If you are used to the regular poker game, you would find that while playing tournaments it involves pots that are multi-way and hence positioning at the table would often be critical. Unlike the cash play, during the tournament money is seen and collected as chips. It is definitely not a good idea to fold and wait in this game because the blinds would increase rapidly and hence block you completely out of the poker tournament. You should rather concentrate of pushing the weak players out of the poker game.
The way the betting is moving would be able to tell you how much money you stand to win - if you are able to raise at the right time, you would find yourself in a position to win multiples pots which makes this game so much fun. Keep a close track of the way other players are holding their hands. If you see any chance that the pot may be quartered, it might be a good idea to let go and fold.
You need to increase your stack if you want to stay in the game at a profitable margin because it is the stack of your hand that would dictate the way the hand are played until the end. Keep a close watch on the other players to find who is planning to fold into the money. You would be able to plan stealing their blinds and antes so as to increase as much as you can your own chances to win.
The best way to win in the fixed limit Omaha is to force you opponent to fold early. Avoid as much as possible giving free cards in the last stages of the game because that would mean you are left with lesser and lesser opponents. Be as aggressive as it is possible with the cards you have been dealt so as to keep your opponents from betting higher and hence from the possibility of them winning the money.
As you can see the fixed limit Omaha Hi/Lo is played with a lot of betting and high stacks where the aim is to win the pot with the high and low hands with the strategy of aggressive playing which would force the other players out of the game eliminating all the danger of loosing. The best strategy is to see that the opponents are intimidated enough to fold leaving you less people hoping to win the poker game.