When starting out in Penny Auctions it’s easy to get carried away and dive head first into the action but this can cost you dearly. It’s necessary to take time to observe the auctions and take the baby steps that will get you there eventually.
Be realistic when starting out.
When you see the really low prices items are going for, you might think that winning will be a piece of cake. It can happen that someone places one bid and wins the auction, i’ve seen it happen but it’s very rare. You’ll most likely be going up against bidders with more experience so your chances are slim. Instead, go for the first win auctions that are restricted to those who have never won an auction before. Then the Junior auctions which are for those with less than 9 wins. After that, you can then proceed to the general but try to avoid the Big Dog Auctions till you’ve identified common bidder behavior and have over 10 wins to your name.
Bidding on high ticket items
You’ll find high value items like HD TV sets, Apple computers, iPhones, tablets and so on. These auctions are fiercely contested and can last over well 12 hours. There are many experienced bidders on these auctions so you’ll need a different strategy to win. Concentrate and devite more time to winning these auctions. You can also consider the ‘Buy now and receive you credits back’ option for such auctions.
Diving right in
Do your homework before you get into any auctions so you know what kind of auction you’re getting into. Once you’ve understood the terms and conditions, read up on the Auto Bidder and the Buy now feature. When used properly, these tools can come in handing when things are getting out of hand.
When you have a clear understanding of the Penny Auction model, you’ll have an advantage over those who haven’t taken the time. And there are a significant number. You maybe able to identify them by now. if you haven’t yet started with Penny Auctions, click here to join Pricebenders.