You can lose because your bid is not high enough to win. You can be proxy outbid.> Click Here <
to learn about proxy bidding.
Don't get crazy trying to be the last bidder. Any bids placed in the last 10 seconds or so are planed well in advance and will be placed. When it comes to bids placed by others, it matters little when (or even if) your bid is placed. Remember... it's the highest bid that wins, not always the last.
p.s. you can not modify or cancel your snipe in the last 2-3 minutes of the auction.
WELCOME, to you both!