Penny auctions are exciting and new. They are fun to use, as well as beneficial to you and the website that hosts them. However, there are some mistakes that people make when enrolling and participating in these penny auctions. Some mistakes include not doing enough research to determine if the site is safe and reliable, bidding too much for an item that you aren’t very interested in, spending too much time and money on these sites (or becoming addicted) and not bidding intelligently. It is a huge mistake to participate in a penny auction site that you don’t know much about, as they could turn out to be fraud or a scam and hurt you financially.
One vital mistake that you must avoid is going into an auction blindly. When you put your personal information into a website including you banking information, you need to be 100% sure that site is reliable and has good reviews. You also need to have a handle on what you are looking for, whether it’s a car, furniture, a movie, or a gift for someone. Know what you want to win in an auction setting and have a good basic idea of how much that item would go for if you were to just buy it at the store. You don’t want to bid more on an item than what its worth. The objective of these penny auctions is to receive items for a great deal, not to overpay for someone you aren’t happy with.
Another mistake you should always avoid when penny auction is becoming addicted. The feel of competing with someone you don’t know for a huge sale price item is fun and exciting, but it can also get out of control if you let it. Always keep a level head and make sure you are bidding on things you will actually use or gift to someone, and not just for the thrill. Also, buying your bids in bulk is a good idea. You will end up making the mistake of spending too much for bids if you buy a small amount at a time when you get a price break on a large amount.
Not bidding intelligently is a huge mistake that can be made by bidders in penny auctions. Watching the bids for hours is a great idea and will help you to determine the best strategy for winning. If you start pouring out bids when there are 30 other people bidding at the same time on the same item, you will just be wasting your bids. Also, not waiting until the countdown gets low is a mistake. Not placing a bid until the timer gets below 5 seconds is a very beneficial idea, as this way people will know you are serious and smart with your bids. Also, don’t go up against an automated bot bidder. If someone has set their account to automatically bid for 600 bids and you keep going back and forth with it until you are out of bids, you have wasted them all. Be smart, only bet when the countdown gets very low, and make sure to watch auctions carefully and attentively.