subject: Penny Auction Strategy: Tips and Tricks [print this page] Penny Auction Strategy: Tips and Tricks Penny Auction Strategy: Tips and Tricks
Penny auctions are getting quite popular nowadays, and here are a few tips and tricks on how to make the most out of them. You can try each one of these strategies and decide on which penny auction strategy works best for you.
1. Purchase bids within your own limits. Decide for yourself what it is valuable to you to be the auction frontrunner. Depending on your bidding strategy, decide on how much you are willing to pay out. If you are following one of the bigger name auctions, and there are many users bidding on it, you will most probably need to invest some cash to cover your chances. Keep in mind that other people want it badly, too, and that they are willing to pay for it. If you want the smaller auctions, with less competition, that is a whole strategy in itself, and will wind up costing you less cash in the end.
2. Choose a good time or day of the week. Bid when others are most likely be working, sleeping, watching a top rated TV event, or enjoying a holiday where people are expected to do something else rather than sitting in front of their computer.
3. Bid late, but not too late, of course. Do not waste your bids by bidding too prematurely. Most people wait until the last ten seconds of the auction. You can set one bid if there are no other bids on that item. If for some reason, no one besides you bids on that item, then it is all yours. Do not wait in anticipation of the last 1 or 2 seconds. A common setback with the internet generally is lag time. If you hang around until the last 2 seconds, there may be a possibility that your bid was not counted, as there can be a holdup by the time you click the bid button.
Many auctions are lost as a result of waiting too long. Do wait given that you are comfortable. Let other users waste their bids, and then jump in once they have ran out of bids.
