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Penny auction strategies are immensely beneficial in winning the best deals online. It is a common misconception that winning at these auctions is a matter of luck. True, there is a good amount of luck involved but that is not the norm of winning at these auctions. Instead, you should look at a plan to win so that you don't really need to rely on luck to win. In fact, you really cannot get lucky each time and bidding without knowing about the right penny auction strategies can actually end up making a loss for you. These penny auction strategies are well-tested across different sites. Today, there are hundreds of penny auction sites in the market. You should be careful in choosing the right sites, which should be legit and also give you a good chance at winning. Penny Auction Strategy-1: Look for the Best Time to Bid This is a very important penny auction strategy that few people seem to heed. The simple fact is, you need to know the less competitive times on a given site. This can make a world of difference in terms of how much you end up spending on an item. You can see an order of magnitude difference in some cases between the price of an item during the least and highest competitive times. The time for bidding is not exactly universal but there are general strategies you should know. For example, it is usually the case that weekends are more competitive than weekdays but some sites might compensate by having more auctions during the weekends. The bottom line is that you need to do your homework in this regard. Penny Auction Strategy-2: Winning More Bids, Free Bids A number of penny auctions have bid vouchers that you can win. However, in most cases, these are highly competitive. You need to balance out whether you want to try to win these or just buy bids and win real products. Also, some sites like Quibids have the option of Buy It Now where you can use the money spent towards bids that you lost on an item towards purchasing that item at the retail price. In such cases, the voucher bids don't count and therefore to reduce the overall risk, you might want to cut down on the vouchers that you wish to win. That being said, almost all new sites have free bids given away to new members. You should search for the coupon codes so you can enjoy some free bids. These give a very good way to start and the new sites can usually help you win small items just through the free bids. Penny Auction Strategy-3: Selecting the Right Sites This is perhaps the most important strategy simply because in the end you want to be able to invest in legit sites that have a realistic chance of winning. Many of the well established sites are
completely legit but get increasingly crowded. Some of the new sites are scams. You need to tread carefully and look for the best sites which are relatively new and therefore less competitive and 100% legit.
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