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They can also have things like publisher sales, or sales for a certain game franchise, or whatever. Free Weekends are also sales. And they have their "week long sales", although I'm not entirely sure what this about -- I don't think I ever actually got something there.
Other shops might have other sales. Greenmangaming, apparently, is currently running a sale for 50 games spread over several days.
And bundles can be considered sales as well, although again, that's not happening on the Steam store.
Lastly, you have the constant sales as well. The daily title sale (posted at 1 p.m. est lasting 48 hours), Mid-week madness sales (I think tue-thr @1 p.m.)), Weekend sales (thurs-monday @ 1 p.m.), Week long sales (Monday 1 p.m.-next monday @1 p.m.). Also publishers are free to make sales at any point they wish ( I believe the minnimum length is 48 hours though it could be 24).
There can also be limited time trials of part/full games (free weekends) and very rarely a game may be given away for a short period of time to keep forever if you start downloading it within that time window.
Just add stuff to your wishlist and you will be notified when they go on sale. You can also import it into IsThereAnyDeal.com . I cannot recommend that site enough It scours legit sites for the cheapest Steam keys (and others if you choose so) on the web from legit retailers
And then throughout the year there are a scattered number of smaller sales events. We just had one for the Lunar New Year. Halloween usually gets one, as does (US) Thanksgiving.
Then every week there are Midweek Madness sales and Weekend Deals. These are just a small selection of games on sale.
Sales events other than the major semi-annual sales events don't have trading cards. But the discounts are usually similarly good.
Also, sales events tend to start and end at 10 AM Pacific U.S. Time (which is Valve's time zone).
Games can pretty much go on sale anytime, so the best way to take advantage of the sales is to (1) put the games you want on your wishlist, which causes Steam to e-mail you if they go on sale, and (2) if you're really penny-pinching, check a site that tracks the price history of games, and (3) again, if you're really penny-pinching, don't forget bundle sites, that generally give you Steam keys, though mainly for indie games (bigger-name games are more occasional, but do sometimes show up).
Note that buying bundles doesn't use Steam Wallet money, so if you're only using Steam Wallet Cards or something then you might not be able to buy those.
Have they added Playism-Games.com yet? Playism is a publisher but they also operate a web store where they sell their own games and a selection of various other indie games; the deals on their own games are generally quite good when they get going (and are DRM-free + Steam key), but their sales events are a bit more irregular. I think they like doing one during Advent.