Penny Auction Strategy
Have you been trying to figure out what the best penny auction strategy for you is? If you have been, I wouldn’t really be surprised, as a solid penny auction strategy can be the difference from winning a ton of great stuff, and seeing it all snatched from under you in the last seconds. You’ll find that strategies vary from person to person, and what one person considers a great penny auction strategy, someone else might consider useless.
When trying to come up with your own plan of action, there are of course a couple of things that you will have to seriously consider. The first thing to decide is whether or not you want to be a “bully” or a “thief”. An Auction bully is someone that starts a penny auction strong, and pretty much bids their max amount right from the beginning to scare other interested parties away. A thief is someone who swoops in in the last seconds of an auction and pretty much snatches an item from the clutches of the person who expects to win.
Each one has it’s advantages and disadvantages when it comes down to it. The advantage to being a bully is that in many cases, you are able to scare other people from bidding at all. This is due to the fact that they see the bid amount is high even though the auction is still young, so to speak. On the other hand, by jumping in early with a high bid, you run the risk of paying more for the item than you would have if you sat back and watched the penny auction play out for a while. While a thief in many cases will swoop in at the end and win an item with one quick bid, it’s also possible that they simply extend the auction long enough for other interested parties to get a couple of more bid in as well. When this happens, you could again end up paying more for the item than you expected.
A great penny auction strategy is one that is figured out over time, and largely built on experience. There are many variables to consider, and ultimately, your strategy should be one that is both comfortable and successful for you. It should be fairly obvious at this point that there are many things to consider in your process to come up with a penny auction strategy. What I would suggest is that you find a couple of bidders and follow their successful auctions. By doing so, you will more than likely pick up a couple of really cool tricks that you wouldn’t have known about otherwise. Before you know it, you will definitely have a plan that you are not only comfortable with, but one that will allow you to dominate the auctions that you are involved in.