The
big picture of participating in Penny Auctions
1. Start
Slowly - Read the site's rules and FAQ pages before placing your first bid.
2. Observe
several auctions – Spend some time watching an auction to see how it operates,
the amount of time it takes and how the bidders are reacting. Then begin by
placing bids on relatively inexpensive items to reduce your risk while
learning.
3. Be
emotionally prepared to lose - Everyone sooner or later experiences the fact of
placing 100 or more bids and still lose the auction.
There
are three styles of bidding used to win at penny auctions site. They are as
follows:
Aggressive – bid until the time ends and you
win. This style requires a lot of bids and time watching the auction not to mention deep
pockets. Not recommended for beginners.
Conservative – bid sparingly and use the
last seconds to place bids to out-bid the opponent. This style is hard to master and
requires a great deal of timing skills.
Optimistic – bidders will look for auctions
where there is less competition and therefore their chances are better to win. This style
requires patience and persistence but is best for beginners.
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