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This article is from Rusty Scropper, resident coin nerd and founder of CoinSniper.com. Rusty’s online coin auctions and his consistent commitment to customer service have impressed our team. We thought it would be helpful to share some strategy for winning at CoinSniper, so Rusty provided us with some great insights in this guest post. As a reminder, statements and opinions expressed in articles from guest authors do not necessarily reflect the opinions of the Penny Auction List.
First, here’s what the LEAST successful CoinSnipers do – don’t commit these common mistakes!
1) DON’T follow the leader.
Know what you’re after, how much you want to spend, and git after it. Everything at CoinSniper is a good deal, so collect whatever you want! CoinSnipers that follow the leader tend to fail because they lack focus.
2) Don’t forget the plan.
When out-of-practice CoinSnipers see something they want, the forget the plan and start bidding like crazy too early, making it easy for more experienced CoinSnipers to strategize bidding around them.
DON’T PLAN ON LUCK – MAKE IT!
3) Don’t wait too long and fail to engage.
Many people watch auctions and wait for “the perfect time” to bid. Too often they never get that bid in and the opportunity is lost. They lose because they never had the courage to step in and attempt to win! Also worth noting: Most special auctions require a bid before T – 1:00!
4) Don’t take it personally!
Everyone at CoinSniper is doing the same thing you are – looking for a good deal while growing a coin collection. They’re not out to get you. I’m most certainly not out to get you. (I have no idea why, but apparently some people think this?) It is my best interest to make sure YOU win and I get EVERYTHING sold.
If you’re angry with another bidder, have a look at last week’s results – you probably did to them what they just did to you – and you didn’t even realize it!
None of the other bidders is singling you out on purpose – unless you ask for it…
5) Don’t wait for others’ limits to run out.
This is a good way to get everyone mad at you you. And then, next time they see you bid on something, they know you want it and refuse to bid just to spite you. Play nice and everyone is happer, and everything works better. Also – if you get caught out and somebody does this to you, don’t you wish you’d thought to do it? Think ahead, be smart. Don’t let it happen to you! Honestly, looking at the deal the other CoinSniper got – can you blame them?
How to Score the Coin You Want at CoinSniper
1) The most successful CoinSnipers have a plan and stick to it.
Know what you’re after, and know your limit. (I profess 20 – 25% of the coin’s value in bids and a 50% if-all-else-fails-and-you-must-have-it fallback position.) If you get caught out, DO NOT double down! Save your bids for another day and ask me to put up another coin. Maybe go after a Bidding Bounty while you’re here. If a the coin you want just sold, ask me to get another one up. At least one bidder will not be interested in the same coin because they now have it! If bidding on the coin went nuts, many other bidders will be intimidated and not bid on the same coin again. Less bidders means a better chance for YOU!
2) The most successful CoinSnipers bid regularly, but not all at once.
The best are here every day or every few days, dropping a bid now and again, studying, seeing what’s coming up and getting a bid in here or there. Keeping fresh. They almost never go all-in, and they do everything they can to conserve their bids. They try to not get lured into a prolonged battle that eats a lot of bids – but it’s happened to EVERYONE.
Ever notice it seems like the same people are winning? It’s because they practice, and regularly! They’re not power-bidders. The people that win almost always have a budget of between $10 and $30 per week – sometimes a lot less! When things are quiet, it’s easy to get Bidding Bounties – free CoinSnipes. Some of the best are unemployed! You’d be shocked to know how well the regulars do with very little.
Don’t you want to be like that?…
3) The most successful CoinSnipers disrupt the flow.
I see this happen ALL the time. CoinSniper A and CoinSniper B each want some coin and make it known by bidding aggressively. CoinSniper C comes along and drops a bid from the middle of nowhere. CoinSniper A expects B to continue bidding, CoinSniper B expects A to continue to bid against C, they both do nothing! CoinSniper C picks up the coin for a single bid – or not many!
4) The most successful CoinSnipers generally bid early AND late – but not too late.
The most successful CoinSnipers I’ve seen often drop a bid (or a few) right at the very beginning of the auction – sometimes well ahead of time. They recognize that this helps to get coins sold. It’s courteous to others, everyone appreciates it. They watch the bidding go down and from time to time jump in, and when the time is right, they’re ready to take the win.
IMPORTANT: There is this strange misconception that bidding as late as possible helps. Some CoinSnipers swear by it! Once in a while, it draws in other bidders. MOST of the time, you miss getting your bid in and you’re wishing you’d bid earlier because the other CoinSniper got it. I’ve watched THOUSANDS of auctions. AT LEAST as many auctions are won with early-ish bids as late ones – TRUST ME! Heck, don’t trust me – just look at the auction results!
- CS-3286, final bid placed at T – 0:06
- CS-3290, final bid placed at T – 2:18
- CS-3292, final bid placed at T – 0:09
- CS-3293, final bid placed at T – 0:11
- CS-3296, final bid placed at T – 0:27
- CS-3297, final bid placed at T – 0:23
This is from my recollection – may not be 100% accurate.
Again, these tips aren’t foolproof. However, if you take some of them to heart, you’ll be more successful in your coin hunting.
We’d like to thank Rusty for his insights. If you have questions you’d like him to address, feel free to post them in the comments section below.