When using the baccarat strategy from the video, you should start with a bet on the player and follow the pattern 'player, banker, player, player, banker, banker'. If you win, restart the pattern. If you lose, double your bet and continue the pattern. In case of a tie, repeat the same bet without doubling. It's important to choose a starting bet that fits your budget and allows for doubling in case of losses. The video suggests not starting with too high of a bet if your budget is limited to ensure safety and responsible gambling.