Penny Auction Guide - Auction Reviews and Tips

Everyone has their own method for success, and winning at Penny Auctions is no different.  Below is our Top 10 list of things you can do to increase your chances of winning an auction. Remember, luck favors the prepared!

1. Set your expectations. This ain't your mother's eBay auction.  If you expect to score that big screen TV with $2 in bids, you will be very disappointed, and Penny Auctions are probably not for you. Don't believe the marketing hype of the sites - it's often hard work winning an item. Competing in penny auctions is like a game of poker - there is a lot of strategy, skill and patience involved. Don't let the term 'auction' fool you - penny auctions are adrenaline fuelled, high stakes and competitive shopping at its best, not for the faint of heart.
2. Don't rush.  Start slow, be patient and don't rush into an auction unless you are fully prepared.
3. Educate yourself on the site.  Read the site's Terms and Conditions, review the FAQ (Frequently Asked Questions), and watch the tutorial if the site has one.
4. Watch a couple of auctions. Check out some past auctions to see what type of items were won and who were the winners.  Then watch a few live auctions to see the bid increments, timing, who is bidding, who is aggressive, which items get the most attention and the final auction price.
5. Take advantage of special deals. Penny Auction sites run promotions all the time.  Lower your bid cost by buying bids when sites offer bonus bids and other incentives.  Remember, you want to pay as little per bid as possible to increase your winnings.
6. Play at multiple Penny Auctions.  Don't just keep going back to the same penny auction site day in, day out.  The dynamics of auctions change all the time, just like poker tables. The more tables you can play, the more likely you'll find ones where you can win.
7. Avoid crowds.  Try to bid during times when fewer people are bidding. Bid on sites or auctions that attract fewer people.  You increase your chances of winning when fewer people are competing against you. If you think that 50 inch plasma TV is a great deal, so do hundreds of others.  If you bid for a popular item, be prepared for a lot of competition and lower chances of winning. Pick cheaper or smaller items to increase your chances of winning.
8. Arm yourself with lots of bids. Before you begin bidding, make sure you have purchased enough bids to last throughout the auction.  If you run out of bids during a hot auction, the auction will probably be over by the time you are able to buy more bids. Keep an eye out for your remaining bids. Don't run out of bids during an auction.
9. Pace yourself and walk away from losses.  Before you begin an auction, decide what is the most you're willing to spend in bids.  Stop bidding once you've reached your limit to avoid spending more than you want to.  It is possible to spend more in bids than what the item is worth.  Pace yourself, then take a break and fight another day.
10. Check back to Penny Auction Guide regularly.  We are are here to help you get an edge over the competition.  Find great new sites and be the first to hear about Penny Auction site promotions by checking back with us regularly.