Originally Posted by
gridplan
The reason is you'll often end up paying more by bidding early. Early bidding encourages counterbidding, which means that if you win the item, you'll pay more for it than you would have if you had waited until the closing seconds to bid. Your competitors, who only learn of your interest in the item when it's too late to counterbid, have no time left to drive up the final price.
I didn't say that I necessarily bid early, just that I never bid above a pre-established amount. I don't try to play mind games with other bidders and don't get sucked into bidding wars. Normally, I simply watch the auction until it is nearing being closed, and if the price hasn't already exceeded my limit, I just put in my bid. If there are any last minute bidders out there, it's not going to make any difference. I don't play poker and I don't play the stock market.