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My tips are:
1: Bid only if you are certain you can do the Job.
2: Avoid projects which have a hint of captca typing. These are bid wasting projects for people searching for genuine data entry,excel and PDF projects.
3: Always show your true abilities to the employer, getting selected and not being able to do the job will hurt both you and the employer.
4: You do not have to bid less to be selected most of the time but bid wisely calculating the time required to do the job and value of your time.
5: Provide a sample of your previous work or create a quick sample to impress the employer if you have the time.
6: Try to start with payment verified clients, but give a chance to new clients too. A milestone payment is a MUST, request milestone payment before starting work. work only after the milestone is placed. Milestone keeps you safe from scams and assures your time will not be wasted.
7: Try to complete work as fast as possible and please maintain quality with speed. if you can not do that "slow and steady wins the race" works for you.
8: Communication is the key to a successful project, try to keep the client informed of important key developments of the project.

I will update the thread if I missed something.

Regards
Arifeen