So pretty much either bid immidiately after maintenance or during the night. And if you're bitting against more than one player, then drop. And never spend more than 3 tokens on a player. Well, crap. No, I'm only level 3 right now, but at the beginning of the season, people were bidding like crazy. :S Here are some screenshots:

Current Squad I Can't Get Players-top-eleven-squad.jpg
Auction House w/ current bids $ cash I Can't Get Players-auction-house.jpg