I've played graves a bunch, my first 5 games had an 11/1.5 average K/D, although since then it's dropped to 10/5.
I usually start Dorans Blade, but I might go long sword + 2 pots if they have an aggressive bot lane and my support has no healing abilities. ON ALL AD CARRIES (with maybe the exception of kog/vayne) IF YOU CAN, GRAB A BF SWORD ASAP. Its flat damage steroid makes an enormous difference in-lane, by helping your pokes/engages/last hitting. If you don't get 1550 on your first back, grab a vamp scepter and maybe a health pot. If you don't get 1550 by your next back, buy basic boots (MAYBE beserkers this early if you're really afraid of dying) and a pot or 2 (because if you're going back this often you're taking too much harass). If you STILL don't have a BF, don't buy anything else until you can get one. Finish BT --> beserker's --> Zeal I usually grab a statikk shiv after zeal. If you want to poke/aoe, get shiv. If you want single-target focusing, get PD. Note: Shiv is quite strong mid game, isn't as amazing late, but still gives more MS than PD. Build infinity edge (unless very tanky team) Buy either a defensive item or Last Whisper, then the other Defensive Items: If there are multiple very hard cc's, get a sash --> Mercurial scimitar. If there's just a lot of damage without many cc's (i.e. akali, zed), get a Warmogs. If you are the only hope for your team to win team fights, get a GA. If the game is like 50 min +, might wanna consider selling boots for Zephyr for the tenacity.
If the other team has several champions that like stacking health (Cho, Olaf, Voli, etc), might want to consider getting a Blade of Ruined King instead of BT.
Also, never sell items from your inventory before it's full unless you're already halfway into your build and the couple hundred extra gold will finish an important item and you need it asap.
In this case, BT into PD into LW is a really good build. BT gives you sustain, and you scale well off heavy AD. PD gives you movespeed, crit and aspd, making you a terror, and LW pierces through their armor stacking.
"Speculation is not hard evidence; it is the refuge of those who cannot prove their point." ~ ArtosRC
sell Dorans, buy Avarice for the gold, then go from there, selling avarice around the Bloodthirster mark
Selling your Doran's too early, hang on to it for as long as humanly possible.
No point buying and then selling an Avarice Blade, the money you lost through the buy and sell cost more than erases what little you gained, for sure. Even if you're going to buy Shiv, get the Zeal first. Avarice Blade is a noob trap.
Rush BT. It's better than IE on Graves because it gives 30 more AD. The lifesteal is also very important. The reason the +30AD is so important is because Graves has really good AD scaling on his abilities as he's also an AD caster.
Now get your Zerker's Greaves.
From here grab Phantom Dancer, the attack speed will complement your damage that you built for more DPS (damage per second). The crit chance also increases your damage output. PD is generally better than Shiv, especially on Graves. Champions that get Shiv are usually ones getting it to improve their waveclear (Ezreal for example). Graves has no problem clearing waves of minions.
From here either begin building your first defensive item (GA, QSS) or build Last Whisper for the armor penetration.
For an AD carry, Last Whisper is bar none better than Black Cleaver unless your name rhymes with Sliss Slortune. It's also the better late game armor penetration item.
If you didn't get your defensive item before LW get it now.
Now you can get Infinity Edge.
Enchant your boots, buy elixirs, upgrade QSS to Mercurial Scimitar at this point as this is super end game.