What's the best penny auctions strategy?

The best penny auctions strategy really depends on teh site you are playing at as well as how many people are also bidding on that item. The first thing you need to do is research, the second thing you need to do is pay attention, and the third thing you need to do is make your mark. Let's go over some of these standard penny auction strategy steps in closer detail.

Research: You need to know exactly how much the item you're bidding on went for the last time, the time before that, etc. You should also note the actual time of the previous auction. Was it at night or during the day, and how does that compare to the auction you are planning on winning? The more research you do on that particular item, the better off chances you'll have. If you can figure out a good estimate, or an educated guess as to how much the auction will end for, you can backwards engineer it and start just seconds or minutes before that price. The beauty of this strategy is two fold. If you hit, you hit big. If you miss out, there is always the next auction. Very rarely will you have to waste a lot of bids and lose using this strategy.

How do you win penny auctions? The bottom line is that you need to know what you are doing if you want to win good auctions at penny auctions. Can you win a bunch of free bid packs, gift cards, and small items just using bids with no strategy and having a little luck? Sure you can, but if you want to be not only a consistent winner but a big winner, you'll have to employ some serious penny auction strategy.

The first thing to remember is that you need to stay patient. The phrase "patience is a virtue" has never been truer, because many penny auction site rookies make the mistake of jumping in on an auction too early, and wasting lots of their bids. For instance, they could think there are only 3 or 4 people left in the auction, and think that they've got enough to cover them all. Little do they know, a next round of 2 or 3 patient people are going to really duke it out for the win.