Multitable tournaments are an excellent way to win a lot of money. The final table is worth several dozens the amount of buyin or entry fee. Overall, in the long run good players will be up (or have a positive EV).
The strategy here described may not be perfect and perhaps it will not help you win WSOP, but it will give you a positive EV over a longer period of time.
Tournament games are a bit different from regular games. Let's say that you hold Axs in a regular game. You might be ready to call for 2 or even 4xBB. If all other players before you fold it or check, you may sometimes even raise on it from late position. Most experts will advise you to dump these cards during the early stage of a tournament (no calling of a single bet).
We will divide the tournament into 3 stages: Early, middle, and the final table. It's hard to say when the middle stage begins. It depends on the nature of a particular tournament. If there are many good players in a tournament, the middle stage may start early into it.
Your play during that stage should be extremely tight. Most players believe that if blinds are cheap, you can play with weak hands. The truth is quite opposite. Now it's the time when you should be extremely careful and select your hands. Some authors suggest that during this stage you should play only AA and KK. Those are strong hands that will not let you fall in a trap. These authors also admit QQ in middle position. I for one believe, that this is a bit too tight. That's why at this stage I would recommend to play only with JJ, QQ, KK, AA, AK suited.
Remember not to bluff early into a tournament.
Why so tight?
This style of play will bust all the weak players without putting your chips at risk.
Think about how many times you've seen someone who played 42of, caught 2 pair and eliminated a good player?
Even when you play only those 5 hands, you may still lose, but it will not be too often.
Ultra tight play in the early stage let all the weak players be defeated. Remember that it's only the top places that are paid and this is your goal.
Middle stage Now, when the weak players are out, it's high time you started to play a normal Poker. Your goal is to win the right amount of chips that will put you at the final table. You may try a few bluffs. You also hope that your early tight play created the right image of you that would commend some respect and increase the effectiveness of your bluffs. Of course you cannot overdo it. Your bets and raises should be reasonable.
Remember that you may still lose your chips and be out of the tournament. Don't bluff without thinking. If you have good hands, you have to take risk. It's better to leave it now than to leave it just steps away from the paid places. Play your Poker, risk, and bluff if the pot is worth it. Your main objective is to gather as many chips as possible.
The final table
Now you are exactly where you wanted to be. The most powerful weapon at the final table is your chips, or rather the amount of them. Here my opinions are a bit different than those of a few other authors. They suggest a risky play for victory. Of course, if you're on shortstack, you have to risk. Play all in with Ax, Kq, sometimes very weak hands like Q5 will win. You have no choice. Blinds will kill you anyway. Now you have a chance to double your chips and still be in the game. If your stack is average, or a bit above average, be careful. Let other players make mistakes. If 2 players are all-in, let one of them leave (unless you have a really strong hand). Some players at the final table will play with weak hands because they have no choice. Eliminate them anytime you have a chance.
It is a rather superficial strategy. “Tournament Poker for Advanced Player” is 240 pages long. By following those few simple tips however, you will manage to get to those paid places in the long run. I know it from my own experience because most of the online tournaments played, I won using this strategy.