Most penny auction newbies make the exact same mistakes. Here is a guide to teach you valuable tips that the pros use to win brand new products from penny auction sites like Swoopo, Bid Rodeo, and GalaxyBids.com.
1. Do your research. FIRST AND FOREMOST - Make sure the site is legit. Check to see if it has site security regulations in place (ie. it has a valid SSL certificate that matches the web site's address). Site's with a valid SSL certificate are committed to keeping your personal information secure, and have been verified by the certificate's issuer as to whether it is a legit business. Do your research to determine if your information is being kept private and secure, and that "winners" actually exist.
The best thing to do, when starting out, is to choose one or two sites to follow. You should check in on them regularly. You can click on the auction item and get a whole page with the bidding history, and other valuable information. Many people stay on the main page, and miss out on this important info. The purpose in doing this is to become an expert on that site. In doing this, you can get a feel for who the users are, what their bidding style is like, and so forth. You also get a good idea of what types of auctions are usually up for sale, and how much they tend to sell for. This information will prove valuable for you when you are ready to get in the action!
2. Get your free bids. Most of these sites offer many chances to receive free bids. Usually just signing up will net you free bids, along with referring friends, signing up for newsletters, following them on Facebook. Twitter, etc. Stock up on these bids, because they are out there for the taking!
3. Purchase bids within your own limits. You have to decide for yourself what it is worth to you to be the auction winner. Depending on what your bidding strategy is, you decide how much you are willing to spend. If you are after one of the bigger name items, and there are many people bidding on it, you will most likely need to invest some cash to insure your chances. Keep in mind that others want it badly too, and they are willing to pay. If you want the smaller items, with less competition, that is an entire strategy in itself, and will end up costing you less $$ in the long run.
4. Choose a good day of the week and time of day. Bid when others are at work, sleeping, watching a top rated tv event, etc., on a day of the week where people are likely doing something else rather than sitting at their computer.
5. Pick your strategy. Now that you are armed and ready, here are some strategies that the pros use. Now keep in mind, you may have to adapt your strategy according to the users who you are bidding against. Once you've done your research, and can get an idea of what strategy your competition is using, USE IT AGAINST THEM!
**Remember: Big ticket items (ie. TVs, computers, iPods, etc.) will have more people bidding on them. Smaller ticket items (gift cards, perfume, etc.) will have less people bidding on them. Always keep in mind how many people you are bidding against.**
Here are some strategies to consider:
Bid late (but not too late): DON'T waste your bids by bidding too early. Most people wait until the last 10 seconds of the auction, and that's when the action starts! DO place ONE bid if there are currently no other bids on that item. It is better to be safe than sorry, if for some reason no one else bids on that item! DON'T wait until the last 1 or 2 seconds. A common problem with the internet in general is lag time. If you wait until the last 1 or 2 seconds you risk your bid not being counted, as there can be delay between the time you "click" the button, the signal gets sent to the server, the server does its calculations, and the signal is returned to your computer. Many auctions are lost by waiting too long. DO wait as long as you are comfortable (without risking the delay). If other users are "duking it out" let them waste their bids, and then jump in once the others have run out of bids.
Use the Bid Butler to your advantage. Watch the auction's history to see who is using their bid butler. If 2 bidders are "duking it out" with bid butlers, let them use up their bids. You must watch, though, to see when they are used up, and then jump in. If you want to use your bid butler, you can scare other people off by placing one. If they see their bids are constantly being matched by a bid butler, you may convince them to give up. Set your bid butler to an odd number. Most people set it in round numbers, and then forget about them. If you watch for this, you may be able to win the auction by bidding once their bid butler has finished.
Try Auction Sniping. As the price increases, naturally it attracts less bidders. When this happens, you can win with potentially a few bids. The end price could be higher than normal, but it will require fewer bids to win. This is where your earlier research will come in handy. If you've kept track of the people bidding on this item, and you have an idea of how much it usually sells for, you can have a good idea of when a good time may be to jump in.
Build Your Reputation. (Please do this responsibly though - within YOUR limits.) This strategy may cost some bigger $ in the beginning, but long term could net you lots of wins. Take on a win at all costs strategy. This can take shape in the form of using a powerful username (like "relentless" or "powerplayer"). This in itself will scare away a few bidders. When you bid, bid like you have a 1000 bids (even if you don't). As soon as you're outbid, hit the bid button. Repeat, repeat, repeat. Eventually, the competition will dwindle, and they'll probably move on to another auction, leaving you to win the auction! Alternatively, invest in getting as many bids as you can, and win at all costs, on as many auctions as you can. Your username will be listed in "winners" or "ended auctions" category repeatedly, and others will be afraid to bid against you if they know that you are a born winner. Eventually, know one will want to bid against you.
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