I disagree on this. Many times I have not entered an auction because I seem 4-5 people enter the bidding and I think its going to be a token-fest...and it goes 1 round. I hate that! I would have easily gone 5-10 tokens on the players I really want, but to see someone get the player I wanted for 1 token drives me nuts.
My advice is this: pick a player you really want and dont mind wasting tokens on. always be the first to enter each round or enter each round asap. when it it down to you and one other person, then just ninja the auction at the last minute....you always bid first so the other manager has to bid after so he goes into the next round as the leader. if he is not a token buyer, then you can ninja him at the last minute because he is leading the auction and does not want to waste an extra token.
I have won MANY auctions like this. IF it goes into 20 rounds, I dont mind because I only go after players I absolutely HAVE to have.
Good luck