Every single auction is different, this is dependent on who is bidding, and this means that there is no particular trick to use for you to win an online auction. To win an online auction, it takes patience, persistence, careful planning, and observation. Online auction is not only competitive but is also quite popular. Did you know that you can be able to win an expensive electronic device that has up to 90% discount?
It vital that you note; there are online auction sites for the big dogs and those for individuals who haven’t won an auction before. Everyone bids differently; however, it’s not all the bidders who take time to learn how bidding works.
Principles of winning an online auction
- Tour the online auction website
As you take a tour, check the goods that are on auction, taking note of the Big Dogs and the frequent winners. You will need to note down Big Dog’s country and nickname; you should also note times when product winning is at low prices. Look at the auction schedule and plan on attending one, ensure that you keep in mind time zone difference.
There are particular auction sites for beginners, ensure that you familiarize yourself with the acronyms which include the following:
- 1WA auction is for individuals who haven’t won yet
- New- New item
- DP- Double MRP(Member Rewards Points)
- NAB- No auto-bidder auction
- Jr- Junior auction, limited to members with nine wins or less
- Big Dog- Open bidding even when you have reached your standard win limit- maximum of 1 Big Dog win in a day
- Watch an online auction
You should know how an auction countdown timer works; it can be tricky. As the clock starts and ends several times before the auction ends. You can use the bid log to check the number of bidders present. Never assume- no one is bidding; this is because most bidders will wait until the end; observe the strategy and behavior of bidders.
- Know the strategies used
Most bidders will start to withdraw if they see Big Dog present in an auction. Bidders begin to bid when they hear ‘Going once. Going twice.’ Do not bid at the beginning of an online auction, instead bid not less than 5 seconds remaining in a bid.
- Schedule time to bid
Choose a time to bid, when you know you won’t be interrupted, ensure that your computer is working efficiently. Go for 1WA auction or junior auction to get the best chance of winning.
- Set up a budget
You need to be aware of the value of the product on auction. When using an Auto-Bidder, be careful as you can end up losing more money than you had expected. When bidding, do not be overly excited leading to you engaging in a bidding war. You will end up losing more money.
Online auction is an excellent and accessible way of getting products at a 90% discount. However, you need to be careful as you can end up losing a lot of money. Online auction requires you as the bidder to practice patience, persistence, and observation, to have the best chances in winning.
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Currently, auction items can include confiscated goods, items from leftover in storages, properties sized due to foreclosures and products collected by law enforcing agencies. There are also cases of individuals auctioning household gadgets, furniture, and goods.
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