On the topic of monitoring your auctions, Ebay has a tool associated with each personal account where you can monitor all of your active auctions. You can instantly see things like the # of bids, who is bidding on it, and other vital auction information. Your auction items automatically go onto that screen as soon as you list an item; and, stay on there for as long as you want after the auction. There really isn't a need to monitor your auction outside of Ebay, unless you want to.
I usually run my auctions at (5) or (7) day intervals, though you can go as short as (1) day, or as long as (10). There could be other intervals that I am unaware of, as I normally am using the auction lengths already stated. Those intervals will allow for adequate exposure time, and usually, will end in a successful sale.
Listing an item with a Buy It Now price can sometimes be tricky, though it is an effective sales tool if used correctly. It also costs a bit more to list an item as BIN. My two rules of thumb for listing stuff BIN is if you're offering a deal that you KNOW will sell fast, or on an item that is in high demand. Otherwise, a standard pricing auction will suit most of your needs just fine. In many cases, not using a BIN price will result in a higher auction price. I sold my Squier Tele II P-90 for about what I paid for it ($224.00), and had originally thought about listing it for a BIN price of $200. That extra $24 more than paid for the auction fees, and gave me an extra $8 in my pocket. That's a set of strings and a handful of new picks!
The best advice I can give any new Ebay'ers is this: have fun with it. Yes, it's a business, and yes, it can be disappointing not get what you expect price-wise for your item. Like guitar-playing, you get better at as you do it more often. But I've found that keeping a positive, open attitude has let me to enjoy the process of Ebay'ing just as much as using the $$ I make from my sales to buy new gear.
