I never decide on a certain strategy before I go into a draft. It's good to do mock drafts and work out in your mind what you will do if certain likely scenarios take place, but you never want to get locked into something. All it takes is a couple of crazy picks and your strategy becomes inappropriate.
I did want to throw out a little tip for making draft-tracker sheets that will help you be more flexible in drafts (especially slow or live-in-person drafts that allow you a good amount of time between picks).
It seems like most FFers track their draft using a sheet that looks like this:
You just write down the players' names in the box that lines up with the team that picked him and the round he was taken in. This is fine, and is useful for evaluating trades early in the season because you can use the original draft position as a starting point for assigning values to the players you are thinking about getting and giving up.
I prefer to use a sheet like this to track my drafts:
This allows me to see very quickly in what positions the other guys in the league are strong or weak as the draft progresses. Using information like this, I can more accurately predict when a position run is going to occur, so I will know when I can wait on a player or when I need to move someone up my chart to make sure I get him.
I know this is old news to some of the vets around here, but if I can help just one person make a better pick in their draft, it was worth my time to post this...