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 Click image for larger version.  Name: Top Eleven Squad.jpg  Views: 39  Size: 73.7 KB  ID: 3379
Auction House w/ current bids $ cash Click image for larger version.  Name: Auction House.jpg  Views: 41  Size: 88.1 KB  ID: 3380