days, you can cancel a limit sale with no penalty, if you want just let it sit there with the big bulk money, it will sell eventually, even if you want your money in a few minutes, limit sell can work in your favour.
02-17-2012 02:58 PM - edited 02-17-2012 03:00 PM
Waiting for that "right moment" to sell is very simply gambling and unless you are dealing with millions of Lindens, you wont see much difference one way or the other. The market goes up and down by fractions of a cent...not dollars.
As Ciaran said however, Lindens sitting in your account is a waste.
One point I would like to make is to get a PayPal debit card. It gets you faster access to your funds. Speed has value too.
02-17-2012 03:12 PM - edited 02-17-2012 03:13 PM
es0 Torok wrote:
Thanks! That helps a lot.
I wonder if there are people that "play the LindeX" market...
There are indeed, but you need a lot of Linden dollars to make it work, and I mean a lot, the spread doesn't work for smaller amounts, and by smaller amounts I'm not talking peanuts.
I usually limit sell my Linden dollars for one price point above the big bulk sell rate if I want it quickly, you will get a better rate than with a market sell, you can actually play about with this without committing to a sell, just type the numbers in.
02-17-2012 04:29 PM
The best price you can get now is 1 dollar for 248 L$. This is a fixed price for more then a half year now. It usually takes 2 or 3 days before your linden dollar offer is taken by someone. Sometimes (mainly in weekends) it goes faster, and you can sell for that price within a day.
You can see a pattern. The L$ is often stable for a very long time, for a year or a year and a half or so. Then something happens (something at LL or something at the financial markets worldwide) Then the L$ is unstable for a while. Till about a year ago the price has been stable for a very long time at 258. Then for a few weeks the Lindex is flooded by linden dollars. Many people want to sell and then you see the value of the L$ decline for a periode. Last time when it happende prices down till about 270 per usd. After a few crazy weeks, the available L$ at the market start to shrink again, and the prices go up again. It takes another few weeks, where the prices slowly rise up again more and more. And then it stabelizes again. Till a point where LL decided that the linden dollar is at a good rate, and then they keep it there, by offering additional L$ when the demands for L$ gets higher then the L$ that are offered by residents.
02-17-2012 04:57 PM - edited 02-17-2012 04:59 PM
It's normally like a snowball effect, something triggers a sudden drop in the value of the L$, rumours start flying around that the currency is crashing .Some people start panic selling in case SL suddenly goes bye bye whilst others start buying as they know or assume that things will settle down and they can make a quick profit from the panic.
Lindex is incredibly stable today compared to in the past. When I started using it in 2005 it really was allot more unstable and the value used to fluctuate allot, It really paid off to leave any spare L$ that you didn't want to cash out spread out across multiple exchange rates so when the market hiccuped, as it often did you could benefit from selling at a better rate. It really paid off to play the market back then and it was fun, like a little trading mini game.
Nowadays I can't even be bothered to sell at 248 as it can take 4 or 5 days sometimes. Everything goes at 249 for an almost instant sale.
02-17-2012 08:53 PM
As others have said - it's been stable at 248 for ages, which usually takes 2-3 days to sell. I just convert a fixed amount to $US every day or two (commission is a % so amount doesn't matter) then cash out to paypal when US$ balance reaches (a) the maximum I'm willing to keep in SL, and (b) an amount at which the fee is a trivial percentage (there's a $US1 fee per transaction).
In theory I could sell at 249 for speed if it was close to cashout day, but in practice i never bother, since I like keeping one trade in limbo for a couple of days, just in case i want to cancel it if I suddenly need cash for some large expense in SL.
Price is too stable for any trading, unless something causes a bit of a panic either way. Some people did pretty well out of the "LL sacks a heap of staff" rate drop in (?) 2010.
02-17-2012 09:05 PM - edited 02-17-2012 09:09 PM
I do it exactly like Zanora -- when my balance gets to X amount, I sell at 248 -- that is a round number and makes it easy to keep track of how much I have cashed out in a month. And I can project how much I will make that month by checking how much I have made in, say, a week. I don't pay attention to how long it takes to sell, because a few days doesn't matter to me.
ETA I just checked, and my order is usually sold by the next day, occasionally 2.