Online Penny Auctions - The Best Strategies And Tactics - Part 1

Knowing how to win online penny auctions is extremely useful when you're trying to save money on things.

You can literally go to one of the best online penny auction sites, pick out what you want and get it for a few bucks, instead of a few hundred, by simply bidding on it.

You need to know, however, that it's not enough to just randomly start placing bids.

Every bid you make costs you money, so you need to have a basic understanding of the system as well as know a few things about the strategies and tactics related to penny auctions.

Here are a few, quick pointers for you.

Do your research.

Before you even think about bidding on anything, you must know what that item usually goes for.

For example, if you need an iron and you see that usually irons go for about $12, you need to pay attention to that.

The reason why this is important is because it'll help you decide whether you should jump into an auction or wait (more on that later.)

Is there anything big happening at the same time?

A lot of people that bid on the best penny auction sites will choose an auction and literally waste their bids by bidding too early or generally not knowing what they're doing.

While that doesn't harm you personally in any way, it increases the number of bidders and the price of the item unnecessarily.

You want as few bidders as possible, so, if there's a big auction happening at the same time as yours, chances are everyone is going to be bidding on the high ticket item, while you quietly snatch what you want before anyone knows what's going on.

Don't bid below the 20 second mark.

This is another very important thing to understand.

Every auction on the best online penny auction sites has a timer, and you don't want to start your bidding if that timer shows more than 20 seconds left to the end of the event.

In fact, if you're just looking to jump in to an auction that's been going on for some time, it's a good idea to do that when the timer shows just one second left.

Why?

Because that discourages the people that already placed their bids from continuing (which will make your job that much easier!)

This is it for this article on how to win online penny auctions. More tips and techniques coming up soon!