Why is my Guild Wars (1) ping so terrible?

I've been playing Guild Wars 2 for a couple of months and as I really wanted to know more about the lore and what happened before Guild Wars 2, I bought Guild Wars a few days ago. I was really looking forward to playing it, but the ping is so high ingame (much more than 1000ms, always varying) that it's unplayable. I have to wait for about a minute or longer when I want to accept a quest and I get disconnected a lot.
It's definetely not a problem with my internet connection. My ping is always great in any game, I was even playing TERA with a 21ms ping while my friend tried Guild Wars again and had the same connection/ping problems as I have (same room, same network).
Does anybody know how to improve this situation or is it an issue of the servers?
EDIT: I've chosen the european server, as I am living in Germany
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Why is my ping so high GW2?
If you're experiencing lag in Guild Wars 2, it's more likely a problem in your gaming rig. However, high ping is likely related to your Internet connection. One of the typical scenarios where you'll likely experience high ping is when your ISP isn't offering a reliable service.How do I improve my ping in GW2?
Because lag can be caused by insufficient hardware resources (i.e., client-sided), while a high ping is often caused by connectivity issues, and latency by either connectivity or server-sided issues (or both - but as we know, many players are experiencing latency in GW2, so it's not client-sided, that's for certain).The Death of Guild Wars 1
Sources: Stack Exchange - This article follows the attribution requirements of Stack Exchange and is licensed under CC BY-SA 3.0.
Images: Meruyert Gonullu, Kevin Malik, Kevin Malik, Kevin Malik