What To Expect With Penny Auctions

By Author: Vikram Kumar
Total Articles: 9503
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Starting something for the first time is never easy, especially not when the learning curve is steep. Usually, however, steep learning curves also mean that whatever is at the end of each curve is worth the time and effort that you have to put into achieving it. When starting with penny auctions, you should remember that the learning curve to winning auctions is relatively steep, and that it will take time for you to make mistakes, learn from them, and develop a winning strategy. This does not mean that you cannot have fun as you place your first penny bids and start the learning process, however, and you should definitely approach it with the mentality that you are going to have fun with the process, as this will have you coming back for more and learning how to win instead of giving up when you fail to achieve success right away.

When you start bidding on your first penny auctions, you should not expect to win. In fact, you should even expect to lose, so that if you do lose, you will not be overly disappointed and if you do happen to win, it will be all the sweeter for having been unexpected.

The first thing ...
... to expect with participating in penny auctions for the first time is that they are nothing like regular online auctions. By shedding any preconceived notions of what it might be like, you are more open to learning and will gain greater benefits from your initial experiences. Whereas in regular online auctions speed is usually the key, penny auctions require both speed and strategy.

Speed in penny auctions is not just about timing, where in regular online auctions placing the last bid closest to the ending time is all that is required to win, in penny auctions you need to be aware of the fact that every bid placed extends the ending time, and you need to be ready to compensate for that. Right at the end of the auction, the speed of bidding and the speed at which you need to respond can reach frantic levels, and many people who bid for the first time simply do not expect the sheer speed at which everything can suddenly start happening.

Every penny auction site has its own set of rules, and you should read through the rules of each site that you use so that you know exactly what you can and cannot do. Some sites allow the use of programs that bid automatically for you while others disallow the use of such “bots”. On a site that allows the use of bots, you might put yourself at a disadvantage if you simply assume that they are not allowed and fail to use them.

Nothing will teach you more about penny auctions than simply taking the plunge and placing those first few penny bids on your first auction. That first auction will teach you more about penny auctions and what it takes to win them than any amount of reading will.

Resource Box:

If you have yet to start bidding on Penny auctions and are looking for the ideal website to place your first Penny bids with, then you should definitely head on over to the dineoutforpennies.com site for great bargains and an excellent introduction into the world of penny auctions.