I recently started it too. There is a bit of competition. I've found I need a pretty big stock to make it work, but it's easy to build over time. It starts to pay off when glyphs you bought for 50s - 5g last week are now 30-50g, or there is no competition at all and you can sell them for 50-75g a piece in a few hours. I don't know why scribes put them up for 1-5g, less than the cost of mats probably.
One thing I learned from the guys that have been doing it on my server awhile is to list them for 12-24 hours max (not 48). You will most likely be undercut 2-3 times on most of your glyph auctions and you'll want them back in your mailbox as soon as possible. If they don't sell in a few hours they probably won't at all.
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