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SpinDistribute.com Article Directory

The following article was published in our article directory on April 27, 2012.
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Five Tips to Better Bidding in a Penny Auction

Article Category: Shopping

Author Name: Kelsie

Taking part in a penny auction is a fun enterprise. You purchase tokens to bid for items and then the highest bidder gets the item. For each bid that you make, the price of the item rises up by a penny (which is the same as $0.01). Bidding can be fun, but you should always keep your wits. It is important to keep in mind many things: the item that you desire, whether you can afford the item, the exact time when you will make your bid, and the point where you are not willing to continue bidding. It is easy to get carried away by bidding such that we often don't know the costs that we incur.

Thus let us enhance our bidding skills in a penny auction. Here are five valuable tips that you should always remember so that you can bid well without worrying about your pockets and without getting carried away:

1. Never spend more money for an item than you are willing to let go. Just because you have already bid many times on an item does not mean that you should commit yourself to it. Commitment can cost you money if the price of the item rises to a point that you can get the item for a more affordable price in a retail outlet. If you want to commit yourself to anything, don't commit yourself to the item. Commit yourself to stopping if the price of the item reaches a set point .

2. The best time for you to start bidding in a penny auction is 10 minutes before the time expires. If you bid very early (hours before timer expires), someone might bid more and escalate the bidding. You can get outbid in the early going. So wait a few minutes before the timer ends. Many people prefer bidding when there is a minute left in the timer. Now, while bidding just before the time is up, keep a close eye on the timer. There are many times when someone bids just a second before time expires. (Do not worry; a bid adds time to the timer.) You think you may have the item, but you still don't, so be always alert.

3. If many people aren't bidding on an item that you want, don't bid! Other bidders might be waiting until 10 minutes before the time is up when they can ramp things up. If you initiate bidding early on, the bidding might escalate and the price may rise to a point that you won't want to pay for the item. Others may be thinking of the same , so wait until just before the timer expires.

4. If you are bidding, focus on just one item. If you are flitting your eyes on many items at once, you lose concentration such that the timing of your bids can become off. While flitting can make you win some items, in the long run, people lose the bidding with that method. Focusing on a single item can help you think strategically. When you prioritize items, think of this: High-priced items give you a bigger reward if you win, but they are hard to win. Low-priced items are easy to win because there are fewer people minding them, but you may pass them by safely.

5. Bid in a penny auction during the early morning. You might think that this is ridiculous advice, but there is a rationale for this. People are awake in the early morning to go to work or to school, so they aren't very likely in front of the Internet and bidding. So take advantage of that and bid. While you may have to wake up earlier than you are used to, you can win bids more quickly because there aren't a lot of people to worry about.

Keywords: Penny Auction

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