When it comes to penny auctions, having the right strategy is crucial. I know that it sounds really suspicious and extremely complicated but it in fact it is not. I see many people complaining about how they keep losing and when we ask them how they bid. I think they would just bid randomly when they think the time is right. This very rarely works.
The key to winning is developing a good bidding plan and sticking too it depending on the bidding patterns. In my articleI would like to teach you some of the methods I used to win items at Wellbid.
So… lets get started! The most important thing to do before you start bidding is to decide what type of bidding style you want to use. You could be aggressive, conservative or even a mix between the two. Aggressive bidding works quite well when you stick to it, this gives the impression to other bidders that you are here to stay and you won’t let this item go. Although it can be risky and we would only recommend it if you have a big budget.
Conservative bidding can also be quite effective. However, you are less likely to make big savings. The conservative bidder heavily relies on the “Buy It Now” feature that many penny auction sites use. The bidder will place bids that equal the RRP of the item that their bidding on. So if they haven’t won the auction by the time it reaches the RRP, they will just stop bidding and use the “Buy it now” feature to get their bids back.
So what ever option you choose stick to it and remember that they don’t guarantee you a victory.