My recommendation would be to review the word problem translation tables that come in most of the books on the GMAT (like the Official Guide or Kaplan). The tables help you decipher word problems quickly into usable equations.

Other than that, I think you mentioned the biggest one: practice. With practice, you'll notice a pattern of question types. The familiarity you gain with these types will help you know how to set them up as equations.

Hope that helps.

Thanks a lot. I have also found an entire MGMAT book dedicated to Word Problems, any comments on that book?

Many thanks,

I'm not familiar with that book. I've completed the Kaplan Math book, and I'm almost done with the Kaplan 800 Quant section. Both have good practice of word problems. Also, Kaplan really hammers you with some basic techniques that help you know the best method to solve problems (like when to set them up, when to plug n' chug, etc.).

Of all my books so far, I've found OGGMAT 11th the least useful for Quant. But of course, that's my opinion.