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Reply to "Silly question???"

OK, so I am new to this too -
here is my silly ? of the hour.

Can I set an amount I want to bid over the last bid placed?

Example: last bid = $150.
Can I set my bid to be $5. more - thus $155
Or do I have to just set the highest price I want.

I have lost my last two items by $2.50.
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