The best thing you can do to get acquainted with Sword of Fargoal is to play the game in Squire Mode. This removes the permadeath element, allowing you to safely take more risks.
Never save for tomorrow what you can use to survive today. Keeping powerful items for later is all well and good, but you won’t get to use them if you are defeated in the current situation.
If a battle seems to be going badly, you can try to run away. The enemy will likely follow, but if you can get to to a safe spot in time, you may survive.
It’s best to explore each floor thoroughly in order to get as much experience and as many items as you can, especially early on. While accidents can and will happen, you’ll almost always come out ahead by doing this.
You can re-roll your character’s stats as many times as you like before starting a new game. Just tap the character slot until you get the numbers you want. Don’t settle for anything too low unless you’re specifically looking for a challenge.
If you get hurt, you can find somewhere safe and wait to recover some health. You’ll recover hit points as real time passes, but be careful about wandering monsters.