Strategy to winning Penny Auctions on Penny auction sites
Penny Auction guides
In this guide you will learn some tips on how to give yourself an advantage on winning penny auctions. A little bit about myself.. I found penny auctions fairly recently , and have been working at them and am making money. I do these auctions simply for the factor of making money as do most. Only once in a while does someone legitimately want an item. Typically like me there looking for profit. Also you have to understand that it is all luck in the end, whether you win it or whether you lose. Please understand that I have lost on plenty of items and I have won $150.00 items for 1.50 including shipping. It is all luck. And also you need to know that these sites are here to make money . And some question if they do, well they wouldn’t be doing this if they weren’t. Another key point is a lot of people think these sites are fixed. No they don’t have ”autobidders” to boost prices. Trust me ive seen these sites make upwards of 18 thousand dollars off a single item and the person who bought the item still saved about 300 dollars on it. So now that we have this out of the way let me go ahead and give you some pointers…
- 1- Don’t be the first bidder. I can almost guarantee if the item is worth anything then being the first bidder has no advantages. Its better to save this bids till the end.
- don’t get into a bidding war and just click bids as soon as someone else bids. Wait until the timer gets down and then bid that way other people may jump in. Remember your goal is not to put the most bids down its to make everyone else run out of bids first.
- Do not bid on an item with more than 2 minutes left. If you bid on an item as soon as they post you may as well throw away the .60 cents or however many bids you throw down.
- Another thing is dedicate yourself. Do not put 1 bid on every item or your once again wasting money. Dedicate yourself to an item you want and focus on there.
- watch for other bidders. All these sites show exactly how many people bid and shows a small history log. If you see 4 people in a bid war, wait until there is only 2 of them left, you do not want to be the fifth , or once again your wasting money.
- Go for bid packs. Go for bid packs and here's why. If you see a 250 bid pack for sale then go for it. For every bid you put down you get that a rebate if you buy the item now. So if you throw down 250 bids on it then lose you can buy it now for free. So its worth and you may et luck and win it after 50 bids…
- Know your item. Sometimes the retail prices sites give may be a little off… so know your item that way your not overbidding.
- This one goes off my last one. Know your item for another reason. If you are bidding on a 400 dollar item and you have put 250 into it… Keep going until you win or buy it now and get the rebate off. At least if you buy it now for 400 and sell it for 350 your only losing 50 dollars instead of 250 like you were before.
- Study. If you want to be successful at this then you need to study it. A lot of sites use the same item each day and just repost them. If you see what they sell for each day then you will have a better idea of when to jump in.
1- Learn about the auto bids. Each site gives a way for you to place your auto bids so you can leave. This can be a big help. They will throw as many bids as you choose and will keep you in the money.