Your server population may determine how much profit you can make. Lower population servers generally have lower prices in the AH as there is less demand, but rare items or recipes can really make a profit as they are harder to come by. Higher population servers have a higher demand. However, they are more likely to have a flooded market, which makes items hard to sell, especially in the case of low-level gathering professions.
Congratulations on reaching Level 120! There are a myriad of new things to do. The first thing you should do is head to your faction hub ship where you have been doing your mission table quests and footholds to pick up and complete the quests necessary to unlock World Quests. World Quests will provide you an opportunity to grind reputation levels, acquire gear, and gather Azerite. There are tons of new things to do that we will cover in our Level 120 Battle Guide found here: Level 120 Battle Guide.
Profit is only created if you make sure your costs are less than your earnings. This is not so much an issue for gatherers who simply trade in some time and effort to gain their wares, but for production professions, this must be kept in mind. Many high-end items that sell well require materials that cannot be provided by the gathering profession normally paired with your production profession. To craft these items, purchasing the raw material from the AH or another player becomes necessary. You must keep record of how much you spent to obtain these materials, or else you may price the finished product inaccurately, either too low that you sell it at a loss, or too high that you can't sell it all.
I dont know if this exist already, if it does I couldnt find one, but it would be nice to have a guide with the location of all daily quest broken down by Alliance, Horde, Faction, Neutral, etc. I know there can be variable quest for things like Fishing and Cooking but just having the location for those quest givers would be great. If it were a stand alone addon that would be even better!
Before anyone asks - yes there are archived copies of old addon versions both on our github repository and on several of the addon sites we use, and these will continue to be available after Cataclysm comes out, so you'll be able to get those old files if you really want them. I'm not going to bother making these more easily accessible unless you give me a very good reason. "I'm on a private server and I need them since we didn't upgrade to Cataclysm" is a BAD reason - and it's illegal.
War Mode: War Mode can be turned on at level 30 through your talent window, and will give you 10% bonus XP. You will, however, be attackable by players of the opposing faction, but changes have been made so that all players have a fair shot in a fight and even low-level players can kill much higher level players, and at least not get ganked and one shotted. Note: As of patch 8.1, you can get an additional call to arms bonus with war mode on if your faction is underepresented.
This new farm takes advantage of the level scaling changes implemented by blizzard. Event NPC's like the NPC's found in the twilight outpost, scale up or down depending on your level. HOWEVER, your level also determines which loot tables each mob will have. By using a level 58 character, you can successfully loot items in the 57 – 59 item range, a range which has some of the most expensive and well sought after transmog items in the game. In less than 30 minutes farming this spot I was able to snatch up some glorious legplates[/URL] (on video) – worth a stunning 150,000g. Watch the video for absolute details I suppose, but the gist of it is you need to create a level 58 DK, go to the twilight camps, and start the killin'. Unlike before, an implementation of a daily event has changed the loot tables! This spot is the new hot thing on the block.
You will need to cover very large areas in order to get a few chests as they are quite rare. Vanilla, TBC and WotLK zones work best. The way I like to do it is to park one Rogue class trial in Outland and one in Northrend, then fly over the whole continent and look for chests. One whole run might only yield 3-10 chests but you will still make a bunch of gold as you are almost guaranteed rares in chests in these zones.