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Step 1
First, take a look at the settings of your league. The most important thing you have to realize is that different leagues are set up with different point systems. If your league is set up using a default league setup, then usually you need to concentrate on picking up running backs first. Most fantasy leagues start two running backs per team. There are only 30 teams in the NFL and each of those teams only play one running back at a time. Some teams split time between 2 or more running backs during a game. So there isn't a lot of help on the waiver wire if you don't get a solid running back as early as possible. In a typical league, you need to pick up a great running back known as a 3 down back. This means that the running back stays in the game on 1st, 2nd and 3rd downs. I can not emphasize enough how important it is to draft a great running back in order for your team to be successful.
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Step 2
Again, take a look at the settings of your league. Some leagues give points for receptions. If you are in a league that gives points for receptions, you need to draft accordingly. In other words, take a look at the previous year's stats and see the league leaders in receptions. This stat makes it even more important to be aware when you pick up a running back. Some running backs not only run the ball, but they catch the ball also. These are the players you want to concentrate on in leagues that count receptions. Nothing can go further towards you winning your league than having a runningback that catches 50 plus passes and runs the ball for 1500 yards. Draft all of these guys that you can. Also consider receptions when picking wide receivers and tight ends. Often times, these players may be much more valuable in leagues that count receptions than they would be in leagues that don't.
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Step 3
Something you must consider if you are drafting in late position is whether or not you would rather have a great wide receiver or a good running back. If you draft 11th, and the first 10 guys have taken running backs, you may want to consider drafting a wide receiver or a quarterback. Of course, if you draft one of those positions, you should make sure that it is who you think is the absolute best at their position. Also, remember to pay attention to how many players you have on your roster. If you start 2 quarterbacks and 2 wide receivers in your league, then, more times than not, the quarterback is going to be much more important than the wide receiver because teams only play one quarterback at a time so there are only so many viable options out there. Teams start at least 2 wide receivers so there are a lot more players to choose from at that position.
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Step 4
Finally, don't be the first to pick a defense or a kicker. There is just no way to know from week to week which kicker is going to score a lot or which defense is going to dominate. Basically, it's a crap shoot. Concentrate on picking up starting running backs, solid quarterbacks and great wide receivers before you start drafting defenses and kickers.
