Before you start bidiing I think it is essential to learn how the auction site works. Read the “Terms and Conditions” of the site. If there is something in the terms that you do not understand, contact their customer service department and ask questions until you are satisfied. The penny auction sites are set up so that the site owners win whether you win or lose an auction and this explains why you must buy bids before bidding.
Moreover, watch and learn. Watch the auctions and get a sense of how bidding works and how long auctions take before ending. You’ll find that auctions with lower cost items normally do not last long and those with higher price items last longer. You’ll also find that popular items (i.e. iPad, etc.) have more competitive auctions and can last longer. It is important to know that the people who win auctions with expensive items for pennies are very lucky.
Only bid on items you are willing to buy at retail. This is probably the most important point I can make in this article. If you only bid on items that you are
willing to buy at retail, you can buy the item minus the cost you paid in bids for that particular auction. I use the penny auction sites simply as a way to potentially buy items that I need or want at a lower price. If the auction site does not have the option to buy the item minus the bids, I would not suggest using that site. This tip is also important since you will potentially scare away other bidders who are not as serious about buying the item which could lead to you buying the item at a significant discount.
Learn the habits of other bidders. I’ve found that there are people who tend to jump from auction to auction attempting to win with as few bids as possible. I also found that there are some bidders who count the bids of others in the auction so they can determine the right time to jump in and win. And there are others who have earned the reputation as serious bidders. There are a number of different things you can learn about the habits of other bidders and you should use that information to your advantage before getting into an auction.