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Select a team that is championship caliber. You will make more money by hosting big games. For example, good teams like Chicago, Boston, New York, or St. Louis. You will make somewhere about $500,000 for each playoff game.Pitching
Turn off injuries, suspensions, and computer trades. This makes simulating a whole season much faster.
Use the money that is initially in your bank to purchase merchandise stands and concessions. The more revenue you stream in, the more chance you have to gain money in the future. Spend all your starting money (remember promotion days) quickly, as you will go into the negatives quickly.
Never let your team have a losing year. That is the easiest way to get into a huge hole. In fact, make sure you go deep into the playoffs in the first few years.
Keep your ticket prices at default for the unimportant games early in the season; perhaps even lower them a bit early in the season to get people through the door. In crucial September games and the playoffs, raise them to a reasonably high level. Fan satisfaction is higher then, and they are willing to pay more.
After the postseason, spend all the money that you have earned on ballpark upgrades (mostly seating capacity). The more seats, the more money you will earn.
Turn off fair trades. Check your rosters after the first few seasons to get rid of old overpriced players for cheap youngsters. You can even edit young 20 to 22 year olds in rosters.
When you start owner mode, turn off "Injuries" and "Suspensions" so that your starting lineup will not be disturbed throughout the season. Set the budget to "Large". Start a season with a team with a small payroll (for example, the Minnesota Twins), or you could spend more time trading away all the big salaries (for example, the New York Yankees). Before you start the season, lower your ticket prices slightly. Your attendance will average slightly over 10,000 at first. Also, buy the first "Seating Capacity" upgrade so that your capacity is 25,000. Use the $1 million you have remaining and buy some concessions. Trade away your high priced players (anyone making over $1 million) and either sign lower paid players or call up players from your farm teams. Then, edit your roster so that you are the greatest team in the league (first in pitching, batting, defense, and speed). The players' salaries will stay low, but you will be the best team in the league. Raise your ticket prices after the first few months then raise them more during the summer months, and slightly more during the playoffs. You should win the World Series if you edited your players well enough. Take the money you made and upgrade your seating capacity. Repeat this process after the year. Let go of the players asking for more money, and just call up more bad players and edit them to great players. Only concentrate on seating capacity at first. You will make enough with ticket sales to be able to afford everything else in the later years. After a few years you should have the best ballpark in the league. Note: This trick is not for those that are attached to certain players -- you must be willing to part ways with your big names.