Penny Auction Strategy Guide
There are plenty of different schools of thought when it comes to different penny auction strategies. In the quest to find the best penny auction strategy, we scoured the different sites and played on dozens of them just to see what works in what situation. Do you already have a strategy in mind? Perhaps you know some, but want some extra tips to really go the extra mile, win more while using less bids. It all depends how much you want to study, because knowledge is truly power in this game. Remember that some people treat this just as a fun hobby while others as a competitive game. Which school of thought do you fall into?
Watch site traffic and times.
Depending on the time of day, and where most of the website’s traffic is located, you will find that auctions are ending for much less than at other times of the day. The trick is that every penny auction site is a little different. If you want to do it like the pros, you need to know what time period offers the least amount of competition. That will allow you to get tons of great deals while using the minimum amount of bids at any given time. Do that across multiple sites and you’ve got a pretty penny coming your way.
Don’t Step Up Against Obvious Power Bidders
unless your game is also to be a power bidder, don’t go head to head with them on large items as a newcomer no the site. Remember, if a certain player is known as being a powerbidder (and you would know that because you studied the site, right?), they have gained that reputation for a reason. You aren’t the first person who has tested these bidders, and won’t be the last. Learn from other’s mistakes!
To Bid On Bid Packs or Not?
This question comes dwn to what site you’re using. On some sites, going for the bid packs is a bit of an illusion and you can end up breaking even a lot of the time. On other sites that offer very large bid packs, deals can definitely be had. One strategy is certainly to stockpile bids.
Refer A Friend
Be prepared to BIN
One of the best strategies in a penny auction by far is to be prepared to BIn the final product minus the bids you’ve already spent. That’s because you have an essential safeguard for the bids you are using, knowing that at worst case sceneraio you will be getting the thing at retail price, while many other bidders will simply lose their bids.
Stay tuned for part 2.