Long answer: Alchemy will probably never make you any significant money, exceptions notwithstanding. People look at a level 10 formula that makes a 100,000,000g item, and they think, "I want 100million gold." Then they look at the components, cost of the formula itself, and the failure rate/cost to craft. And they do the math, and think, "Okay, 30million gold profit." But then you have to realize that if you've been doing Alchemy purely to level up to 10 to make that one item, you're probably putting more than 30 million gold into it in the process. Not all at once, but here and there.
ON THE OTHER HAND: Achemy can be either really expensive or really hard/time-consuming. You get to pick which (sort of). I like the challenge of a regular user, worth less than 20mil total, trying to get to level 10 as cheaply as possible and seeing what happens along the way. It's like a puzzle: What formulas at what levels do I do because I want the item, and which do I do because it's an easier or cheaper way to level up?
If you're looking for something new to do on Gaia, like I was, Alchemy can be the answer. It's not for everyone, but I enjoy it and a lot of other people do too, and the more of us that get into it the more fun it will be for people to do. But if you want to use Alchemy as a way to turn a profit, you're in the wrong game altogether. People say you can make good money off of crafting the Caches and selling them in the MP, but honestly the process is so slow that you could make that same profit in half the time in the Exchange.
It takes a lot of gold to do alchemy, so is it really worth doing?
I think it depends on what you want out of it. If you're looking to make a profit, not so much. If you like the challenge of making items, it's pretty cool.
It feels more like chance though. "Wow! You have all the components! You can try and craft an item now. Ohhh, I'm sorry, you failed. But for another 50,000 gold, you can try again!"
You're at the mercy of the crafting odds throughout the entire process.
this true but the odds go up the higher yur lv . I'm lv 5 and have not failed making caches which has a low chance even when I was lv 3 I didn't fail at it. Plus it's not like you lose the components just gold which can be regained by many differnt ways.
Leveling up to 3 isn't too bad. I crafted P. Caches even tho they are low chance, I still got them. All you need to craft them is junk. Or you can craft Orb Aggerates like everyone one suggest to level up.
Is it worth it?
This is a tough question. I feel like it is in most cases when you want to get items for a cheaper rate by crafting. But right now, and I cannot lie, all the components for alchemy are really jacked up in price. Alchemy is worth it. It's the cost that pushes most people away. Put I feel like it's worth to push thru. Because I know it will be fixed oneday and I will be higher level and can craft more things.
Also, you can always try and craft items you want of higher levels and always hire an alchemist.