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Much like an astute poker player searches for physical signs his competitors give off to tip him regarding their card hands, a smart fantasy football owner will notice and note down for future reference your giveaway actions and inclinations – and take advantage of them.
If you are drafting live and in person together with your peers, be careful not to let slip sincere information about which players you think are a bargain. Make your picks with a confident countenance, betraying no feelings of apprehension, or even elation. You don't want to give people information about how you think by frantically pouring through cheat sheets and schedules during your pick. And pumping your fists in jubilation or sighing when someone steals your favorite sleeper right in front of you are actions which will come back to bite you when it is time to make trade offers, because others remember who you liked.
When you are instead drafting online or via phone, try to throw others off by paying attention to your own tendencies. Be careful about always picking three running backs before any other position, for instance. Other owners will discern this type of information and use it against you. Don't be known as the guy who takes the same player every year, or always try to bid up someone in an auction. You will eventually get burned for such obvious behavior. You can of course turn this equation around. It is a recommended practice to keep notes of your own about how your fellow owners draft.