Years of playing this game have taught me the following:
If you spot an opponent, check if you have the energy advantage, meaning if you're higher or considerably faster. If you are, dive, attack, extend. Come back if suitable. If not, get out of there. Which means that while I'm fairly successful in shooting down enemy aircraft and don't get shot down a lot, I hardly ever fight. I just kill or run.
The P-38 is fairly fast for it's time, climbs fairly well and has a decent firepower concentrated in its nose. It's got plenty of ammo for the .50ies. It is however somewhat sluggish at high speed, which means it is easier for the opponent to evade an attack. It's just physics, and there's nothing I can do about it. I can, however, start firing from further out than I can for instance in a Spitfire. I can also maintain a higher speed for longer, which makes extension easier. And the good climb rate permits extension in shallow climbs, which usually is a bad idea for instance in contemporary P-47's.
All in all, it isn't some marvellous killer, it is a good combat aircraft, which because of higher speeds and better high speed retention is somewhat easier to stay alive in than a Spitfire. It is a worse dogfighter, so don't dogfight with it like you would in a Spitfire. I usually don't dogfight, which makes the P-38 as good as a Spitfire for me.
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