You should be able to figure the likelihood that you will
help your hand (before it's dealt) and the chances of the
other player having a hand that beats it. If you don't you
won't know when to stay in the or when to fold.
Always consider the risk vs. the reward.
Every time you're required to feed the pot you should be
asking yourself - what's the pot worth against how much I
have to put in it? It's simple risk management - if you have
a 1 in 10 chance of taking a pot, but a 1 in 20 chance of
having the winning hand on the table - you need to fold!
Over the long run, you'll win more money if you stay in
on games where the chance of taking the pot outweighs the
risks.
Don't stay in every hand!
It goes along with assessing the pot amounts, but starts
even earlier. If you're dealt a hand full of nothing - fold!
If you're not bluffing, why put in any more money than you
have to when the odds are against you. The reason most
people stay in on a bad hand? 'Because it's boring to fold
and wait for the next hand.' That's not something you'll
ever hear a professional player say.
The exception to the rule is the occasional bluff. It's
still not wise to stay in without a decent hand if someone
else has initiated the raising and appears to have
something. But, if you never put any money on the table
without having 4 of a kind first, the players will
eventually figure it out. When that happens, the pots will
be small on your winning hands because people will know when
to fold.
Don't forget to bluff! And when you do bluff,
remember...
- Don't be predictable. In some cases you'll want to
look predictable to get players to do what you want,
but if you don't change your patterns from time to time
you'll start losing fast.
- Bluffing usually doesn't work if there's a full table
still in on the hand. Don't expect 5 other players to fold
on your pair of 2's, chances are somebody has a hand good
enough to stay in.
- Players are less likely to fold in games with a split
pot like Hi/Lo because they've got a better chance of
winning half the pot than they would in a 'winner takes
all' game. This is especially true for Hi/Lo, when many
players will qualify for a low hand. Bluff accordingly.
- Know when to fold 'em. It's inevitable that you won't
win every hand that you've bluffed on - sometimes your
opponents will have strong enough hands to stay in no
matter how much you raise. It's a bad idea to fold every
time a player raises your bluff. .