Make sure when you are choosing your upgrades you pick carefully. Below are some recommended items and their effect that you might want to consider.

Gem Shield
Recommended for Tournament mode.

Hard Helm (5,500 Gold)
Protects against falling objects and catapults once per life.

Magnet Shield
Draws gold coins to you.

Angel Helm (800 Gold)
Replenishes your Winding power once per life.

Spiked Helm and Red Caterpillar Armour (13,000 Gold Each)
Allows you to move through enemies, flame jets, catapults, and falling objects without harm.