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Passive buying is a good way to phrase it, actually. Its generally how I do ebay. Once a day or so I check a series of searches, see if anything pops up. Stuff that is in auction that looks interesting I put in my watch list. Buy-it-nows that are crazy deals I snap up (got some NIB Ravenwing Bikes for $25 a pop the other day).
If you have a routine, a good way to search is by Newest Listed First. That way you can quickly sort through just the new listings.
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