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Wednesday, March 21, 2012

Bidding Strategy: Bidding on Small and Large Penny Sites

Every penny auction player has a unique strategy when participating in penny auctions. For myself, my strategy changes depending on the size and customer base of the penny auction site. Below are some tips for penny auction winning strategies for varying auction sizes.

Strategy for winning on different penny auction sites:
Small Site:
  • If you play often enough, you might be able to know your competition on a smaller penny auction site. Get to know the strategy of your competition. Memorize your fellow bidder's screen names and bidding preferences. You will quickly learn which players are easy to beat and which players will put up a fight. You might also learn the bidders stopping point. Some bidders always stop bidding after the auction reaches a certain dollar amount or once they place a certain amount of bids. There are power bidders out there who will purchase 500 bids and not quit unless they win. These are what I like to call your gamblers. They obviously get a rush from winning and won't give up. I bid against these people, but I try not to match them. I've seen these gamblers spend 500 bids on something like a $20 DVD. It's ridiculous. However, you can also pick out the bidders that always just throw down 10 bids and then quit. If your bidding against that type of bidder, please continue and you will likely win.
 Large Site:
  •  On large penny auction sites like Quibids, it is tough to get to your competition because there are hundreds of bidders on the site at any give time. On large sites, it's best to just play smart. Make a game plan, choose 1 to 2 auctions that you would like to focus on and plan accordingly. Set a limit of either bids or auction price that you would stop bidding at. Don't let the rush of the auction control your spending. On large penny auction sites it's also best to bid during non-peak hours. The online penny auction non-peak hours are in the early morning when people are getting ready and driving to work. I've also noticed a good time to bid is around 4-6 PM when people are commuting home or eating dinner. It's not good to bid after dinner and late at night. Most bidders are on during late evening hours. I've even seen a huge peak in bidders around 1 and 2 am. 
Hope these tips help and happy bidding!
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