Well, you already have many strategies here so there is no harm if I add my own 
First off - settings:
-Set Lance control to Automatic. Manually controlling your lance is a pain and only needed in MP. Automatic lance on horseback is one of the strongest weapons on the battlefield.
-Start of with low damage setting to you and your companions. Full damage is quite difficult and you most likely won't be able to win any tournaments till lvl 20 or so.
-If you have somewhat weaker machine (like I do), disable rag-doll physics (though they can be hilarious) and set number of corpses to 0.
Mods:
Use Diplomacy Mod from the start. It's really useful.
When in game:
-Start of slow and careful. Good starting locations are Rhodock and Swadia due to strong low tier units (crossbow power!). Do the Merchant of *starting city* quest.
-When deciding what Hero companions to choose, use this page: http://strategywiki.org/wiki/Mount%26Blade/Companions
-Use a shield! There are many archers and shield will prevent a lot of damage from them.
-If you find a Bandit Lair, go ask a Tavern Keeper who might have a job for you. Lord of the area plagued by bandits usually offers a quest to destroy their lair and it's well rewarded.
-Avoid Khergit and Sarradin areas early on. There are powerful and fast bandits (usually mounted).
-Have a high Trainer skill on yourself and some Hero companions. Nothing beats training 50 raw conscripts into 50 3rd tier soldiers in two nights
Also have a specialized Medic or two. Path-finding is also very useful skill.
-Become a mercenary. I advise joining Swadia or Nords, as those will provide you with lot of safety even when you yourself are still quite weak. If the faction you serve under starts getting too powerful (5+ towns), switch factions. You don't want anyone too powerful. It will also provide you with Right to Rule.
-After you win a battle with some friendly lords on your side, talk to them. It can be tedious, but relation increase is worth it. It could allow you to avoid future battle with them should they become your enemies and you have greater chance to get them to join your faction once you start one.
-Cavalry units are very powerful but more expensive. Swadian Men-at-Arms is a great compromise and Swadian Knight is the best unit on open field.
-Use mercenary units only when in need of getting strong units in a limited amount of time. They are notably more expensive than their faction based counterparts, however they don't suffer morale loss from fighting against their mother faction (since they have none).
-Nord Huscarl is your best siege unit and the uncontested best infantry.
-Rhodock Sharpshooter is your best fort defense unit due to powerful crossbow and a big-ass shield when he gets in melee.
-Go for quality troops rather than quantity. 50 top tier units will cut through 100 mid tier with ease.
-Don't use Autoresolve! The way it calculates is completely bonkers (how the F- did last two Khergit Horsemen kill 2 of my Swadian Knights and wounded 3 Huscarls from my 60 man strong elite company is beyond me).
-Have as many kinds of food that doesn't go bad (Salted Fish, Dried meat, Bread, Grain, Lettuce, Fruit, Honey, Butter).
-When in need of money and food - raid a village. If you need to raid again, it's preferable to raid a village you have raided before. Better have one village that hates you with passion then 10 that slightly dislike you.
-When in war with a faction, ask for toll from it's caravans. Easy money. Doing so to a caravan from a faction you are not at war with will lower your relation to that faction. You don't want that.
-Become a vassal before you start your own faction. Start thinking of going on your own only once you have a town as your fief. Preferably a castle as well.
-Once you have your own faction, be marshal yourself. Campaing AI is just plain stupid
-The strength of vassals is determined by how rich their fiefs are. Generally a lord with one castle will have a stronger army then a lord with two or three villages. Use this knowledge when giving fiefs to your vassals later on.
And most importantly - have fun!
I know I do. Over 250 hours played and still not bored of it
First off - settings:
-Set Lance control to Automatic. Manually controlling your lance is a pain and only needed in MP. Automatic lance on horseback is one of the strongest weapons on the battlefield.
-Start of with low damage setting to you and your companions. Full damage is quite difficult and you most likely won't be able to win any tournaments till lvl 20 or so.
-If you have somewhat weaker machine (like I do), disable rag-doll physics (though they can be hilarious) and set number of corpses to 0.
Mods:
Use Diplomacy Mod from the start. It's really useful.
When in game:
-Start of slow and careful. Good starting locations are Rhodock and Swadia due to strong low tier units (crossbow power!). Do the Merchant of *starting city* quest.
-When deciding what Hero companions to choose, use this page: http://strategywiki.org/wiki/Mount%26Blade/Companions
-Use a shield! There are many archers and shield will prevent a lot of damage from them.
-If you find a Bandit Lair, go ask a Tavern Keeper who might have a job for you. Lord of the area plagued by bandits usually offers a quest to destroy their lair and it's well rewarded.
-Avoid Khergit and Sarradin areas early on. There are powerful and fast bandits (usually mounted).
-Have a high Trainer skill on yourself and some Hero companions. Nothing beats training 50 raw conscripts into 50 3rd tier soldiers in two nights
-Become a mercenary. I advise joining Swadia or Nords, as those will provide you with lot of safety even when you yourself are still quite weak. If the faction you serve under starts getting too powerful (5+ towns), switch factions. You don't want anyone too powerful. It will also provide you with Right to Rule.
-After you win a battle with some friendly lords on your side, talk to them. It can be tedious, but relation increase is worth it. It could allow you to avoid future battle with them should they become your enemies and you have greater chance to get them to join your faction once you start one.
-Cavalry units are very powerful but more expensive. Swadian Men-at-Arms is a great compromise and Swadian Knight is the best unit on open field.
-Use mercenary units only when in need of getting strong units in a limited amount of time. They are notably more expensive than their faction based counterparts, however they don't suffer morale loss from fighting against their mother faction (since they have none).
-Nord Huscarl is your best siege unit and the uncontested best infantry.
-Rhodock Sharpshooter is your best fort defense unit due to powerful crossbow and a big-ass shield when he gets in melee.
-Go for quality troops rather than quantity. 50 top tier units will cut through 100 mid tier with ease.
-Don't use Autoresolve! The way it calculates is completely bonkers (how the F- did last two Khergit Horsemen kill 2 of my Swadian Knights and wounded 3 Huscarls from my 60 man strong elite company is beyond me).
-Have as many kinds of food that doesn't go bad (Salted Fish, Dried meat, Bread, Grain, Lettuce, Fruit, Honey, Butter).
-When in need of money and food - raid a village. If you need to raid again, it's preferable to raid a village you have raided before. Better have one village that hates you with passion then 10 that slightly dislike you.
-When in war with a faction, ask for toll from it's caravans. Easy money. Doing so to a caravan from a faction you are not at war with will lower your relation to that faction. You don't want that.
-Become a vassal before you start your own faction. Start thinking of going on your own only once you have a town as your fief. Preferably a castle as well.
-Once you have your own faction, be marshal yourself. Campaing AI is just plain stupid
-The strength of vassals is determined by how rich their fiefs are. Generally a lord with one castle will have a stronger army then a lord with two or three villages. Use this knowledge when giving fiefs to your vassals later on.
And most importantly - have fun!
I know I do. Over 250 hours played and still not bored of it