DON'T PANIC!!! THERE ARE PLENTY MORE WHERE THAT CAME FROM!!
seriously, if you really want it, before you bid, check the bidding history. make your best judgement on the bidding increments and then wait for the last couple of minutes of the auction and place your BEST bid. the problem in bidding early is there is always somebody who will chase you until theyre #1.
AS IN ANY AUCTION, DO NOT PLACE YOUR MAXIMUM BID UNTIL NECESSARY!!!
Ultimately, be prepared to walk away.