Marty Smith has a free omaha poker strategy video series designed for the new player to the game. He also reviews all the online poker calculators using video in real game situations, so you can see which one is right for you before you buy.
One thing that can help prevent you from getting into too many expensive drawing situations, is to recognize, based on your four hole cards, what specific card you need to be in the community board. This card may give you the nuts or at least a very, very strong hand. One that you can play and eliminate opponents with.
If you are holding A-2-4-5, well obviously that "One Card" you would be looking for is a 3. Not only for your benefit, but the benefit of having your opponents' outs duplicated, resulting in a potentially huge pot for you. The same could be said for you holding 2-3-4-5. The one card you need then would be an ace. It works the same if you're holding a pocket pair of something like 6,6, well to continue with his hand, you need at least another 6 on the board. Without the "One Card" on the board, you will inevitably be involved with dangerous draws, tougher decisions, and pots that become too big for the strength of your hand.
I find this to be a good way of designing an exit strategy for yourself as well. Often times, cards that fall on the flop have a way of making weak players think they have some potential, and that causes them to stay in a pot, but they shouldn't have been in. If you know "The One" card as soon as you look at your hand, you can easily say to yourself, "Well, if I don't see the ace of spades on the flop, I will fold my hand to any raise."
Folding is tough. It goes to our inner core of competitiveness and cuts into a thought process that may have been pounded into your brain since the first day your mommy and daddy saw you. They started saying things like, don't give up, keep working, you can do better than that, fight back hard, and - you are the best. Well, when you are playing Omaha high low, bringing that kind of attitude to the game - particularly against low limit online players, you will lose money/chips really fast and really hard.
In that sense, bringing another axiom to the rules of poker table from your childhood would do you much better. "You have to know when to back away from a fight".
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