This has been talked about some in the Cheering threads, so I thought it could use it's own. I've been doing it since the middle of last season and have been pretty successful so I'm gonna post an overview of my process.
Important sites:Daily line-upsFan Graphs
(to check splits)Draft Kings
(I use this site)Fan DuelDraft Street
1. I usually start with the cheapest pitcher I can find worth starting. Guys facing bad offense, guys who have strikeout ability (strikeouts are super valuable in these leagues), and guys with a good chance of getting a win are my targets. Today I started with Robbie Ross. He costs only $5000 (very cheap, the minimum for a pitcher), is facing not a great team, and has a good offense behind him.
2a. Next I fill in my offense. I tend to choose two or three teams and draft all my guys from those teams. I think this is a lower variance play as guys get points off each other, but probably don't have the maximum potential if I picked players from all different teams. Most important things in choosing which teams to use is the quality and handedness of the pitcher they're facing. For example, today I started a bunch of right-handed Rays (Myers, Zobrist, Longo) against the lefty Mark Buehrle. Other things to take into account are batter splits (does a guy crush lefties?) and the ballpark they're playing in (a lefty in Yankee stadium?)
2b. Once I have my base team, I'll start considering the positions I have left to fill. I know I need a shortstop and catcher, so I put in Tulo, Rosario, and Cargo. With only a 1B and OF left, I started Fielder and Choo, both lefties hitting in Arlington against the righty Kyle Kendrick.
2c. If you can't get a guy as cheap as Robbie Ross (which you usually won't), then you probably won't be able to go all out on the offense like I did. In this case, I use the daily line-ups link above and try to find a cheap guy that is hitting near the top of the line up. Today, Tyler Collins is batting second for the Tigers and costs only $2200. That is incredibly cheap for pretty much anyone batting at the top of a line up, especially one as good as the Tigers. Getting a guy for a price like that gives you a ton of flexibility in the rest of your line up. Marcus Semien is another example, he's batting second for the White Sox and only costs $2700.
2d. If you make your offense in advance of line-ups being posted, it is incredibly important to keep an eye on line-ups as they are put up on the baseball press site. If guys are not starting, you need to know ASAP so you can take them out and make any adjustments you might need.
3. I pick my second starter based on how much money I have left over. In this case I still had $10,300 left over and there was a $9,800 Gio Gonzalez facing the Mets which is pretty much a no-brainer. If there was a guy who costs a little more than I had left that I wanted to start, I would go back and fiddle with my offense to see where I could save that extra cash. Since I had $500 leftover, I went back to see if there was anywhere I could upgrade my offense. Since I'm a Giants homer and they're facing a lefty, I switched out Rosario for Posey who costs $400 more. Another option is to go back and see if there is a better first pitcher available with that extra cash.
There are other strategies, such as starting with the best pitcher option available (such as if Darvish was facing the Astros), or even starting two ace pitchers as they have the ability to rack up huge amounts of points. The overall process is similar, you look for cheap guys with big splits hitting near the top of a line up and do your best to fill in the offense with the money you have available.
Let's use this thread to post advice, questions, or your teams and make some money this year. Good luck guys.