A Short Thesis on PLO
Trips or better
90% of the time you should expect to need trips or better to win. Two pair is just way too easy for multiple players to get. And even if you have top two pair, straight and flushes hit way more often in PLO. If you don't have trips, fold to big bets. If you have trips, proceed with caution. Unless you have a straight or better I wouldn't initiate the action.
Trips
Now let's say you do hit the trips, here's a very important question. Were you holding a pair and hit the third, or are you holding 1 and hit the 2nd and 3rd on the board? Here's the trap with trips. People play pocket pairs a lot. So if you got trips and they tripped their pair, they have a full house and you got squat. Be very careful of the trips with 2 on the board. Even if no one has a full house, you could also be out-kicked. Very careful.
Straight and Flush draws
In good PLO, almost all flush and straight possibilities are being played for. If there are 3 to a straight or 3 to a flush, ASSUME 1 or more players have hit their straight or flush. If you have a straight and there is a flush on the board, you can pretty much assume someone has the flush. And if you have the flush and it's low, play cautiously against big betters. Getting caught with flush over flush is very common in PLO.
What to open with
First, pay very close attention to the table for about 3-5 orbits. If people limp in all the time, you're good to limp in a lot too. If people are potting it every other preflop then you have to tighten up and play more cautiously. The following strategy assumes you are at a relatively tight table.
Count your Straight and Flush possibilities
When you look at your cards, you have 4 of them. But what possibilities are there with your cards. Let's say you have 2 clubs and 2 spades. That means you have 2 flush possibilities. This is good. What about straights? You can have up to 6 straight possibilities. Let me give you a couple examples:
4, 5, 6, 7 = 6 straight possibilities (4-5, 4-6, 4-7, 5-6, 5-7, 6-7)
4, 5, 6, T = 4 straight possibilities (4-5, 4-6, 5-6, 6-T)
2, 5, 9, K = 3 Straight Possibilities (2-5, 5-9, 9-K)
What does it mean?
4 straight Ps (Possibilities) is good.
6 Straight Ps is great.
1 Flush P is good.
2 Flush Ps is great.
To open, you should have at least 2 Goods or 1 Great. Those are worth a limp.
2 Greats is worth a pot bet, unless someone else already potted it.
Now this is important, don't pay too much attention to the starting values. Look for the good and great starting Ps above.
As Kc 8h 7d is not nearly as strong as 5s, 6s, 7c, 8c
Limp with the first, Pot it with the second.
Pocket Pairs
Play pocket pairs, but limp with them no matter how high. Pocket pairs are deceptively weak in PLO. Here's why:
Let's say you have AA, but you don't hit trips. Well, now all you have is 1 pair.
Let's say you have AA and the flop come KK3. Well, now you have top 2 pair. But ask yourself, how likely is it that other people have played a K in their hand. Very likely. So your top two won't hold up against the probably K. Also, there's an outside possibility someone played 33 an has all of you crushed.
Finally, let's say you have TTAK and the board Comes A45. You literally have to throw away your pocket pair to play your pair of aces.
So, play pocket pairs, the possibility and rewards of hitting trips is very great in PLO. But don't treat them like holdem pairs. Treat them like having A-high in hold-em.
Conclusion
Well, I hope this helps. If it does, please hit me up and let me know. If not, well, at least it wasn't my money you lost.