At Penny Auction websites you can win fabulous prizes for incredibly small sums of money. It's not uncommon to see a $500 Best Buy Gift Card sell for $41.52. That's just a fraction of the value! With that kind of opportunity as you can expect competition is fierce. Just like any other game whether it's a sport or form of gambling (which penny auction websites are rumored to be), you want a strategy before you begin. Follow these tips and you'll be on your way to winning more penny auctions.
Penny Auction Strategy
Set your goals- Define your goal of being on a penny auction website. Are you looking to play casually and win something every once and a while or are you looking to a major player? Set your bidding limits and know when to stop. This way you won't find yourself developing a compulsive habit or attempting to chase your losses. With clearly defined goals, then you will be able to free yourself of any distractions. If you're looking to win a $500 Best Buy Gift Card or $250 Home Depot gift card, then stick with it.
Do your research - Remember in grade school when your parents used to tell you to study, study, study? Well this same theory can be applied to winning penny auction websites. Look at the different players on the sites and being to notice their tendencies. Does user magicdoug5 always outbid the competition on Walmart Gift Cards? Then maybe when you see magicdoug5 start bidding on the gift card that you want, back off of the auction.
Record your information - In business, managers make decisions based off of data that is recorded. While penny auctions may seem like a fun game, you are playing for money and therefore decisions should be made carefully based off of data. Take notes on all of your information for every time that you bid. After a long period of time you'll be able to notice trends in the data. Do gift cards sell for less during the hours of 1-3 PM on Tuesday or if there are two similar flat screen televisions up for auction at the same time which one sells for more? Having recorded data over time will allow you to make educated decisions on when to bid and where you can win big.
Get rid of emotion - You might have a favorite site to bid at and even like beating certain players when they come online. It's be to avoid any emotional ties to the game and use analytics to fuel your decisions. Play on multiple websites and never tie yourself to just one. Always continue to make decisions based on data, rather than what your gut tells you to do.
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