A good penny auction strategy is necessary if you want to win penny bids.
This type of auction is very popular because it allows you to purchase items at deeply discounted prices.
However, you can save money only if you have the right strategy.
Methods will differ from one person to another but the right strategy will spell the difference between winning and losing.
Choose Your Penny Auction Site There are many different penny auction sites and the first thing you have to do is find a site that offers the products you want to buy.
You will have to sign up as a member and purchase a bid pack before you can start making penny bids.
Some of the newer sites offer free bids.
Free bids will help you as you learn the best way to bid at a penny auction.
New Members' Auction Penny auction sites hold different auctions every day.
If you are a newbie, it's best to use the new members' auction.
This section is for people who have never won a penny bid before.
The new members' section allows you to get to know your way around the site and find out how it works without spending too much money in the process.
You will be playing against members who are at the same level as you.
You will quickly learn some tricks as you go along.
Choose Your Strategy Decide whether you want to bid aggressively or wait until the last minute before you start making your move.
The choice will depend entirely on you.
Aggressive bidding can intimidate other bidders but you may end up paying more for the item than you bargained for.
Most of the action during a penny auction happens during the final 10 to 20 seconds of the countdown.
It's a good idea to place a bid early on to bookmark the auction.
During the final stages, expect the bid price to increase quickly.
Avoid the temptation to place too many bids.
Remember that you have to pay each time you make a bid.
Keep track of how many penny bids you have made.
This will become part of the overall price you must pay.
To save big, hold back for as long as you can.
Do The Math To realize the savings that you are looking for, set a limit on the price and number of bids you plan to make.
Each penny bid will cost you a certain amount of money.
Include the amount in the final price and you will have an idea of how much the item will cost you.
Make each bid count and before long you will develop your own strategy to win any type of penny auction.