In a hi/lo game you are looking for 2 hands, the high (regular high hand wins, normal rankings apply) and the low (this is also called 8-or-better).
A low hand is one which has no card higher than an 8, the best 5-card low hand is A-2-3-4-5 of any suit. The hand is "ranked" by starting with the highest low card. 7-4-3-2-1 would be considered a 7-low, and would lose to 6-4-3-2-1, a 6-low. If two players each have low hands with the same highest card, the next highest card determines the winner. 7-5-4-3-2 loses to 7-4-3-2-1. If there is no qualifying low hand, the high hand wins the entire pot.
What you must be looking for is a hand that has the potencial of winning both pots (high and low), in stud a hand like As-2s-Kh would be a good starting hand.
Sometimes you have no chance of winning the high pot, but have the low nuts, in this case you must be careful to not be "quartered", that is winning only half the low pot to another player with the same hand.
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