Is It Possible To Win In Penny Auctions?

The possibility of winning in penny auctions is similar to the possibility of any other auction

. Because penny auctions offer huge advantages and savings, there are many people bidding, and then there are some who do not need the product but bid for the fun of it. Here are a few things to consider if one wants to win in penny auctions.

1. Follow the bids. It is important to follow the bids in order to determine the correct time and amount to bid. Check the number of bidders and the number of users. Analyze the number of people who might be watching the bids and waiting for the right opportunity.

2. Time your bid. Generally, bids made before the closing of the auction increase ones chances of winning. One also needs to know that there are other buyers who think in a similar way and are waiting for the auctions that are nearing closure to place their bids.

3. Look for the auctions that have few bidders. Generally, certain bids are not fancied by group bidders. Some of these may offer good items; however, for several reasons, some bids are not contested by bidder groups. These have fairly low numbers of bidders. Check for such bids to win penny auctions. The lower number of bidders for certain auctions may be because there are other lucrative auctions, and most are busy bidding for these. Certain auctions might have a very limited auction time period, and not many may notice them.

4. Avoid haste. Avoid placing several bids during the initial hours of the bid. This way, you may lose several coins and may end up losing money in the bidding process only to lose at the end. Bidding during the last hours increases the chances of winning the auction.

5. Use bid packs. Use free bids, and buy bid packs in order to reduce the cost of bidding in the auction. This not only reduces your bidding cost, but it also makes the buyer eligible for free bids that can be used during the bidding process.

6. Look for suspicious bids. Look for suspicious bids, group-run bids, or automated bids. If you suspect an organized manipulation of bids, it is best to stay away from such auctions as the chances of winning are minimal.

7. One must invest only if one can afford to lose. One must plan and bid for auctions only if one can afford to lose the bid cost. Many times, due to impulsive bidding, you do not realize that you have spent more in terms of bid cost. And many times, the bid cost turns out to be more than the actual cost of the item itself. Impulsive bidding should be avoided.

8. Stay focused. It is important to pick one or a few auctions and stick with them. If one tries to bid in several auctions at once, it becomes difficult to monitor and manage the bids, and chances are that one will lose all the auctions and huge bidding costs too.

While winning penny auctions is not impossible, it is not easy either. It is important to keep some of the above reference points in mind so as to increase the chances of winning.

by: Jane M Dawson

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