You want to save money when bidding in online penny auctions. With our strategy guide we will help you to maximize those instances where you do win, and minimize the majority of the auctions that you do not. Penny auctions are a psychological game, and this game can have great rewards for those of us that master the skill. Pay attention to these tips and you will be well on your way to mastering the art of the penny auction.
If you are new to penny auctions, your best bet is to join the auctions specifically designed for newbies. These auctions are restricted to people who have never won an auction. These individuals are less experienced, so if you have a solid strategy going into the auction, you will have a distinct advantage over other bidders. The important thing to consider here is that you do not want to betray your intentions early. New bidders will be a bit more timid than other bidders, so you want to be forceful in your bidding strategy, yet you do not want to get sucked into a bidding war with another stubborn bidder. Wait until there are only a few bidders left on the item you desire before joining in, then you can start showing your intentions. If you wait until the last few seconds to bid after bidders have been spending a lot of money on their early bids, you will look to be a smarter and more powerful bidder.
If you have been playing the beezid penny auctions for a while and have won a few auctions, you are now amongst the general penny auction population. This means that competition will be at its fiercest. If you are going to be a regular at a site, you will need to establish a solid reputation. Bidding to an absurdly high level on an item can actually be a good strategy. This shows other bidders that you are serious about winning and can cause other bidders to cease bidding earlier. Of course, this is a long term strategy. If you don’t plan on bidding upon many auctions at a site, this strategy is an expensive and worthless decision.
Whatever strategy you do adopt, you need to ensure that you are taking the psychology of other bidders into account. Don’t fall into the trap of just bidding. Come up with an effective game plan that you can alter mid-auction so as to account for the methods employed by other bidders.