First, the basics. Penny auctions are a type of online auction where players use prepaid bids to bid on items in auction. Bidding starts at a pre-set amount, and every bid raises the price of the item by 1-cent increments and increases the time on the countdown clock (usually by 15 seconds). When time runs out (countdown clock reaches zero), the last bidder wins the item at the final auction price, which is typically much, much lower than the suggested retail price.
Penny auctions are also referred to as “entertainment shopping.” Even though the goal is to win an item at an incredible discount – sometimes up to 95% off the regular selling price – the process of bidding, the intense competition and the suspense are all part of the fun.
Now, the strategy: How to win at penny auctions
1. Pick a good penny auction site , one that’s got penny auctions you’re actually interested in. You will need to register before you start placing bids.
2. Arm yourself. You should have enough bids in your arsenal. You do not want to run out of bids in the final moments of an intense auction.
3. Know your competition. Take a few minutes to watch/study when and how others place their bids to get a feel for how an auction is going.
4. Once you start placing bids, know that the other bidders will be watching you, too. You might be unaware of it, but you may be unconsciously following a bidding pattern. To avoid this, try to bid irregularly; do not establish a pattern that will enable others to predict your moves.
5. You don’t want to squander your bids. This is especially true in auctions of big-ticket items with hours still left on the clock. Pace yourself and don’t go all out too soon.
6. Don’t bid too late either. Waiting till the final second might sound like a good strategy, but it could actually backfire.
7. Repeat steps 2-6 as you refine your strategy over the course of several auctions.
And don’t forget to have fun. It’s called entertainment shopping, after all!
BidCandy.com, the best bidding site on the Net, hosts penny auctions online featuring brand name products, such Sony 3D TVs, MacBooks, iPads, iPhones and much more. Membership is free! Sign up and get five free bids!
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