Drafting strategy is heavily dependent upon the scoring rules used by your fantasy baseball scoring league. 
 
My preferred drafting strategy in a typical 5x5 fantasy baseball league is drafting a ratio of two hitters to one pitcher within each of my projected player grades (A, B, and C).  If you understand my use of the scarcity chart, you know that I'll draft two hitters in rounds 1 through 3, then four more hitters in rounds 4 through 9, six more hitters in rounds 10 through 18.  By the end of round 18, I'll have 12 hitters and 6 pitchers. After that, I'll just draft the best available player, no matter what position they play.
 
Using a 2:1 ratio during the early stages of a draft will produce a nicely balanced team that can compete for the league title right from the start of the season, if you can avoid injuries and get a few good sleepers in the final rounds.
 
I've used almost every draft strategy devised, but I have had the most success using this method of drafting a balanced fantasy baseball team.