The only real strategies for baccarat are to know what to bet on.  
Because of the way the game is structured, the banker is actually slightly more likely to win than the player, but as you can bet on the banker this means that the odds are adjusted to be a bit lower too. 
Betting on the player pays even money, and betting on the dealer pays about 95/100 (often thought of as even money less a typical 5% commission).  This gives a house edge of about 1.1% on the banker bet and 1.25% on the player bet, and something like 14% on the tie bet based on 8-1 payout or about 5% based on 9-1 for the tie.

Baccarat can be played with either 6 or 8 decks of cards and the probability distribution for a hand dealt from a complete shoe of 6 or 8 decks is as follows:

The casino's commission on the winning Banker hand is 4% or 5% and payouts on a tie bet (8:1 or 9:1) implies the following house advantages:

The bottom line is that the banker bet makes the most sense, and particularly where you can get a commission of under 5%.   For example at Harrods Casino they offer 4% baccarat which works out as a house edge of about 0.6% which for a game of complete chance where you cant mess things up and make your odds worse is a very decent game.He also suggests that card counting is not really effective at the baccarat tables. It works, but it is about 9 times less effective when compared to card counting in blackjack.And in addition, he says, the advantage of card counting is " ... easily eliminated by shuffling the deck" . All online casinos shuffle the deck after every play.