Hi Dixon - you have way too many questions at the same time
1. You can still compete, it all depends. With a high quality team like you have you will probably face a diffucult league draw, but you might also be the 1st rated team with some luck. But even if you have the worst team in terms of quality, a lot can be done with coaching during games. Build on tactics and players successful the last season and go from there.
2. Wait a week, let your team play a few games, evaluete the player performances and buy old 5* players for 1 token each.
3. Occasianally you will spot a young free agent that can be sold for profit. You will have to be fortunate to be the only bidder, but it too can happen. But a lot of managers have the same idea.
4. Find a 3* or 4 star player. Check the player value, and bid if he has a considerably lower asking price. Then rename him to a popular star and whatch the level 1 bidding war start. You will ean cash, but loose some tokens, so whatever you do, avoid a bidding war. The other tactic is to buy a player between 18-21 years old that has a quality of 21, 22 or 23. Train them to top quality - that they will be 24*. That means they will be the best player on the transfer market and many will want him.
5. True. Generally speaking, teaching a special ability is seldom worth it financially, because player quality and value stand still. There are reasons to give special ability though: For sentimental reasons or that you have green and red packs over. Then you train your player hard so he gets the special ability fast so you can put him to use on the field. And remember to do it with a player that trains fast. Generally speaking he should gain 50-70% on the 30% training.
6. Use green packs to replenish player condition. Do not use special orders like hard tackling, man-marking and high pressing because they burn more energy.
7. Yes, and make sure to have a lot of red packs because if he's injury prone you will need them for sure. But, a 3* player is probably not worth to powertrain if you have limited resources. The quality gap up to 5* is just too big. Better buy a 5* youngster with a special ability that plays well - that is the one to power-train if you want my advice.
8. A 5* 30-year old that no one else bid for.
9. Rename them to a Chelsea player and sell them before it is to late It is worth that extra token for renaming them to see a possible bidding war. You might not get lucky with a war every time, but often enough. I sold the 3* Andrea Pirlo for 1,3 million - he was worth 600k.*
10. If your squad size becomes lesser than 14 you will be given new players, but they will be on a 1 year contract before retirement. But with a 2-3* team it is a good tactic - some of the free old timers will definately play well if not all of them. You should definately build the youth academy - it will give you one free and one very expensive youth every now and then. In the beginning once a season, but as you upgrade the academy more often. The free player will often be a 1* or 2* player, but will usually play ok as a substitute for a season or two. And then remember to sell him once he is a X4- or X9-quality player.
Top Eleven has a learning curve, but is not overly complicated and before long you will know most things. And Nordeas are making small adjustments all the time, wich contributes to the fun, read the forum a lot, trust the veteran players advice, but find your own way of playing that will add to the real beauty of this game - the variety.
Good luck!