eBay: Do's and Don'ts for Beginning eBayers, 2009

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Bidding wars won't work for you, unless you are the seller. Often, the seller sets the starting price extremely low to entice as many buyers as possible. The buyers start bidding high and often, which starts the “bidding war”, a frenzy of over-excited buyers.

This behavior is common amongst eBay newbies who are yet to learn when to keep bidding, and when to let it go. Quite often, seconds before the auction closes, a patient veteran buyer will outbid the novices by mere pennies.

If you are bidding on a rare, hard to find article, it’s understandable you might be willing to bid high. Sometimes, it’s the only way you can win it. Other times, with a little patience and research, you could find another auction for a similar item, at considerably lower price. The feeling of victory is much stronger if you win the auction without breaking the bank.

So the tough lesson here is to show restraint and patience... and to learn how to bid in the last minutes of the auction.