Winning Strategies When You Bid On Penny Auctions

By Author: Vikram Kumar
Total Articles: 9383
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There is an old saying that goes, “If you fail to plan, then you plan to fail.” This saying is extremely appropriate in the context of penny auctions, and if you bid on an auction with first planning your strategy, then you will most likely fail to win the auction. Every penny bid counts, since every bid costs you money, so you need to keep a careful eye on your number of bids and also on the manner in which you should bid so that you outsmart your competition.

Each and every person who takes an interest in penny auctions eventually develops a personal style of bidding. At first, most beginners make use of the strategies that can be found online, and even then many do not apply these strategies properly at first. This is completely understandable, as penny auctions are a new concept to most people and you can hardly be expected to pick up the necessary skills to win auctions immediately. There are some principles that form the foundations of more complex winning strategies, however, and these foundations cannot be ignored if you wish to develop a comprehensive and successful strategy for winning.

The first ...
... and most important principle is that you need to study an auction in detail before you decide to bid on it. There is a saying that speaks of knowing your enemy before you know yourself, and that is applicable in this context when you start treating the auction and your competitors as your enemies. Knowledge is important when it comes to bidding in penny auctions. You need to know, for example, what the retail price of the item you are bidding on is, so that you can better judge whether it is worth paying for bids.

The type of item and the corresponding type of people who usually bid on such items can also have a large influence on the way you should bid. Electronics, for example, usually appeal to people who are also highly technologically savvy, and who are much more likely to know all about bidding in penny auctions than fashionistas who bid on fashion items. Aggressive bidding might be necessary for electronics items while a sneakier strategy might be necessary for fashion items.

Commitment is another vital foundation. Without commitment, you will almost certainly never win. You need to be sure about the item that you are bidding on, such that you are willing to place a large number of bids on it to win it. If you simply stop bidding once you encounter competition from other bidders, you will never win anything. Perseverance is only extremely important, as most people never win anything until they have bid on at least a few items and gotten a feel for what bidding in penny auctions is really like.

So when you bid on your first penny auction, remember that that first penny bid will go a long way towards your eventual success with penny auctions, and that the most important lesson to take away from any unsuccessful bidding attempt is that perseverance pays off in the end.

Resource Box:

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