I usually go for Redguard because I find the Adrenalin Rush ability very helpful in the beginning. My preferred star sign would be Atronach because I don't use magic that much. It has one major downside though and that is it leaves your character unable to restore magic points when resting.
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Surprised their aren't more orcs up in here, I think they have the best racial ability (outside of some niche uses -- ie imperial thief or high elf wizard) Double damage and half damage taken? Yes please. Honorable mentions: Breton and Nord for magic and frost resistance respectively.