Author Topic: newbie question about ebay bidding  (Read 774 times)

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Offline Y7ASyxC

newbie question about ebay bidding
« on: 2016 Oct 17, 11:58:39 PM »
What is the correct way to bid, i'm a bit confused. The ebay guide says just set the highest price you're willing to pay

but last i tried, say the price was $200 something, and it had been there for awhile, still lots of time left, i put in $400, then in an hour or so i was outbid. Was the fact that i put such a high number the reason it started climbing fast right after? Should one still sit by the computer and increase the bids just before the end?

Please help out the noob :)

regards, mike
  • never argue with idiots
 

Offline badon

Re: newbie question about ebay bidding
« Reply #1 on: 2016 Oct 18, 01:15:44 AM »
It sounds like you underestimated the value of the items you were bidding on, if it went all the way to $400 after you bid $200. The best time to enter a bid is in the last 5 to 10 minutes of the auction. For myself, I keep the bid window open and ready for me to click a higher bid if I deem it necessary. Since everybody basically does the same thing, it's pretty hard to predict what something will sell for if there is no basis for comparison. If your bid is high enough in the beginning, you don't need to babysit it because other bidders will back-off and get out of your way :)

That's the problem with being the high bidder - you're literally willing to pay more than anyone else. So, you have to "bid to win", if that is your intention. The trick is to decide what is too much - not what you're willing to pay, but instead what you're NOT willing to pay, and then stick with it.
 

Offline Y7ASyxC

Re: newbie question about ebay bidding
« Reply #2 on: 2016 Oct 18, 01:22:04 AM »
It sounds like you underestimated the value of the items you were bidding on, if it went all the way to $400 after you bid $200. The best time to enter a bid is in the last 5 to 10 minutes of the auction. For myself, I keep the bid window open and ready for me to click a higher bid if I deem it necessary. Since everybody basically does the same thing, it's pretty hard to predict what something will sell for if there is no basis for comparison. If your bid is high enough in the beginning, you don't need to babysit it because other bidders will back-off and get out of your way :)

That's the problem with being the high bidder - you're literally willing to pay more than anyone else. So, you have to "bid to win", if that is your intention. The trick is to decide what is too much - not what you're willing to pay, but instead what you're NOT willing to pay, and then stick with it.

No it was the other way around.. the price was at $200 something, and reading the ebay guide, i was under the impression that you just set the most you are willing to pay and forget about it.. so i set $400 and went to bed. But what i actually did was spoil the price, because i lifted it way up from $200 when there was no need to.. I should have waited until last 5-10 minutes and then start bidding.. sorry other bidders :(

Worst thing is maybe the winning bidder suffered unneccesarily from my noobiness, something i don't feel good about..
  • never argue with idiots
 

Offline badon

Re: newbie question about ebay bidding
« Reply #3 on: 2016 Oct 18, 01:34:53 AM »
I doubt you spoiled the price. It probably would have gone up eventually anyway. Somebody else out there decided to pay more, and maybe it's not a bad thing you lost the auction. That other bidder might be overpaying, and now that they have a coin, the next one might sell a lot cheaper because the other bidder already has what he wanted. Really, it sounds to me like you did the right thing in letting it go when the price exceeded your limits. However, I always set my bids to something odd that other bidders can't guess to beat my by $2 or whatever. Instead of a bid for $400, I would have placed a bid for $444.44, or something like that. Unlucky numbers for Chinese bidders means  I might win, haha.

How many other bidders were there in the auction? I bet a lot of people went home empty handed.
 

Offline Y7ASyxC

Re: newbie question about ebay bidding
« Reply #4 on: 2016 Oct 18, 01:44:34 AM »

How many other bidders were there in the auction? I bet a lot of people went home empty handed.

Bad badon, you should have guessed it by now :)

Nanjing 2016 Silver panda NGC 69 mintage 199 China coin 2nd year

Edit by badon: Linkify.
« Last Edit: 2016 Oct 18, 09:37:52 AM by badon »
  • never argue with idiots
 

Offline Y7ASyxC

Re: newbie question about ebay bidding
« Reply #5 on: 2016 Oct 18, 03:11:36 AM »
no offense badon :) hope i didn't say something wrong..
  • never argue with idiots
 

Offline badon

Re: newbie question about ebay bidding
« Reply #6 on: 2016 Oct 18, 11:13:34 AM »

How many other bidders were there in the auction? I bet a lot of people went home empty handed.

Bad badon, you should have guessed it by now :)

Nanjing 2016 Silver panda NGC 69 mintage 199 China coin 2nd year

No way I would have guessed that! I thought the bidding was fair to even surprisingly strong for that one. It's close to the price of the 2014 versions, but the 2016 does not have the 2 years of market maturation that the 2014 has. So, I agree with you, there was a chance it might have sold for less money, but the price it actually sold for isn't too high at all. In any case, there's no way to know what the highest bid was. Maybe someone had a $500 bid, so if you had bid $400, you still would have lost.

I posted a market capitalization analysis that says the 30 mintage one was a better investment. I hope you got that one!:

Re: MCC LIST #183, move from LBC and continuation here at the CC forum

 

Offline badon

 

Offline JonesTheMan

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Re: newbie question about ebay bidding
« Reply #8 on: 2018 Jul 20, 09:24:49 AM »
What is the correct way to bid, i'm a bit confused. The ebay guide says just set the highest price you're willing to pay

but last i tried, say the price was $200 something, and it had been there for awhile, still lots of time left, i put in $400, then in an hour or so i was outbid. Was the fact that i put such a high number the reason it started climbing fast right after? Should one still sit by the computer and increase the bids just before the end?

Please help out the noob :)

regards, mike
You just gotta increase your bids by the least amount possible and keep watching the item carefully!