Auction Sites Guide

Most people will be familiar with the television auction sites that offer quality goods for telephone bidders, it's a popular concept that has now made its way onto the internet and you'll find a wide range of different auction sites online all offering bidders the chance to win high value items with low value bids.

Participating in an auction site can be a thrilling experience as you are essentially competing against many other bidders in a war of nerves. Who will be the final bidder? Can you hold your nerve until the very end and beat the others? Will you walk away with your prize? Many participants in auction sites love the thrill of the game as well as the chance to win an item at a huge discount - often up to 90% off the recommended retail price! All you need to do is register with the site (this is usually free) and then you either buy your bids or tokens, or you simply start bidding with real cash straightaway!

Types of Auction Sites

There are straightforward auction sites that offer an item for a low price and invite people to place bids before the time runs out. The winner is the one who placed the highest bid before the auction ended. These are sometimes referred to as English Auctions.

Dutch auctions have the opposite principle. The price starts at the recommended retail price and is then gradually lowered until a bidder finally snaps it up.

Penny auctions work by bids raising the price by a penny each time. The timer is set and each time a bid is placed, a few seconds are added onto the timer so the winning bid is usually the last person who got their bid in just before the timer runs out.

There are other variations of online auction sites but the above are the main three and most common types.

How to Win on Auction Sites

There are strategies that you can use to win auctions as well as relying on pure luck of course! The strategy used most often is to wait until an auction is at its final stages before placing your bid. In the case of penny auctions, bidders need to remember that seconds are added onto the timer each time a bid is placed, which gives competitors the chance to outbid you, therefore the longer you leave it the better. This is the exciting part of an auction site and also a test of your nerves!

Other strategies involve using the services of a bid butler who will place bids automatically on your behalf, however part of the fun of auction sites is the thrill of the gamble which bid butlers obviously take away. By far the best bidding tip is to bid wisely. Set an amount and stick with it and always try to go for items you know you have a fair chance of winning.

Most of all remember how ever much you would like to, it is unlikely that you will win every auction so try and get a feel for the ones you won't win and bow out gracefully.

Article Source: Oliver Brand

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