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A few months ago, we had a new penny auction bidder email us expressing her frustrations. She had already spent over $100 on a penny auction website and had nothing to show for it.

Penny auctions can be confusing and frustrating, especially at first. Here at the Penny Auction List, we want to do all we can to help new bidders avoid common penny auction mistakes.

This post discusses one of the most common penny auction bidder mistakes – a lack of research.

Penny auction success is directly related to research. Many new penny auction bidders rush into auctions carelessly. Their attempts usually end in disappointment.

If you are a new penny auction bidder and you want to be successful, you need to do your homework first. This means that you should carefully research a penny auction site that you’re interested before bidding. Research isn’t just glancing over a site for a few minutes.

As painful as it may sound, we encourage new bidders to monitor a site for several days before jumping in with both feet.

There are 3 questions that should guide your penny auction research:

  1. Who are the power bidders?
    Find out who wins, and how often. Avoid power bidders unless you have lots of money to spend.

  2. What penny auction items seem to get the most attention?
    Avoid busy auctions. Start by targeting smaller auctions like low value giftcards, DVDs, etc. The phrase risk=reward is generally true for penny auctions as well.

  3. When is the bidding on the site most active?
    Lunchtime, nights, and weekends are often the busiest bidding times. Target low-traffic hours of the day and try winning those auctions, even if the items are less desirable.

So the lesson from part 1 of this series is to never underestimate the power of research. Some of the most successful penny auction bidders still research auctions before bidding.