I usually tackle this with a bit of carefulness. Yes, you can win BIG, but sometimes the budget doesn't add up. Think about this - do I want to win big time, or may I enjoy my good time here and hope I'll get a free game or bonus that gets my day of entertainment some extra profit on the side?
If you have the stomach for some losses here and there and live off the thrill of big wins, go for high volatility.
Regarding strategy, when I do tend to play (a few days a month tops) these slots, I like to keep going until I hit a free game. Sometimes that just doesn't happen, but when the bonus triggers, man I know I've struck gold! Otherwise, they're not worth it.