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Following steps might help you to get a low latency and hence low lag:
Step 1: Check whether only you are the one who is getting high latency or there are more than 60% players who are also getting high latency. If it is only you, then server is OK and its internet connection is also OK and working fine, there is a problem at your side, move to step 2. Otherwise, there is a problem from server side or in its internet connection or ISP.
Step 2: Close all extra running applications which you don’t need while playing, to somehow free up RAM and CPU. Or its better to restart the computer. In addition, your computer must not be warm high.
Step 3: Restart your router or modem, let it be cool. Try to obtain another IP Address, sometimes on restart, your ISP will automatically serve you another IP Address. Otherwise, do it manually.
Step 4: If these steps didn’t help you in getting low latency then try to change your internet connection and plan. At a speed of 2 MBPS or 250 KBPS downloading, every game works fine.
Step 5: If these all didn’t work try to change your hardware. Purchase motherboard, CPU(processor) and RAM of latest technology and of renowned vendor or company.
I hate latency when I'm playing games online, where a fraction of a second can mean the difference between success and failure. Here is tip I ran across on a forum that may help you reduce it a bit, no promises though.