In recent times, spot pricing - a dynamic pricing scheme - is becoming increasingly popular for cloud services. This new pricing format, though efficient in terms of cost and resource use, has added to the complexity of decision making for typical cloud computing users. To recommend bidding strategies in spot markets, we use a simulation study to understand the implications that provider-recommended strategies have for cloud users. We use data based on Amazon's Elastic Compute Cloud spot market to provide users with guidelines when considering tradeoffs between cost, wait time, and interruption rates. © 1997-2012 IEEE.