Lots of people win big money playing a fast and loose style in PLO; I've just got PTO up and a lot of players in my database (mostly losers, but some winners) have vpip 60%, 80% and up. I know one winning player who raises EVERY unraised pot preflop.
One of the best winning styles I've seen really good players adopt is a hyper-aggressive strategy in the later seats, betting and raising very liberally in MP and LP, and being able to cool off or get away when someone else has a hand and plays back; seems you can win a lot of pots unchallenged using that strategy and run all over relatively regular-aggression tables. It's not my style, though, as you probably know
My thinking is that you won't lose any great deal of value by folding very mediocre hands, but then again you won't lose much in plo by having a very high vpip on PASSIVE tables, as more or less every semi-decent hand is worth $1 preflop. I'm just not so keen on limping a poor hand then feeling I have to drop it when someone raises to 6 or 7 bbs. With deeper money I think the strategy is better, but I don't think it's necessarily bad online. Having not played that way myself (my VPIP is in the mid 20%s), I guess I couldn't tell you for sure.
Perhaps you could try being a semi-LAG in LP and raising first in EVERY time you enter a pot in the last 3 or 4 seats. I think that strategy is really sensible, and something I need to start doing more often myself. Against semi-clued-up players, position is a massive advantage in a short handed pot, and you can overcome apparently large gaps in the quality of your hands simply by being last to act. So I'd strongly suggest you try that, if you're going for a more open, loose style.
Other than that, let us know how you get on!
Monk
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