Always remember: it's a game, not real life. So if you get killed (which at some point you undoubtly will) don't get angry; get even! But keep in mind that the player that just killed you is probably a very nice person, just like you.
Don't be afraid to make mistakes that cost you tim (real) and money (imaginary) - you can always downgrade your ship and/or modules.
Take my (noob) example - got a new Viper and somewhat upgraded it. Flew to a RES and joined local cops taking on an Anaconda. Rammed into asteroids, rammed into that Anaconda and got blown to bits (will all my accumulated bounty hunting profits). Loved it!! All while on my way to some godforsaken system to pay some fines for jettisoning cargo in front of a station.
When Upgrading lasers, thruster and that shield generator, do not forget that they consume power. make sure your power supply has a high enough output.