Penny Auction Strategy
It’s always mystifying to see so many penny auction tips and penny auction strategies, and few if any bidders take advantage of the one thing there is an abundance of – information.
The best penny auction strategy is one that saves you lots of money, places you in the best positions to win often, and does this for consistently great, low bids. Penny auctions are one of the newest forms of one of the oldest forms of buying and selling nearly anything. Yet few bidders – even serious ones – make use of the plentiful information about their bidding competitors!Got Excel? Great, let’s put it to work to make and save a bunch of money. If you don’t have Excel, get the free option from Open Office. (It really is free and works the same way.) Open a new spreadsheet file and save it to your desktop. You’re going to want it easy to find when you are bidding, studying, watching – doing anything on your favorite penny auction sites.
What we’re going to do is study trends and patterns. More importantly, we are going to do these things with auction participants that are bidding and winning or – losing.
Don’t worry there is nothing remotely difficult about this. We’re going to use what may be the best penny auction strategy you may ever get your hands on to make what we do “intelligence-driven.”
Everything has patterns, right? Even random and infrequent events occur with some kind of pattern. This is what scientists (that know more than we do) tell us about the predictability of lots of things.
The bidding habits of penny auction bidders have recurring patterns too – even the pros – and their activities may be even more predictable than lots of things. Many people in heated, emotional events like auctions tend to be especially driven by habits.
We’re going to capitalize by taking advantage of these habits. We’re going to use the number one penny auction strategy by knowing who the “players” are and what kind of tendencies they have for bidding.
What you are going to do in simply to pay attention to what other bidders are doing and taking good, simple notes.
In column 1, we’re going to place the following terms: Super Bidder, Easily Beaten, Newbies.
The Super Bidder is that person that often is driven as much by ego as the items they bid on. They appear to have a seemingly endless numbers of bids, make them early and often, and will often even bid more than an item is worth.
They often refuse to lose and will pay higher prices to stake their claims as “kings of the jungle.” These are players you want to make sure you identify and follow. Even they have patterns and your notes will bear this out.
Like every player, they will have things they are less interested in than others. This is their “Achilles’ Heel” and how you can use their own strengths against them.
Note what they like to bid on in column two of your spreadsheet. Just list the items and categories. The Super Bidder that likes to bid in every category or every item – straight-across-the-board will be rare. Few people have unlimited amounts of money. If they did, they probably wouldn’t be in the “penny auctions” at all.
Once you know the hot buttons of the Super Bidders, you know when you see them active, they will often over-bid an item to win. It is best to avoid getting into the frays when a Super Bidder is actively bidding on the item you want. (Unless you want it really badly yourself)
Hot Penny Auction Tip
Every category will have its own Super Bidders. Someone that bids heavily on flat panel TVs will not necessarily be as inclined to bid or overbid on a twin-supercharged Expresso machine. In column three on your spreadsheet, make note of the columns they are most active in. When they aren’t dominant in an unusual category for them, they may not have as great an interest in the item they are bidding on.
As much as you probably don’t want to be in an auction with a Super Bidder, you want notes on the “easily beaten” because they are easy to beat out of items. Make sure you write these people down too.
They will lose to any number of things like: Aggressive bidding by other bidders,,Frequent (and fast) counter-bids to theirs, Dropping out auctions they may perceive have too many bids. These people are what they are: easily beaten out of good stuff; follow them as closely.
You’ve gotta love newbies! They are just that – new. They aren’t necessarily easy and they aren’t hard either. They have random patterns and often try to win 3-4 items at a time.
Any experienced penny auction pro knows to focus on watching and winning one premium item at a time. This may be the “best of the best” penny auction tips. Win one, well-researched item at a time. Use the same guidelines for tracking these bidders as indicated for the others above.
But remember, newbies don’t stay “new” for long. Anyone can develop to be serious competition in penny auctions.
Best New Penny Auction Sites
Like the tips for penny auctions, there are some established and new penny auction sites that are worth taking good looks at to determine your favorite(s). Let’s look at some of the established sites first:
Quibids is the largest, established penny site operating in the US. It has a large and regular bidding following.
Bidcactus is another of the well-established penny sites. It is also one of the larger operations. User experiences reviewed are well above-average, which indicates the site also has a loyal following as well.
New Penny Auction Sites
Beezid has come a long way – fast. It has a loyal, popular following that will quickly tell you they think it’s the best penny auction site on the web.
HappyBidDay is causing a lot of its own success through lots of reports generated by many happy users. Newbies are even reporting success on this relative newcomer to the penny auction scene.
Like with anything in life, the best penny auction sites will be the ones you take the time to use and evaluate yourself. There will be new penny auction sites popping-up periodically and at pennyauctionstrategyguide.com our mission is to keep you up-to-date with the hottest tips for penny auctions and always current with the best penny auction sites.