Tuesday, July 5, 2011

Best Time to Bid on Penny Auctions

What is the best time to bid on penny auctions?
This is a very important question that every bidder needs to answer in order to optimize her winning chances. So what is the answer? It depends! Not very helpful right? But let me explain to you more in detail.

When you are looking for the best time to bid on a penny auction, what is it that you are looking for? You want to find the least competitive times in a penny auction. This is when you should bid because the lower the competition, the higher your winning chances. (Remember that no one can ever guarantee you a win at penny auction and anyone claiming otherwise is a snake-oil salesman you should steer clear of).

Finding the Least Competitive Times
It is important to find the least competitive times for your penny auction. Essentially, competition at any penny auction depends on -
  • The number of bidders currently online
  • The number of products up for auction 
  • The number of popular items up for auction 
These three factors, in a nutshell, determine the least competitive times for any penny auction.

How to Find this Information?
It is not easy to get this information. Almost all the trackers I have seen are no good. You should observe general trends. For Quibids, you should read my post Best Time to Bid on Quibids which will give you great insights into this information.

For other sites, as a general rule of thumb, afternoons to early evenings are less competitive. For example, at HappyBidDay, the afternoons can give you products worth hundreds of dollars in gift cards for a couple of bids each, along with plenty of other free bids to use. However, late at evenings and nights, it becomes more competitive like a regular penny auction.

You should know what is the best time to bid on a penny auction to improve your winning chances. Again, another rule of thumb is to avoid weekends, although some penny auctions have great products on weekends. It is almost always a trade-off.

It's Still Unpredictable 
For new penny auctions, it is easier to predict competition. However, for any penny auction, it is impossible to do so with certainty. Just a couple of aggressive bidders can change the whole dynamic of the game. You need to understand that penny auctions are inherently unpredictable because their outcome depends not only on your own actions but also on the actions of other bidders. By knowing the best time to bid on penny auctions, you are merely bettering the odds and adopting a wise strategy.

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