Have you read Wei Dai's posts already? E.g. here and here.
My one-sentence description is "find the best strategy, then follow it."
If you want a more formal approach, cousin it's post is probably a good place to start - if you like that, there are more posts by him that might be a good idea to read.
If it's worth saying, but not worth its own post (even in Discussion), then it goes here.
Notes for future OT posters:
1. Please add the 'open_thread' tag.
2. Check if there is an active Open Thread before posting a new one.
3. Open Threads should be posted in Discussion, and not Main.
4. Open Threads should start on Monday, and end on Sunday.