1. Check the free agents list - See who was released and pick up some frees. e.g. Ousmane Dabo (he is 34/35, if he's there in season two and is a free, but he is a really good player for a newly promoted Premier League side, don't know how because of his age and pace etc., but he is good.
2. Transfer List - You won't sign amazing players, but bottom half is better than nothing.
Players: This is a tuffy, erm.. I would suggest being a newcomer to the Premier League that you check out players that are very good for the Championship e.g. QPR's Adel Tarrabet (can't spell ha).
- Loan deals from bigger clubs e.g. Manchester City is also a good option e.g. Boyata if you need a CB.
I personally recommend experienced players with the position you are in. Experienced players e.g. Dabo, Corradi (former Man City players who were rejects haha and somehow improved since FM07). Experience like Fulham in your first season I think is vital so pick up some expo players.
Good Luck (Y)