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Or you take an island in the carribean and privateer from there for central and south american trade. Very profitable for England (unless you own the carribeans yourself of course), esp. if you add a flagship with extra privateering capability addon...
You protect trade instead and steer value to your node
Privateering needs to be a seen as a way to "deal damage" To places you cant get the trade value from (for example asian trade going to italy).
If theres value to be steered into your nodes, you should do that instead and collect. It is more profitable than privateering elsewhere usually.
Light ships should fill out your navy FL, almost always, after you made whatever ships you needed for your warfare(they can be used to fill up CW aswell i guess).
Protecting trade upstream almost always pays more than your ships cost in maintenance, and scales with your trade efficiency and with value in your node.
You'll get constant silver fleets.
Privateering will rarely be more cost effective for *you* than protecting (exceptions: privateering nodes where treasure fleets are arriving). But there are obvious things no one else has mentioned. First, privateering a rival gets power projection. Second, privateering reduces incomes of other countries in the node.
To put it another way - privateering isn't about making you money, it's about weakening rivals. What little money it makes you is just gravy.
For example, I'm playing as England right now. Sending a 10 ship trade fleet to one of my own nodes will net me about 2ish ducats per month. Sending them to privateer sevilla takes about 17% of their 50 ducat value node. That's eating almost 1 ducat/month from the income of a rival for each trade ship I send. Plus, I just got a slice of their treasure fleet for 70 ducats. Factor in the treasure fleets, privateers make me more money there than protecting my own trade. And it's crippling a rival's trade income, and gaining me power projection. It's a win-win-win.
Not even when you go pirate, no.
You are better off doing a healthy chunk trade to get highly yearly income and use Scourge of the 7 seas reform and actively hunt flagship for money.
It takes a few thousand ships to even privateer the world and then you get like 1k ducats in spoils of war, instead of several thousand ducats per month from trade income, because you only get half the plunder and no trade efficiency or other multipliers come into effect.
While it's true that privateering can be more lucrative than protecting trade, both protecting trade and privateering are inferior to outright conquest. Conquer their colonial nations so you get 100% of the treasure fleet income, not just a fraction (or conquer the mother country outright and inherit their colonies). Conquer their trade companies and route all that trade home to (in your case) the English Channel, the game's best node. Spend your fleet capacity on multiple large transport fleets and on combat-capable galleys and heavy ships.
Unless a mission requires me to do so, I never build light ships. I'll use those I begin the game with or capture for a while until I have better things to do with my fleet capacity. But then I sell or disband them in favor of more effective choices.