Of Bids And Pennies: A Guide To Penny Auction

The goal is to win. The only way to get there is to risk it all, take chances and to never give up. No, this isn’t about life struggles and adversities. What about? I’m talking penny auctions and how they have conquered the online world massively and quite lucratively

The most basic question of those who are interested with penny auction is how you can truly say you’ve won more than you’ve lost. The truth is - like any gambling you may have known - there is no magic trick whatsoever behind a successful auction. It is a game of chances, and you will never win unless you don’t give up. Quitters, they never win. And winners, they never quit – they take everything home.

There are some strategies, however, you can use as guide in order to achieve a more entertaining and successful experience at penny auctions.   This means more items you can take home while keeping a few bucks in your pocket.

MONEY MATTERS. The golden rule for every game is to always begin with a reality check. If your bank account can handle this pretty expensive type of entertainment, that should be a clear signal to go for it. Otherwise, you may want to think twice. Whereas it might be true that penny auctions can be a perfect choice for online shopping at discounted rates, this could become quite expensive.

READ AND WRITE. Never go to a war unarmed – I’m sure you have heard that a few times. This is particularly true for penny auctions. Familiarize yourself with the rules, terms and procedures. Ignorance will be the monster to eat you up and take away all your money. Most problems with those who participate in penny auction is that they don’t take time to review and gain an in-depth understanding of how penny auctions operate. You should know how bids work, what bids are, and what you are paying the bids for. You will find a lot of relative information online if you might need some references.

PRIORITIZE. Once you have signed up for an account in a penny auction site, the thrill and chill might get into you immediately. But hold your fire! Think and rethink. Carefully choose which item/s you have the desire to bid on. Go for what you really NEED more than want you just want. Keep a list of items in your priorities as the discounted amount penny auctions offer may appear really tempting. 

TIME IS GOLD. If you are ready to place your bids, start with lower-priced items. You have better chances at winning them. Take it slow and keep your focus. It is recommended that you have nothing else in your plate when actively placing bids on penny auction sites. Stay away from distractions like school or office-related stuff, driving, cooking, gaming and the like. Time is of the essence, it might just wind down without you noticing. Keep track of what is going on and who you are bidding against. Pay close attention to the bidding patterns, you will recognize tactics that your competitors are using against you. This may help you in planning for your strategies against them as well. If you want to be the best (or the winner for that matter) you have got to be better than the guy next to you.

STRATEGISE. Online references like forums and blogs can help you understand some strategies on penny auctions such as sniping and automated bidding. Albeit some bad reviews about automated tools, they actually are relevant especially for those who are tremendously hooked to penny auctions. This will ensure that you are on track with your bids and that you can manage your bidding. This could be a great tool to win the item you have an eye for!

BACKTRACK. If you plan to start bidding on high priced-items, always check for statistics of items recently sold. You will find information such as how much these items have been sold and how high bidders can go in terms of placing their bids for such items. Furthermore, make sure you are keeping track of the items you have won or have purchased through bids. This way, you know that the amount sliding out of your credit card is precise.

WATCH THE CLOCK. Start bidding at the wee hours of the day. You can be sure the number of participating bidders is manageable hence less competition for you. This is also a perfect time since you can worry about nothing else but your bid progress.

OPTIONS. There is a wide array of penny auction sites that you can choose from. Carefully study each site, search and read for reviews relevant to them and decide which site would work best for you. Don’t let excitement get to you outright, do some research and there is nothing to regret in the end.

Penny auctions have become quite an interesting online activity and entertainment for many. The thrill of finding items sold at lower cost and having to bid against numerous equally interested bidders have encouraged more interested participants in penny auctions. This could explain why more and more auction sites are budding worldwide. If you are one of these hooked bidders, which you possibly are, these tips and guides might work perfectly for this new hobby of yours! They say winning isn’t everything, but wanting to win is. Bid and win. Enjoy!