The first thing you need to understand is - high CPC does not always help you earn money. HIGH CPC does NOT guarantee success.
There are few things you need to understand before you can bid on a Keyword:
1. You need to make use of tool such as Micronichefinder. The cost of this tool is $99 - I would highly recommend and it is worth the price.
2. In this, check for competetion of your keyword and also similar keyword tags (MicroNiche Finder will do all the work for you).
2. Choose those keywords where there is low competetion from Micronichefinder by checking the SOC.
3. Once you see those keywords that you feel are of very low budget and convert high quality traffic - these are the ones that you should be bidding on.
Please let me know if you have more questions.