I use the "watch function" to keep a list of final prices paid for coins as well as to bid on coins closer to the closing date so that some nerd does not bid it up just to be a nerd.
I use my watch list for sniping purposes. When the coin exceeds my price, it becomes a research watch. I usually wait to place bids until the last 20 seconds or so. Sometimes I'll bid earlier, just to see where I stand.
I just use it as a reminder when I see something interesting, but am not sure if it something I want to bid on or not. It just makes it easier to re find it.
I use it to snipe and record final price realized. Almost all completed auctions that I'm watching realized a much higher price than I was willing to pay. On rare occasion, the price is much lower. I pay special attention to these to determine if the coin was defective and I hadn't noticed, or the seller set himself/herself up for failure with the listing. Most were closed out at a bad time (I won't divulge efforts of my research ). I now watch these "time slots" more closely.
I am going pretty much along with Ageka. My watch list limit is a 100 and I always push that limit so now I usually mark a coin I am interested in with a first low bid. If I want it badly I return later and up my bid. I hardly ever snipe - haven't for many, many moons in fact.
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