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Monday, October 10, 2011

To Spend a Bid or Not Spend a Bid?

I've been watching a lot of auctions lately on Quibids and the penny auction site Bid66 lately. I've been paying close attention to winning penny auction strategies of different players. There are multiple strategies used on many entertainment shopping sites. Such as:

1.) Immediately placing a bid right after another person over and over to intemidate
2.) Not placing any bids until the last few seconds of the auction, hoping to "snake" the other person

Both of these strategies can work but there are definitely cases where one is better than another. I think on strategy 2 (waiting to bid during the last 5-10 seconds) works better. This bidding strategy is better as there are less users on Bid66. Lately, I've seen auctions end at lower than $0.25. Often auctions are won for just $0.06 or $0.07.

On, penny auction strategy 1 (placing multiple bids) works best. Quibids has multiple users and bidders on every auction. You need to stake your claim on an auction in order to win on Quibids.  For more penny auction strategies read my blog post: Penny Auction Strategy Winning Tips
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