To enable cheat working press and keys simultaneously. Then type the cheat you want to make working. Cheats works correct with default keyboard controls only and only at sea.

Code Result

HAVE LIFE - completely repair you ship, supplement it with crew and restore all sails (only if you have enough sail-cloth).
GET ME MAGIC - Increase the damage of your rounds 100 times.
NOW I FLYING - Release camera from your ship (pressing Ctrl + F during camera being outboard in sea)
FIRE FROM CAMERA - This cheat allows you to fire from camera by pressing NumPad "0". (Numlock must be on)
TELEPORT - allows the teleportation of your ship onto camera position by pressing CTRL +L.
MAKE SCREEN SHOTS - Rounds doesn't do any damage.
EXPU MNE - A huge amount of experience.
DENEG DAY - Gives you a lot of money

Avoid monthly crew payment:

Weigh anchor at the end of the month and wait until the first of the next month is past. The crew payment option will not appear.

Hints:

Seek out and hire a first mate as soon as possible. With him onboard, you can take prize ships, which you can use to bolster your fleet or, more important early on, your gold coffers.

If you're fast, you can get in a couple of slashes at the very start of a duel. As soon as the screen starts to appear, hit the strike keys. You should be able to get in two or three hits before your opponent reacts.

When you begin the game, Spain is your enemy and France and England are both neutral. Keep it this way for a while, as things are tough enough with just the Spanish and Pirates to worry about. Get letters of marque from both France and England, and you will be able to get work from both. Make sure not to attack their ships for a while. Prey upon Pirate and Spanish shipping until you've built up your ship and crew enough to afford making France and/or England your enemy