I think the approach of signing a couple of decent players and then getting whatever you can with the rest of your money is better than get a well balanced squad. Most of your initial squad will have been dumped somewhere between season one and two. I decided to buy a striker, a playmaker and a central defender. Whilst I had a few lists from previous beta game world launches, I knew who I wanted the most.

Firstly I signed Daniel Montenegro, the Argentinian playmaker. Whilst he is already 29, he is one of the best cut price playmakers I have seen in the game. His shoots from distance and shoots with power PPMs, plus his set piece ability make him a real attacking force. Montenegro currently has 10 goals in 19 games. Signed for £110k Montenegro is now worth £190k.

Secondly I signed Asamoah the powerful Ghanian striker. He served me well in GW15 and was very popular with other managers. I played him slightly out of position then, preferring Wanderley in the key striker position which at the time I thought might have been a mistake. Asamoah currently has 17 goals in 18 games. He was signed for £130k and is currently worth £250k.

Thirdly I wanted a DC that could last throughout this season and single handedly hold my defensive line together. I was impressed by Oguchi Onyewu in a previous gameworld. He's a big American defender - very strong - but a bit slow. I signed him for £85k and he is now worth £130k.
So £325k spent on three players. I then signed two good youngsters in Gui Assulin and Alex Nimo. Both have high potential and can be protected under youth contracts at the end of the season. This cost me another £100k so I was left with £75k to sign 11 players. Tomi Petrescu apart - the other guys probably won't be around at the end of the season.
Yesterday I hastily signed Javier Pinola when I realised the left back I signed can't really play left back very well - he was a wing back only. Always a good idea to check the positions tab on any player you sign. I did the same thing with Lucas Trecarichi in GW15. Pinola is a solid left back and won't need replacing any time soon.
Before the season kicks off I am hoping to add a couple more faces to the squad - a striker and a central defender. Having signed Pinola yesterday I missed out on Upson - which in hindsight is another mistake because I think Upson is a better player - and has the pace to cover for Onyewu. I guess the point here is managers make mistakes all the time. It's not a problem making mistakes - it's how you react to them and what you do to correct things. Considering a restart every time you think something went wrong is not the right way to go. FML is a long term game, immediate success comes to very few managers - and even fewer good managers. It takes a couple of seasons to sort out the good from the great - so don't get put off by a few minor setbacks early doors - as Big Ron would have said.