Strategies To Win Penny Auctions

By Author: Vikram Kumar
Total Articles: 9557
Comment this article

Just like with any other form of competition, winning in penny auctions takes both skill and strategy, and sometimes a good helping of luck. And that is exactly what a penny auction is – a competition. While most people tend to associate the word “competition” purely with sports, at the end of day, when you bid on an auction you are competing with everyone else who is also bidding on the same item you are. So in order to increase your chances of winning, you need to be prepared and do the necessary research, as well as have tried and proven tactics up your sleeves that you can use to outsmart and outbid the competition.

The first step to take is a preliminary one, and that involves getting to know your market and your competition as well as possible. You most probably have a particular area of interest, such as electronics, fashion or even food. You should then look for auction sites that match your particular area of interest and have been proven to provide good deals in that area. You should then find out as much as possible about the people who frequent and bid on those sites. You can do this by reading through ...
... any site forums or on the external websites that have been dedicated to tracking penny auction sites.

Once you join an auction site, you should pay close attention to previous bids. Most, if not all, auction sites display a history of previous auctions as well as the users who won those auctions. You should pay particular attention to frequent winners, as these are the bidders who usually show no reluctance in throwing large amounts of money in order to win a single auction. You want to avoid getting into a bidding war with any of these winners, and instead place more strategic bets on less contested auctions.

When it comes to online auctions, later is better, and you do not want to waste your money at an early stage in the bidding. Instead, you should wait to the last possible moment to place your bid so that you maximize your chances of taking the other bidders unaware and winning the auction before they can place new bids.

You also need to remember that with penny auctions, every bid placed extends the ending time of the auction, so even if you place your bid at the last possible second, other bidders will have extra time in which to place new bids, and you need to be on the watch for that so you can counter with your own new bid. If you do not pay close attention, you might find yourself having lost before you even realize it.

With these strategies, you can greatly increase your chances of winning in penny auctions. This will put you at an advantage as compared to other bidders who are simply bidding as much and as quickly as possible, and who will probably quickly run out of money or enthusiasm, leaving you to claim those penny auction bargains.

Resource Box:

Penny auctions are very different from the regular online auctions that so many people are used to, and in order to win in a Penny auction on sites like dineoutforpennies.com, you need to know and put into practice the strategies that have proven to be effective for penny auctions in particular.