Welcome to ProZ.com.
I'm quite new here, and I'm a little confused by the bidding system. For instance, I just found a job that met my profile and decided to bid on it.
Did you note that you cannot bid? You need to quote - IOW you need to indicate what your terms will be.
When I clicked on it, I saw a price of 0.05 per word (a little low) and a deadline of 09/14 or something. And I could enter my own price and deadline.
Am I supposed to offer a better price? I offered 0.08 but I'm not sure whether this means I automatically disqualified myself, or can I basically offer what I think is right?
You can quote a higher price - obviously, the outsourcer was looking for a cheaper offer: if there was a quote at the price indicated, you would not be competitive on price. Hence, you will need to show in your quote why a higher price is justified (specialisation, relevant experience, etc.).
And why can I change the deadline? IMO, I eigher accept the deadline or don't bid on the job at all.
Well, you could quote a shorter deadline, for example...
Again, this is designed to let you show what you think are the right terms, given the job description.