Here are some basic tips and tricks that help you be successful in winning penny auctions and getting some great stuff at very deep discounts.
First off, know the rules
There are a lot of sites out there and each one has its own set of rules and terms so make sure you fully understand the rules before bidding.
Watch and learn
By observing the auctions and bidders you can see what style of bidding the users on each site has and you can learn the average prices that items go for so you can plan your bidding strategy accordingly.
Be patient
It is easy to get swept up in the moment. Maintain control of your emotions. Sometimes it is better to pass on an auction or wait until another auction starts than it is to bid like crazy.
The small sites can be big winners
There are more and more penny auction sites opening up every day. With more and more competition the sites are competing over users. This means two things: 1. Some of these new smaller sites may offer bonus bids or other things to compel you to join. 2. There could be a lot less competition so your odds of winning may improve.
The time of day matters
If you get online during peak, prime time hours you could find a lot more competition than if you try at off-peak hours like late at night or in the middle of the afternoon.
Start small
Don't make that Mac laptop or the 50in widescreen TV the first auction you bid on. Chances are the competition for those items is going to be heavy. Start with a small item that doesn't cost too much so you can get your feet wet with a lot less risk.
Only bid on one auction at a time
If you try to bid on multiple items at once you could confuse yourself and miss a bid then lose that item.
Avoid buying bid packs in auctions
Sometimes you can get a good deal, but often times these are some of the most competitive auctions.
Gift Cards are popular
Gift cards are a popular item up for sale on penny auction sites and often the auctions are not very competitive so you can get great deals. I read an article about a woman who won $2,000 worth of gift cards for about $200 on penny auction sites. She won them one at a time and really got some great deals.
Do your homework
Where available find the average prices and number of bids on past items. This will give you a real idea of what it is going to take to win specific items.
Pay attention to your fellow bidders
If you see the same user names over and over again, take note of their strategies. You can learn from them and if you know they are aggressive and will stick to an auction until they win it, then you know to avoid them.
Plan to stay for a while
On high value items the auctions can often last several hours so be prepared to commit some time if you are going to bid on bigger items.
Make sure you have plenty of bids ready
You would hate to lose an item you are heavily invested in because you ran out of bids. By finding out the average number of bids it takes to win the type of item you are going after you can make sure that you have plenty of bids at the ready.
Buy in bulk
If you plan on doing a lot of bidding buying bid packs in larger groups can often save you a lot of money.
Stick to a budget
Don't let emotion get the better of you in these penny auctions. Create a budget and stick to it.
Use the site tools to your advantage
Many sites offer auto bidders and other bidding tools that can help you win some items. Learn how to use them and put them to work for you. These bidders can bid on items for you while you are at work or asleep and can be used to get some great deals.
Never assume your competition is going to be logical
Never assume your competition is going to be logical. As soon as you start assuming that your competition in the auction is going to act or bid a certain way, they will do just the opposite so always be prepared.
These are just a few tips and tricks that can help you be successful in winning some great items at deep discounts on penny auction sites. Good luck and happy bidding.
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