Five card draw poker like most poker games is one of strategy. There are two main aspects to this online poker strategy: selecting which cards to change and bluffing.
In online poker, five card draw poker is a fast paced game where anything can happen. Of all the other online poker games, five card draw poker requires the most concentration and discipline.
The key to five card draw poker strategy is trying to calculate what your opponent has and how strong your hand is given that. You may have absolutely nothing but that may prove to be a winning hand especially if he misses what he was trying to make. Because of an information gap, five card draw poker is not a game for the faint-hearted. If you are raised you need to be prepared to make that call. This information gap may confuse online poker players who are more used to playing Texas Holdem or Omaha.
Otherwise the best five card draw strategy is to go by your instincts of what your opponent does and by what he has done in the past. If he is prone to bluffing take that into consideration. In which situations does he typically fold? What does he feel about you?
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William Atkins - Poker Stategist