When to Stop Bidding and Let the Win Go
We all want to win every auction we enter right? But reality and the laws of probability tell us that just isn’t going to be the case. When to stop bidding?
After all, you win some, and you lose some and in many cases you may lose more auctions than you win. I think a great tip is if you are going to stop bidding on an auction, stop bidding and give it up to someone who has been in the auction with you most of the time.
This is something that I do on a regular basis. I will go into an auction with a set amount of bids that I am willing to put into that item. If I’m lucky I win or if I’m I lucky someone will keep jumping after every single bidder, making my bids last a bit longer. That person is known as a Bid Stomper. Here’s someone sharing more about it in an article titled: What I Learned From Being A Bid Stomper.
Now there are times when I am in an auction, and I am familiar with some of the bidders going against me. I know that I simply do not have the bids to win, so in that case I will just stop bidding and conserve my bids for something else. Other times I will put my bids into an item and if the same person is bidding against me in that auction the entire time, I will sometimes give it up to them. I figure they have the same amount of bids in so they deserve the win just as much as I do.
In the auction below I was willing to put 25 bids in for the lamps however then decided to stop bidding. The other bidder was with me the entire time and I guessed that she was willing to put 50 bids into the auction, so rather than have someone else come in, and win the auction for a few bids, I chose to stop bidding and let her have the win. Just something to think about the next time you are in an auction.
