subject: Mastering Penny Auctions [print this page] First, if they give you free bids save them and use them when you buy pass packs. Sometimes, if you're lucky, you can win the auction with just a few free bids.
Make sure that you do not spend more money than you are willing to lose. More people lose than win auctions, so be careful not to lose a lot of money during the bidding process.
When you do win however it's worth it. A lot of sites have great products that you win way below face value.
If there are 3 hours left on the product, don't offer on it. The odds are that someone else will offer higher and you'll have wasted a bid.
Most people wait to hit when less than one minute is left on the timer. You need to be patient, especially since time is added after every hit.
Don't pick something just because it looks like a lot of people aren't bidding on it. A lot people wait until the very end to offer on it, so it may look like 10 people are on the site when there's probably 30 just watching and waiting.
These auctions are like gambling, so don't be surprised if you lose a lot in the process. It can be very exciting though when you see the timer hit zero and you're the highest bidder.
Some strategies are to stick with the low cost items, most of the time there are less people bidding on them and you are more likely to win. A common sense rule is to not offer any higher than the item is worth.
Don't be fooled into thinking that just because it's two in the morning you have the advantage of winning. A lot of people think that, and a lot of people are online trying to win.
The best time is probably early in the morning when people are getting ready for work or school.
Look for the benefits offered at different sites, some offer free passes and others offer bid protection. For bid protection you pay a little more for your hits but you are guaranteed either a gift card or more hits if you lose your auction.
Make sure that your passes don't expire before you use them. Different sites offer different time periods, and it often changes so keep an eye out for that.
You can buy more passes that were not part or the bid protection and use them but you don't have to use all those passes to get the card. The more passes you buy the more you save.
The size of the bid pack you buy is up to you. Be careful to have enough though, you don't want to lose an auction because you ran out.
Another piece of advice is to pick an item and stick with it. You are more likely to win if you stick with one item rather than jumping around to several.
Unlike eBay, you are not rated as a person. This means that if you decide you no longer want something you don't have to pay, but you don't get you bids back.
Before you start bidding make sure all of your information is up to date and you have your address in. Most stuff takes a couple weeks to get sent, but it'll be hassle if your mailing address is wrong.
If you click on the picture or the name of the product it goes to another page where there is a lot more information about it and all the names of the people that have offered on it. It also lets you know if other users are using an automated bid butler.
A bid butler hits for you if you are not around at the time the auction is ending. If someone else is using one, it may be more difficult for you to win.
If no one else using one, you can set up a bid butler on this page. This will help you win without having to sit at the computer waiting.
