Share your tips on oDesk and Elance

In the start go low and offer quality, later (as you gather 5 star ratings, hopefully) increase the prices and keep the quality.
 
For example I have no ratings and there are other 40 applicants who have applied for that.
How can I compete against them?
Is it in the way I bid for the projects or is it by lowering my bids?
 
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