There
are no guarantees you will a win in a penny auction but there are certain
strategies that you can use to increase
your chances of winning or at least minimize your loses.
The
overall strategy is to know how penny auctions work and learn the common
mistakes which should be avoided.
1. Check
out the site fully. Signing up at bad and untrustworthy sites is the very first
mistake that most new bidders make.
2. Never place a bid without first observing
what the other bidders are doing.
3. The costliest mistake in trying to win a
penny auction is placing bids on a high priced item thinking that the auction price is so
high there few bidders.
4. When you start to recognize some of the
bidders, you know the ones that are considered strong and powerful, placing
bids against them should be avoided.
5. New bidders usually cannot resist bidding on
an item even when they had crossed their budget line. Do not get emotional
involved – it could cost you a fortune.
6. Setting up a budget for bidding will
minimize your costs.
7. By researching and studying the bidding
patterns of prior winners, you can gain insight as to the best approach to use
when making bids.
8. You may be wasting bids too early in the
game. Wait until the auction clock reaches the last few seconds. But waiting
too long may cause your bid to not make it in due to connection problems and
other factors, so within 5 seconds of ending is as late as you may want to enter your bid.
9. Start with “beginners only” auctioned items.
These are reserved for those bidders that
have not yet won an auction. The auction item is usually of lesser value but there are fewer bidders and no “winners” to
compete against. Here is where you can test
your strategies.
10. Be In It to Win It! Buy plenty of bids in
advance to make sure that you don’t run out mid-auction.
11. Don’t hop from auction to auction
participating with a few bids in each one but concentrate all your bids on the
one that really matters.
12. You must be willing to put a sizable number of
bids in an auction to ensure that you outlast other bidders.
13. Introductory or free bids will not last in an
auction. Don’t expect to win right away or to win without purchasing more bids.
14. When an eBay® auction has one minute left, it
will end in exactly 60 seconds. But a penny
auction with 60 seconds left, could go on for several hours – as bidders watch their account balances shrink. Every bid
resets the clock.
15. If you are a dedicated bidder, try
placing your bids at odd intervals of the day such as rush hour or 3AM. Not always convenient for
most but very effective.
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