Thursday, December 8, 2011

3 Secret Penny Auction Strategies Revealed!

To win penny auctions strategies are very important because they can make or break the deal that you can find. These auctions can be hugely profitable but they also run the risk of putting you below water. It is not at all uncommon to see people lose hundreds of dollars bidding on these auctions without knowing what they are doing and without any penny auction strategy to guide them. When bidding is arbitrary, your chances of winning will drastically fall off.
These penny auction strategies are highly useful not just for the beginner but also the experienced. You need to understand that these auctions involve a lot of study in important areas - economics of the auction, game theory winning principles, psychology of bidding, etc. It is through experience that these strategies are devised to help you win big.
Penny Auctions Secret Strategy - 1: Don't Run After Bid Vouchers
This penny auction strategy runs counter to everything you might have read. The reason is simple - the "experts" really never have any experience with hundreds of different penny auctions out there. True, bid vouchers can help you multiply your bids but there are serious limitations. The first thing to remember is that at all penny auctions, bid vouchers are the most competitive. You will see that bid vouchers sell much closer to their retail price than even Macbooks! You really don't want to be competing against 20 other serious bidders.
Also, many auctions give you the option of Buy it Now where your bids will count towards purchasing the item at the retail price. This is an excellent risk mitigation strategy that you can use. However, voucher bids do not count towards this price. Therefore when you are bidding on bid vouchers, you are replacing your "real bids" with "virtual bids" that are worth absolutely nothing. One of the best examples to illustrate this point is at Quibids, where bid vouchers don't count towards anything and also cannot be canceled for cash like real bids that you buy.
Bottom line is, don't overdo trying to win bid vouchers at any of these auction sites.
Penny Auctions Secret Strategy - 2: Know When to Bid
Knowing when to bid is the real secret to success at penny auctions. This is in fact one of the most important factors that determines you success. There are times that are less competitive and there are times that are highly competitive. Competition depends not only on the number of bidders at a given time but also on the number of auctions currently running. Therefore you will need to determine low competition times for individual penny auctions.
As a general rule, weekends are more competitive and so are times towards the night, nearer to midnight. You will need to factor in the different time zones as well. Newer sites do not have auctions at all times and thus you will need to determine their running times as well. Trust me, the hard work involved in collecting this data will definitely pay off.
Penny Auctions Secret Strategy - 3: Know where to bid
This penny auction strategy involves doing your research and determining which sites are the best for you. There is no universal answer because different people are looking for different products. You need to find a site that offers what you are looking for, be it high-end electronics or smaller gift cards.
If you are not looking for anything very specific, it is a good idea to check out the new sites because they tend to be far less competitive. This ensures that you have a very good chance of winning and at a very reasonable price too. You can also get some free bids in the process.
A new penny auction site that I recommend is OMGiWON where you get 12 free bids when you use the coupon code "wow" after registering. You can win gift cards for really cheap and can win significantly just from your free bids!

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