Your approach to attending auctions with a lower budget is quite practical. Here’s a clearer breakdown of your theory and some additional tips to help small budget users:
Strategy for Participating in Auctions with a Low Budget
Set a High Maximum Price:
If you have 2000 moxie and believe the auction price might go above your budget, set a maximum bid that is significantly higher than the expected market price (e.g., 20000 moxie).
Bid Your Available Amount:
When you place your bid, set the amount of moxie you are willing to offer (2000 moxie in this case). This allows you to participate without overextending your budget.
Understanding Clearance Prices:
After the auction ends, if the final price (clearance price) of the fan tokens is lower than your maximum bid but still allows you to acquire some tokens with your available moxie, you will receive a portion of the fan tokens based on the price.
Example Scenario:
If the auction ends with a clearance price of 4000 moxie per token and you had set your maximum bid at 20000 moxie with 2000 moxie available, you will get:
2000 moxie ÷ 4000 moxie/token = 0.5 fan tokens.
Benefits:
This strategy helps you engage with auctions even if you have a limited budget and mitigates the risk of missing out on bidding opportunities altogether.
Additional Tips for Small Budget Users
Research and Monitor: Stay informed about market trends and the expected prices for fan tokens before auctions to make better decisions about your maximum bids.
Timing: Participating in less popular auctions where there might be fewer competitors can increase your chances of winning without overspending.
Use of Alerts: Set alerts for prices on fan tokens so you're notified when they drop or are at levels you are comfortable bidding on.
Start Small: In auctions where you feel confident, start with smaller bids to build your understanding of how the auction dynamics work.
Learn from Experience: Track your auction participation, what strategies worked, and adjust your approach accordingly.
By utilizing these strategies, even users with a limited budget can effectively participate in auctions and increase their chances of success.
>>most important part <<
you cannot place a bet if the bet amount is less than 1% of your maximum bet.
Let's say the maximum bet price is 2000000 moxie and you want to bet 10000 moxie, you can't do that because the minimum moxie amount must be 20000 = 1% of the amount.
