Self help
Penny auction is a new concept which has intrigued me for a while now, I have followed this concept quite closely and I want to be one of the thought leader in this business.
This was my first post I want to think of Penny Auctions akin Stock Trading -
Penny auction is in many ways similar to say trading on stocks:
- You need to take the risks to earn the return - Users who buy more bids have the staying power. They wear out the competitors and win the product. You have to be very lucky to win a product with your first 5-10 bids.
- It pays to adopt a different strategy - You can fairly guess at what points during the day the traffic on the website will be high or which products are more likely to attract more bidders. Not following crowd always helps.
- You should know when to hold and when to fold - Cutting your losses is the key to trading on stocks. Same applies here, if you see that you are being carried away by a strong bidder, you can't let your emotions get in the way. You have to be aware of your exit points. You obviously don't want to spend 100 pounds on bids to secure an ipod worth the same price!
In the next post I will be talking about various Penny auction websites in the UK.
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